Modern Wealth Management Raises $200 Million
The Monterey, California RIA aggregator secured hybrid debt and equity financing from funds managed by Centerbridge Partners to fund further expansion.
Updated on Nov. 10, 2026 in Financial Planning
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Modern Wealth Management, a Monterey, California-based RIA aggregator, raised $200 million in hybrid debt and equity financing from funds managed by Centerbridge Partners. Funds managed by Harvest Partners SCF also participated, and Canter joined the firm's board.
Why it matters
The new capital is expected to fund additional acquisitions and expansion in key markets for the firm, which manages almost $17 billion in assets. The financing reflects continued investor interest in consolidation among registered investment advisers.
Modern Wealth Management reports almost $17 billion in assets under management after completing 26 acquisitions since its April 2023 founding, per company-announced figures. The breakdown between the debt and equity components of the $200 million raise has not been disclosed.
The players
Modern Wealth Management
A Monterey, California-based registered investment adviser aggregator that has completed 26 acquisitions since its founding.
Centerbridge Partners
A New York-based private investment firm that led the hybrid debt and equity financing for Modern Wealth Management.
Crestview Partners
A private equity firm that supplied Modern Wealth Management's initial $200 million in equity in 2023 and remains its largest institutional investor.
The details
Modern Wealth Management was founded in April 2023 by Gary Roth, Mike Capelle, and Jason Gordo, with initial equity of $200 million supplied by Crestview Partners, which remains its largest institutional investor. More than 150 employees own shares in the firm, and Jason Del Col joined in 2024.
Timeline
April 2023: Modern Wealth Management was founded.
2024: Jason Del Col joined Modern Wealth Management.
Mid-2022: Adam Canter left Fidelity Investments, where he had led the RIA business since 2017.
Market Dynamics
Private equity-backed consolidation of registered investment advisers has drawn capital from firms like Crestview Partners and Centerbridge Partners into aggregators such as Modern Wealth Management. The $200 million raise extends that pattern, with new funding directed toward further acquisitions across the sector.
Clients of registered investment advisers affiliated with aggregators like Modern Wealth Management may see changes in firm ownership, service structure, or advisory platforms as acquisitions proceed. Individuals comparing advisers should review how any change in ownership could affect fees, service, and custody arrangements.
The takeaway
Consolidation among advisory firms can change who owns the firm managing your money, so reviewing a adviser's ownership and fee structure periodically is worthwhile. Ask your adviser directly how any new financing or acquisitions could affect your account.
Further reading
Explore more on Financial Planning coverage tied to firms based in California.
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