Modera Wealth Management, a registered investment advisor headquartered in Westwood, N.J., with $12.5 billion in assets under management, has acquired Bay Point Wealth, a Maryland-based RIA with $467 million in AUM.
The deal adds eight employees, including four advisors, and offices in Annapolis and Stevensville, Md.
Baypoint was founded in 1995 by Bill Hufnell, who has over two decades of experience working with business owners and multigenerational families. For business owners, he focuses on succession, tax optimization and risk management. For families, he specializes in estate planning and tax-efficient wealth transfer strategies. He joins Modera as a wealth manager and principal.
“I am confident that this new chapter will enhance our capabilities and offer our talented team even greater opportunities for development and career advancement,” Hufnell said in a statement. “This is a truly transformative step for us, promising continued innovation and improved services for our clients.”
This follows news last week that Modera hired Kirsten Ly as its director of marketing. Ly joins from Hightower, where she served as executive director of advisor growth marketing.
In 2021, Modera sold a minority stake in the firm to Tria Capital Partners, a financier of RIA M&A and succession planning run by former Fiduciary Network partners. The firm remains majority-owned and controlled by its employees.
