Modera Wealth Management has acquired Parsec Financial, creating one of the East Coast’s largest independent wealth management firms, with over 180 employees, in 14 offices spanning from Massachusetts to Florida, managing over $10.5 Billion in AUM. Both firms originated in the 1980’s and were two of the first fiduciary, fee-only wealth advisories in the country. 

 Prior to the acquisition Modera stood at about $7B AUM and Parsec had approximately $3.8B in AUM.

Modera’s CEO, Tom Orecchio, commented on the deal, saying "Modera and Parsec have long shared a common set of core values that differentiate us from other wealth management firms. Chief among those is a relentless commitment to a client-first, fiduciary approach to helping the families we serve achieve their long-term financial goals.

The acquisition was made with financial backing from private equity firm TRIA Capital Partners, one of Modera existing equity partners and a serial investor in RIAs.