Modern Wealth Management, an American registered investment advisory (RIA), has snapped up Beltz Ianni & Associates (Beltz Ianni) for an undisclosed price, in a move to expand its footprint to the eastern region of the US.
Beltz Ianni, which is based in Rochester, New York, operates as a corporate retirement planning and individual wealth management company. It is said to manage assets worth over $1.2bn.
Established in 2001, the company specialises in investment management along with retirement planning. Presently, it oversees over $700m in retirement plan assets for more than 100 companies and holds nearly $500m in assets across individual investor business lines.
Beltz Ianni offers the Total Retirement Plan Management solution, catering to small-to-midsize companies with retirement plan management services. These services include fiduciary risk management, fee benchmarking, retirement vendor selection, employee education resources, and other retirement plan services.
Additionally, companies availing of the retirement plan advisory services can access third-party administration support, ensuring end-to-end retirement plan administration and compliance with intricate retirement regulations.
Modern Wealth Management co-founder and president Jason Gordo said: “The acquisition of Beltz Ianni not only enables our firm to serve the retirement plan management and administration needs of our business owner clients, but we’ve also added several new personal wealth management team members who will complement our growing and dynamic team.
“Having expanded our business to the East Coast, we expect to build and maintain our presence in the region for years to come.”
As part of the transaction, Beltz Ianni has ended its broker-dealer affiliation with LPL Financial. It has joined Modern Wealth Management as an independent RIA, adopting the Modern Wealth brand.
Expanding its wealth management portfolio, Modern Wealth Management will incorporate Beltz Ianni’s individual retirement planning, investment management, and insurance services alongside its corporate retirement planning offerings.
The Beltz Ianni team, which oversees nearly $500m in client assets across brokerage and fee-based individual wealth management, is expected to benefit from Modern Wealth Management’s investment management and back-office support.
The transaction marks Modern Wealth Management’s sixth in less than a year. It is anticipated to boost its assets under management to over $3bn upon successful completion of the asset transition.
Gladstone Associates provided advisory services to Beltz Ianni throughout the transaction.