Apella Wealth has acquired Morris Financial Concepts, a registered investment adviser based in Mount Pleasant, South Carolina, for an undisclosed sum.
The transaction brings about $544m in assets under management to Apella and broadens its presence in the southeastern US.
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Morris Financial Concepts was established in 1983 and advises individuals and families on wealth management.
Its services include financial planning, investment management, retirement planning, tax strategy and legacy planning.
Kyra Hollowell Morris, who founded the firm, and chief compliance officer James “Tucker” Morris will move to Apella together with the rest of the Morris team.
Kyra said: “We spent more than a year thoughtfully searching for a firm that shared our fiduciary, planning-first approach and would allow us to continue serving clients the way we have for more than four decades.
“With Apella, we gain the benefit of greater resources and support while maintaining our voice and the ability to contribute to the firm’s continued evolution. We believe this partnership brings together the strengths of both firms to create something even greater for our clients and our team.”
Apella CEO Jim Scanlan said: “Morris has built a strong reputation for thoughtful, client-centred advice.
“Kyra and her team share our commitment to helping clients navigate important financial decisions with confidence. We’re pleased to welcome Morris to Apella as we continue to grow our presence in the Southeast.”
The purchase is Apella’s 28th acquisition and the 17th completed alongside Wealth Partners Capital Group, a financial services holding company that invested in Apella in September 2021.
Apella now has roughly $12bn in assets under management. Earlier this year, in January, Apella bought the wealth management business of PBMares, which operates from Williamsburg, Virginia.
