What's Happening?
Modera Wealth Management has acquired Ferrentino & Associates, a New Jersey-based accounting firm specializing in tax planning and consulting services. This acquisition expands Modera's in-house tax capabilities and aligns with the firm's strategy to integrate investment advisory and accounting services. Gary Ferrentino, founder and CEO of Ferrentino & Associates, will join Modera as director of tax services.
Why It's Important?
The acquisition reflects a growing trend in the wealth management industry to offer comprehensive financial services, including tax and accounting. This strategic move enhances Modera's ability to provide holistic financial planning, potentially attracting more high-net-worth clients. The integration of services can lead to improved client satisfaction and retention, positioning Modera as a leader in fiduciary wealth management.
What's Next?
Modera may continue to pursue similar acquisitions to further expand its service offerings and geographic reach. The firm will likely focus on integrating Ferrentino & Associates' operations and leveraging its expertise to enhance client services. This acquisition could prompt other wealth management firms to consider similar strategies to remain competitive.
