Modern Wealth, EP Wealth, Kestra and Sowell
Modern Wealth Management has pushed past $7.5 billion in assets under management two years after launch with the acquisition of Chicago-based OFM Wealth.
According to its most recent Form ADV, OFM is a fee-only registered investment advisor working with more than 175 households representing about $310 million in client assets. It was founded in 1981 by Sam Ogrizovich, who joins Modern Wealth with five other staff members.
The move gives Modern Wealth its first foothold in Chicago, bringing the firm to 18 offices around the United States. The Monterey, Calf.-based RIA was founded by former United Capital executives and is backed by $200 million in equity financing from Crestview Partners.
DeVoe & Company represented OFM Wealth in the transaction.
EP Wealth Advisors, an RIA acquirer with $32.6 billion in client assets, has secured its fifth acquisition of the year with Westlake Village, Calif.-based NBS Financial Services.
NBS will bring Torrance, Calif.-based EP Wealth $230 million in AUM and specialty beyond investment management in financial, tax, estate and retirement planning.
President Geordie Crossan, whose father founded the firm in 1981, and two staff members will join EP Wealth, which already has an office in Westlake Village.
EP Wealth has 50 offices in 17 states. It is employee-owned and led, with private equity backing from Berkshire Partners.
Former Raymond James advisor John Griffin has joined Kestra Private Wealth Services, the RIA of Kestra Financial, as part of its Cordele, Ga-based Inspired Wealth Planning, which Kestra added to its platform in 2023.
Griffin and his team of two previously managed just under $190 million in client assets for about 850 clients at Raymond James. They will now work from a new office in Moultrie, Ga., which will join Inspired Wealth’s other offices across the state.
Austin-based Kestra Financial advises about $103 billion in assets and has about 1,700 independent financial advisors on its platform.
Sowell Management, a $5.5 billion RIA based in North Little Rock, Ark., has hired new leaders in investing, finance and strategy to bolster its investment options for advisors and M&A efforts.
Scott Dooley was given the newly created role of managing director of investment management sales, which focused on organic growth, market presence and advisor relations. He was previously the founder, CEO and chief investment officer of Fusion Investment Group.
Sabrina Freeman has been hired as Sowell’s director of finance and director of Trek Wealth Solutions, Sowell’s financial advisory retail arm. She will focus on the firm’s inorganic growth, talent development and operations.
Freeman previously held leadership roles at Walmart, Wealthpath Investment Advisors & Pensionmark Securities, and LPL Financial, where she was vice president of wealth management, operations and strategy.
Both will report to Sowell President Daryl Seaton.
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