RIA growth watch: Apella buys Park Piedmont, marks 13th acquisition with WPCG

Apella Wealth has taken a significant step in its national expansion strategy with the acquisition of Park Piedmont Advisors, a fee-only advisory firm based in Chicago and the San Francisco Bay Area. The transaction, which closed on August 29, 2025, adds more than $1 billion in assets under management (AUM) to Apella’s growing platform and officially establishes the firm’s presence in the Chicago market for the first time.

This latest deal represents Apella’s 24th acquisition overall and its 13th since forming a strategic partnership with Wealth Partners Capital Group (WPCG) in September 2021. With this move, Apella now manages over $8 billion in AUM across a national footprint spanning both coasts and key financial centers in between.

What makes the Park Piedmont Advisors acquisition a strategic entry point for Apella Wealth into Chicago?

The addition of Park Piedmont Advisors is more than just a scale play. It gives Apella a credible entry point into Chicago, one of the most established and competitive financial advisory markets in the United States. Founded in 2003 by Nick and Tom Levinson along with their late father, Victor Levinson, Park Piedmont has built its reputation on personalized investment management and a fiduciary-driven advisory model focused on long-term relationships.

For Apella Wealth, Park Piedmont offers not only a respected client base but also a cultural fit that aligns with its values of evidence-based investing and lifelong financial planning. Nick Levinson emphasized this alignment in a statement, noting that the two firms share a deep commitment to caring for both clients and employees. He added that the merger process with Apella was marked by a sense of professionalism and collaboration, underscoring mutual respect and operational synergy.

From a strategic standpoint, this acquisition enables Apella to deepen its Midwest presence, which is increasingly important as high-net-worth investors and family offices continue to grow in markets beyond the coastal hubs.

How does Apella Wealth’s acquisition approach reflect a broader trend in RIA consolidation?

Apella Wealth’s acquisition of Park Piedmont Advisors is part of a larger trend reshaping the independent wealth management space in the U.S., where regional advisory firms are increasingly joining national platforms to gain access to better technology, compliance, and operational resources.

Unlike aggressive roll-up models that often prioritize headcount over quality, Apella Wealth has taken a more selective path. The firm has prioritized cultural compatibility, shared investment philosophy, and client retention — qualities that institutional observers argue are key to sustainable integration. This focus has made Apella an attractive destination for advisory firms seeking scale while preserving their legacy and values.

Apella CEO Pat Sweeny said the firm is “thrilled” to welcome Park Piedmont and highlighted the shared dedication to financial clarity. President Jim Scanlan described the move as an “exciting step” that reinforces Apella’s growth mission, which hinges on building long-term client relationships backed by rigorous research.

What do Park Piedmont’s clients and advisors gain from joining a larger national RIA like Apella?

While many clients fear losing personal touch when their advisor firm is acquired, Park Piedmont Advisors’ transition to Apella is designed to maintain existing advisor-client relationships. The Levinson brothers will continue leading their client engagements, preserving the familiarity that long-standing clients value most.

At the same time, those clients will now have access to a more extensive suite of financial planning tools, investment research, and operational support offered through Apella’s centralized infrastructure. This includes enhanced digital client portals, robust tax and estate planning capabilities, and multi-generational wealth strategies — increasingly important as younger family members become active participants in financial decision-making.

Nick Levinson indicated that his firm saw the merger as a growth opportunity for both clients and staff, especially in an environment where scale and regulatory complexity continue to mount.

How does this deal strengthen Apella’s relationship with Wealth Partners Capital Group and its national ambitions?

Wealth Partners Capital Group, a financial services holding company, first partnered with Apella in 2021 with the goal of accelerating the firm’s national M&A program. The Apella–Park Piedmont transaction highlights how WPCG’s support is translating into tangible expansion milestones.

According to Madison Snider, Director at WPCG, the Chicago acquisition represents Apella’s second move in the Midwest this year alone and a “meaningful milestone” in the firm’s national growth trajectory. WPCG continues to work closely with Apella to identify and integrate like-minded firms looking for transition support, succession planning, and broader business capabilities.

Analysts suggest that WPCG’s patient capital and strategic guidance have allowed Apella to maintain a disciplined approach to integration — a contrast to some private equity-backed aggregators that often experience post-acquisition cultural dissonance.

What is the current state of Apella Wealth’s business and advisor network post-acquisition?

Following the close of the Park Piedmont deal, Apella now oversees more than $8 billion in assets and operates across multiple U.S. markets. Headquartered in West Hartford, Connecticut, the firm employs a nationwide community of fiduciary financial advisors and continues to grow through both organic client acquisition and strategic M&A.

Founded in 2014, Apella Wealth has built a strong identity around evidence-based investment philosophies, goal-based planning, and advisor autonomy within a centralized support model. The firm promotes its advisory ethos as “Advice for Life,” emphasizing multi-decade relationships, holistic planning, and client education.

This operational model has enabled Apella to attract advisory firms seeking to scale while maintaining a boutique service approach. By combining local client engagement with centralized compliance, research, and administrative resources, Apella aims to offer the best of both worlds to independent advisors.

What are institutional investors and analysts saying about Apella Wealth’s growth momentum?

Although Apella Wealth is privately held, its rapid growth and increasing M&A cadence have not gone unnoticed by institutional investors and industry observers. Analysts tracking RIA consolidation trends view Apella as a disciplined consolidator with a long-term mindset — one that prioritizes advisor retention, cultural integration, and value-added services.

There is growing institutional interest in advisory platforms that can demonstrate both sustainable growth and advisor stability. In that context, Apella’s ability to close 24 acquisitions — 13 of them with WPCG’s support — while keeping client attrition low is seen as a positive sign of execution strength.

Many in the industry expect Apella to continue this strategy in 2025 and beyond, potentially expanding into other high-value markets such as Texas, Florida, and Southern California. Additionally, there is speculation that Apella could pursue strategic partnerships with fintech providers or explore advanced portfolio strategies to cater to next-gen investors.

What comes next for Apella Wealth after its entrance into the Chicago financial advisory market?

With its footprint now firmly established in Chicago, Apella Wealth is well-positioned to explore deeper regional penetration in the Midwest and build out its advisor network in other urban centers. The firm is expected to continue pursuing like-minded advisory firms with strong client loyalty, succession needs, and an appetite for scalable growth.

Beyond M&A, Apella is likely to invest in expanding its digital capabilities, enhancing data-driven planning tools, and offering more robust investment policy frameworks — areas where scale-driven firms can gain competitive advantage in the RIA marketplace.

Future expansion could also include sector-specific expertise, such as ESG investing, charitable giving strategies, or business-owner planning — segments where client demand is increasing.

Apella’s leadership team has remained focused on building an integrated platform where advisors retain independence in client management while benefiting from national infrastructure. That formula continues to resonate in an evolving advisory landscape where trust, transparency, and personalized planning remain core differentiators.