Modern Wealth Management, a $10 billion registered investment advisor based in Monterey, Calif., has acquired Public Safety Financial/Galloway, a firm that works with police officers, firefighters, government employees and other public service workers.
PSF/Galloway was founded in 2006 by Mike Galloway, a Marine Corps veteran and former police lieutenant based in Mesa, Ariz. His firm currently works with more than 3,000 public safety clients across more than 100 police and fire departments, totaling $1.1 billion in client assets.
With the acquisition, Modern Wealth will keep up the public service advice practice, opening its own division called Public Safety Financial, with Galloway as managing director. The RIA is also using the moment to launch its second “Organic Growth Hub” and advisor support center to cover the greater Phoenix area. Its original growth hub is based in Kansas City, and assists advisors with lead generation, distribution and client onboarding, marketing and technology.
Modern Wealth, which is backed by equity financing from Crestview Partners, has been rapidly acquiring firms since its founding in April 2023 by former United Capital Executives Gary Roth, Mike Capelle and Jason Gordo. The PFS/Galloway acquisition, which will add 42 staffers to Modern Wealth, is the firm’s fifth deal of 2025 and 18th since its founding.
“It’s a privilege to serve the people who serve us, and launching a dedicated first responder division is a meaningful milestone for Modern Wealth,” said Gordo, Modern Wealth president, in a statement. “PSF/Galloway represents our first office in Arizona, our entry into the Southwest and an important step in our growth as we begin building a significant hub in the Phoenix area.”
Mike Galloway started the firm after “he realized his own pension planning was mishandled by various financial advisors—costing him up to $100,000 in retirement savings,” according to a spokesperson.
From that experience, he realized other first responders were likely facing similar challenges, and wanted to develop a business that would help them with better financial planning and guidance. Many of the advisors and staff members on the team are also former first responders.
PSF/Galloway offers retirement and investment planning and financial wellness training, while also working with pensions and various retirement plans including deferred retirement option plans and survivor assistance. It also hosts 250 annual webinars and seminars for first responders.
“By combining our services with Modern Wealth’s national scale, we can expand our mission to serve public safety families nationwide,” Galloway said in a statement.
Gladstone Associates advised the two firms on the transaction.
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