Cole Schotz Represents Modera Wealth Management in Acquisition of Parsec Financial

Cole Schotz P.C. represented Modera Wealth Management, LLC (Modera) in its acquisition of Parsec Financial, Inc (Parsec). The acquisition added approximately $3.745 billion in assets under management (AUM) to Modera. The transaction elevates Modera to one of the largest independent wealth management firms on the East Coast, with over $10 billion of AUM and over 180 employees across 14 offices between Massachusetts and Florida.

“I have had the absolute pleasure of working closely with Modera for many years servicing our mutual clients. Originally, I worked exclusively with Tom Orecchio, who is one of the founders of Modera, and now have collaborated with many of Modera’s advisors from all over the country. I have been amazed by Tom’s vision for Modera from its infancy to present,” said Samuel Weiner, co-managing shareholder and co-chair of Cole Schotz’s Tax, Trusts & Estates Department. “Simply stated, Tom is one of the most decent people I have ever met, and his brilliance, commitment, and caring nature has been embraced and incorporated by virtually everyone who works at Modera. It is an honor to represent Modera and its principals. Bravo and continued success.”

Jeffrey Cash, a member of Cole Schotz’s Corporate Transactions Department, said: “We are delighted to have represented Modera in their acquisition of Parsec, a transaction which will contribute significantly to Modera’s growth as a leading financial adviser. This acquisition will allow Modera to expand its reach and offer its clients a broader range of investment options.”

Modera CEO Tom Orecchio commented: “As the leader of a firm committed to exceptional service and an authentic connection with our clients, I can wholeheartedly say that the Cole Schotz team meets our high standard of client-first service. Not only does this team go above and beyond for us, but they do it well and on time. More importantly, they are a genuine group who you want to work with when things get hectic and complicated. We celebrate them and their unmatched support just as much as they celebrate us in this transformative transaction.”

Cole Schotz and Modera have a longstanding relationship of over 30 years, growing alongside one another as Modera has tripled in size in the past four years. With the closing of the transaction, Modera will remain independently managed and majority employee-owned and controlled. All of Parsec’s employees have joined Modera and 24 of those employees have become Modera owners, giving the combined business a total of 61 employee owners.

Modera is an investment management firm that provides fee-only, comprehensive wealth management for individuals, families, retirement plan sponsors, and non-profit institutions. The firm is based out of New Jersey with offices in Virginia, Massachusetts, New York, Pennsylvania, Georgia, North Carolina, and Florida. Modera offers a variety of financial planning services including portfolio management, retirement planning, design, and implementation, estate planning, income tax planning, and risk analysis.