Modera Wealth Management, LLC (Modera) is pleased to announce the addition of the Parsec Financial (Parsec) team, based in Asheville, North Carolina.
With over $10.5 billion in AUM and over 180 staff spread over 14 offices from Massachusetts to Florida, the merger creates one of the largest independent wealth management firms on the East Coast. Both firms can trace their origins back to the 1980s, when they were created as two of the country’s first fiduciary, fee-only advice firms.
Modera’s commitment to establishing an industry-leading, multigenerational firm for both its clients and its employees is reinforced by the deal.
Modera and Parsec have long shared a common set of core values that differentiate us from other wealth management firms,” stated Modera CEO Tom Orecchio.
Among these is a steadfast dedication to a client-first, fiduciary approach to assisting the families we serve in achieving their long-term financial goals.
We think that the combined firms’ enhanced scale, resources, and expertise will assist to strengthen that commitment as we continue to expand the breadth and sophistication of our services.
Our two organizations have succeeded in part because we share the same mission: to provide sophisticated, fee-only asset management in a highly personalized manner, said Rick Manske, former CEO of Parsec.
Now we have a once-in-a-lifetime opportunity to join forces and do the same work as one stronger organization.We feel that this will assist our clients while also paving the way for next-generation leaders to guide the firm for many years to come.
Modera will remain independently managed and 75% employee-owned and controlled when the deal is completed. Parsec’s employees have all joined Modera, and 24 of them have become Modera owners, giving the combined company 61 employee owners.
The executive leadership of Parsec will be essential in the future management of Modera. Manske will become Modera’s Chief Growth Officer Bill Hansen, Parsec’s Chief Investment Officer, will become Modera’s co-Chief Investment Officer and Harli Palme, Parsec’s Chief Operating Officer, will become Modera’s Chief Operating Officer. Manske and Palme will also join Modera’s board of directors.
TRIA Capital Partners, an investment business focused solely on providing minority, non-control financing options to independent RIAs, backed Modera in the transaction. Park Sutton Advisors, a Waller Helms Company, served as Parsec’s only financial advisor.
