SHAKOPEE, Minn.--(BUSINESS WIRE)--CBS Brokerage, an independent insurance brokerage that provides collaborative insurance solutions for financial advisors, has partnered with Modern Wealth, a registered investment advisor (RIA) founded to meet the evolving needs of today’s financial professionals and their clients. The partnership positions Modern Wealth advisors to deliver strategic, insurance-based risk management solutions for their clients.
CBS and Modern Wealth partnered in the first quarter of 2024, as Modern Wealth sought to expand its core solutions set for its advisors. Differentiated from other RIAs in the industry by its dedicated focus on serving the mass affluent segment – those with $500,000 to $10 million in liquid investable assets, as defined by Modern Wealth – the firm strives to deliver services that address the needs of investors at all life stages. The firm was co-founded by former-United Capital executives Gary Roth, Mike Capelle and Jason Gordo.
“Our firm was founded on the belief that everyone should have a plan, regardless of net worth,” said Gordo. “Those in the mass affluent segment are particularly vulnerable to life’s changes and challenges, and we view it as central to our fiduciary duty to have those tough conversations - the things no one really wants to ever think about - to help them be prepared for every scenario. To us, insurance is a valuable piece of the planning puzzle.”
Richard Backora, SVP, Head of RIA Client Services, at CBS Brokerage added: “When well-executed, insurance is another tool in the advisor’s toolbox, similar to how ETFs, mutual funds and other products are leveraged to help clients meet their goals. What sets us apart is our planning-first mentality. Our team sits alongside Modern Wealth’s advisors and their clients, supporting dialogue in tough conversations and showing the end-client - not just telling them - exactly how insurance will or won’t mitigate risk.”
Through the partnership, CBS provides comprehensive planning support for Modern Wealth advisors. Each Modern Wealth advisor has access to the CBS leadership team, including Backora, Chad Druvenga, CEO, and Jack Elder, JD LLM (Tax), Senior Vice President of Advanced Markets, in addition to CBS’ bench of insurance and operational experts. Backora and the Modern Wealth founding team worked together at United Capital, where they fostered a professional relationship rooted in a shared dedication to comprehensive financial planning for clients.
Gordo added: “As we thought through the delivery of this service model, we knew we needed a partner with specific expertise, operational know-how and someone who could help our advisors deliver a more complete planning experience. CBS meets these needs and has empowered our advisors to grow in new ways.”
Formalizing insurance as a core service area within their broader offering has supported Modern Wealth’s growth goals, which are largely driven by the strategic acquisition of high-growth RIAs across the country.
“Firms that are looking to grow, both organically and via acquisition, benefit from a strategic set of ancillary services, allowing them to better meet evolving planning needs for clients of all types,” Backora added. “Modern Wealth’s approach to meeting the needs of the mass affluent is a great example of how these services can improve client outcomes, when life changes or challenges can significantly impact - if not derail - an entire financial plan.”
For more information on CBS Brokerage, please visit www.cbsbrokerage.net.
About CBS Brokerage
CBS Brokerage is an independent insurance brokerage that provides collaborative insurance solutions for financial advisors. CBS partners with advisors and firms of all sizes to provide product expertise, comparative analysis, and advanced planning solutions for risk management. The firm employs a planning-first approach, ensuring strategy recommendations align with short- and long-term goals. CBS was founded by Chad Druvenga in 2007. More information on CBS can be found at www.cbsbrokerage.net.
About Modern Wealth
Modern Wealth Management is a registered investment adviser (RIA) reimagining the delivery of financial advice. Co-Founded by former United Capital executives Gary Roth, Mike Capelle and Jason Gordo, Modern Wealth was designed to anticipate the needs of Americans at every stage in life by providing a full suite of wealth management services carried out by a team of experts specializing in financial planning, tax planning and preparation, estate planning and more. Strategically acquiring high-growth RIAs across the country, Modern Wealth plans to establish regional offices in key locations spanning the United States. To learn more about Modern Wealth’s next generation platform and advice delivery model, please email info@modwm.com or visit modwm.com.
