Connecticut-based RIA Apella Capital has snapped up Bellevue, Washington-based peer Vestory, which manages $489m in assets.
Financial terms of the transaction, which is Apella’s second deal this year, were not shared.
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Vestory will now utilise Apella’s practice management tools and technology as well as tap Symmetry Partners, the acquired entity’s sister company that offers investment solutions and operational support.
Apella CEO Joshua Pace said: “We see Vestory as a catalyst for growth and an anchor for us on the West Coast.
“They share our passion for planning, client service, and factor investing, making them the perfect cultural fit for our growing team.”
Set up in 2009, Vestory offers a range of services including financial planning, portfolio creation, asset management, and income management.
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By GlobalDataThe business was founded by Tom Cock and Don McDonald, who were previously radio show hosts.
Cock stated: “Since our inception, Vestory has been laser-focused on financial education and helping our clients prepare for the future.
“As financial advisers, we have a responsibility to our clients to manage their wealth well beyond our tenure.
“Apella is aligned with our commitment to academic research and financial planning, and we are confident that joining forces is absolutely in the best interest of our clients.”
Apella provides a wide range of financial advisory services to individuals and businesses. Established in 2014 by financial advisers Patrick Sweeny and David Connelly, it managed $1.5bn in assets at the end of June 2020.
The business now has offices in Massachusetts, Rhode Island, New York, Tennessee, Texas, Colorado, California, and now Bellevue.
This January, Apella bought Bacon Financial Group in Dallas, Texas.
Other M&A activities
Consolidation activities have been rampant in the US RIA space lately.
Earlier this month, Wealth Enhancement Group acquired New York-based independent RIA 10-15 Associates with nearly $923m in client assets.
Besides, Mercer Global Advisors recently purchased Personal Financial Advisors to expand presence in Louisiana.
