The latest deals and transactions in and around the North American wealth management sector.

Modern Wealth Management, Midwest Financial
Modern Wealth Management, a national registered investment advisory (RIA), has acquired Midwest Financial, an Iowa-based firm with a focus on financial planning solutions, tax strategies, and other wealth management services.

This marks Modern Wealth’s fourth acquisition since launching in April this year, following its recent acquisition of Barber Financial Group, Osiwala Financial Group, and Financial Security, the firm said in a statement.

Midwest Financial, which was established in 1983, is led by Brian Johnson, RFC, and Jeremiah Johnson, AIF. This father-son team has expanded Midwest Financial’s service offerings to provide its clients with financial planning solutions, including investment and risk management, social security planning, tax planning and strategies, estate planning and other wealth management services, the firm continued.

“Integrating Midwest Financial into our modernized platform is another key milestone in our quest to equip RIAs nationwide with top-tier wealth management resources,” Jason Gordo, president of Modern Wealth, said. 

As part of the acquisition, Modern Wealth will onboard the full Midwest Financial team and begin integrating its platform of services, the firm continued. In a bid to enhance client service and efficiency, Modern Wealth will offer additional support in areas such as compliance, finance, human resources, investment management, marketing, and more. Midwest Financial will blend into the Modern Wealth brand, with Brian Johnson and Jeremiah Johnson taking on the role of managing directors, while still operating at their local firm. More acquisitions are also anticipated by year-end, the firm said.

Alaris Acquisitions advised both Modern Wealth and Midwest Financial on the transaction. Terms of the deal are not disclosed.