Park Sutton Advisors, a Waller Helms Company (“Park Sutton Advisors”) is pleased to have represented Parsec Financial (“Parsec”) on its merger with Modera Wealth Management (“Modera”), a fee-only registered investment adviser (“RIA”) headquartered in Westwood, NJ. Founded in 1980 and headquartered in Asheville, NC, Parsec is a fee-only full-service wealth management firm with six offices in North Carolina and $3.75 billion in AUM. The combination creates one of the largest independent wealth management firms on the East Coast, with over $10.5 billion of AUM and over 180 employees across 14 offices between Massachusetts and Florida.
“Modera and Parsec have long shared a common set of core values that differentiate us from other wealth management firms,” said Tom Orecchio, Chief Executive Officer of Modera. “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. We believe that the increased scale, resources, and talent resulting from the combination of our firms will serve to enhance that commitment as we continue to elevate the depth and sophistication of our services.”
“Our two firms have succeeded thus far in large part because we share the same mission: to deliver sophisticated, fee-only wealth management in a highly personal way,” said Rick Manske, former Chief Executive Officer at Parsec. “Now, we have the unique opportunity to join forces and do that same work together as one stronger organization. We believe that will benefit our clients while also creating a path for next-generation leaders to steward the firm for many years to come.”
Park Sutton Advisors Managing Director, John Eubanks, who led the transaction, said, “From the moment we went to market with Parsec, there was tremendous interest from buyers who have long admired them. Although the Parsec team initially explored the possibility of a transaction with a few large strategic partners, they ultimately chose to merge with Modera in what would be a transformative transaction for both firms. We are thrilled to have advised Parsec in this transaction and are excited to see what the two firms can accomplish together.”
Post-transaction all of Parsec’s employees have joined Modera, and 24 of those employees have become owners in the combined business. Parsec executive leadership will play a critical role in the management of Modera going forward. Manske will become Modera’s Chief Growth Officer; Bill Hansen, Chief Investment Officer at Parsec, will become Modera’s co-Chief Investment Officer; and Harli Palme, Chief Operating Officer at Parsec, will become Modera’s Chief Operating Officer. Manske and Palme will also join Modera’s board.
This marks Park Sutton’s 14th deal in the Southeast region since early 2019. Eubanks added, “We continue to see increasing level of interest from buyers in this region and don’t expect that to abate anytime soon.”