Allworth Financial and Apella Wealth are both marking milestones in their respective expansion strategies, with Allworth crossing a key asset benchmark as Apella breaks into a new geographic market.
On Tuesday, Folsom, California-based Allworth Financial announced its acquisition of Salzinger Sheaff Brock and Sheaff Brock Investment Advisors, a pair of affiliated Indianapolis firms managing more than $1.5 billion in assets.
The transaction marks Allworth’s 42nd acquisition since 2018 and pushes its total assets under management and administration past $30 billion.
That number stands an order of magnitude and then some above its 2017 record of $2.5 billion, right before it entered extreme growth mode fuelled by private equity.
The firm now serves over 28,000 client households across all 50 states.
Allworth’s acquisition of the Indiana-based firms enhances its presence in the Midwest while expanding its capabilities in active portfolio management. Both Salzinger Sheaff Brock and Sheaff Brock have built client bases around high-net-worth individuals and offer discretionary investment strategies.
“This acquisition represents the next step in our growth as a national destination for clients seeking expert guidance and personalized planning,” John Bunch, chief executive of Allworth Financial, said on Tuesday.
Clients of the acquired firms will gain access to Allworth’s broader platform of services, including investment management, tax strategy, insurance, estate planning, and retirement services.
“This partnership ensures our clients will continue receiving the investment expertise they’ve come to expect while gaining access to Allworth’s comprehensive wealth planning resources,” said David Gilreath, managing director at Sheaff Brock.
Founded in 1993, Allworth is backed by private equity firm Lightyear Capital and the Ontario Teachers’ Pension Plan Board, which bought its stake in 2020. The firm now operates more than 40 offices nationwide.
Meanwhile, Apella Wealth, based in West Hartford, Connecticut, has acquired Iron Horse Wealth Management, an Iowa-based RIA with $574 million in assets under management. The deal marks Apella’s first expansion into Iowa and its 22nd overall transaction, and 11th since it partnered with Wealth Partners Capital Group in 2021.
Led by founder Dennis Markway, Iron Horse is a fee-only firm known for providing financial planning and fiduciary guidance to individual and family clients. The entire Iron Horse team is joining Apella, with Markway taking on the role of regional director.
“This partnership represents a significant milestone in Apella’s geographic expansion as we establish our first Midwest-based team,” said Jim Scanlan, president of Apella Wealth.
The transaction closed June 20, bringing Apella’s total assets under management to just over $6 billion. The firm, launched in 2014, offers advisory services to both individual and institutional clients across the country, and has grown through a series of selective acquisitions.
Earlier this year, Apella extended its reach in the Northeast with its March addition of Marrella Private Wealth, a boutique RIA managing $518 million in Wyomissing, Pennsylvania
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
