Cision PR Newswire

Fee-only RIA firm joins Modera to leverage enhanced client capabilities and opportunities for growth

WESTWOOD, N.J., Nov. 21, 2024 /PRNewswire/ -- Modera Wealth Management, LLC (Modera), a fee-only comprehensive financial planning firm with $12.5 billion in assets under management (AUM, as of 9/30/24), has announced its acquisition of Bay Point Wealth, a registered investment adviser firm with offices in Annapolis and Stevensville, Maryland, and $467 million in assets under management (as of 9/30/24).

For over 25 years, Bay Point Wealth has provided personalized, objective advice, fee-only financial planning, and investment management services to high-net-worth individuals and families. The firm currently has eight employees, including four advisors who specialize in working with successful families, business owners, corporate executives, medical professionals, surviving spouses, and individuals with special needs. As the firm's operations increased and client requirements evolved in recent years, Bay Point recognized the need to find a strategic partner to support its existing clients while providing opportunities for an enhanced service offering.

"As the founder of Bay Point, I unequivocally believe that transitioning our ownership to Modera Wealth is a picture-perfect move. This decision is rooted in our shared values and a mutual commitment to excellence. I am confident that this new chapter will enhance our capabilities and offer our talented team even greater opportunities for development and career advancement. This is a truly transformative step for us, promising continued innovation and improved services for our clients," said Bay Point Wealth founder and principal Bill Hufnell.

"Bay Point's leaders share a commitment to a client-first, fiduciary approach that mirrors ours. We are excited to welcome the team to Modera and look forward to collaborating on ways to support the team and add value to their client relationships," stated Modera CEO Tom Orecchio.

About Modera

Modera Wealth Management provides fee-only, comprehensive wealth management for individuals, families, retirement plan sponsors and non-profit institutions to clients nationwide. In addition to portfolio management, Modera provides clients with financial planning services, including retirement planning, estate planning, income tax planning and risk analysis. Modera has maintained a client-first philosophy since its inception in 1983 when its predecessor firm established itself as one of the country's first fee-only advisory firms. Since then, Modera has grown its geographical footprint, serving clients nationwide, while adding depth and breadth to its team. To learn more, please visit ModeraWealth.com. 

Modera Wealth Management, LLC ("Modera") is an SEC registered investment adviser. SEC registration does not imply any level of skill or training. Modera may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. For information pertaining to Modera's registration status, its fees and services please contact Modera or refer to the Investment Adviser Public Disclosure Web site (www.adviserinfo.sec.gov) for a copy of our Disclosure Brochure which appears as Part 2A of Form ADV.

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SOURCE Modera Wealth Management, LLC