The acquired business was set up in 1996 and has grown into a team of 50 employees.

Modern Wealth Management, a national registered investment advisory firm, has bought the assets of Barber Financial Group, Osiwala Financial Group, and Financial Security, with offices across Kansas, Missouri and Michigan. 

This acquisition is Modern Wealth's first transaction after its recent founding, which was backed by $200 million in equity financing from Crestview Partners, it said in a statement yesterday. Alaris Acquisitions advised Modern Wealth and Barber Financial on the transaction. Terms of the deal were not disclosed. 

Barber Financial Group was established in 1996 by CEO Dean Barber. The firm has since evolved into a team of 50 employees including CFP® professionals, CPAs, estate and insurance specialists, all of whom will join Modern Wealth as a result of the acquisition. 

Barber Financial serves more than 2,300 clients with more than $1.5 billion of collective assets under management. 

As part of the acquisition, Barber Financial's radio show and podcast will provide Modern Wealth with a chance to showcase its ideas to existing and potential clients.

Modern Wealth added that it is talking to other RIAs interested in joining as anchor offices to build out its national footprint. 

See here to view a recent story by US correspondent Charles Paikert about M&A activity and trends in the wealth industry.