West Hartford, Conn.-based Apella Wealth, managing roughly $12.5 billion in client assets, announced it has taken over Blue Spark Capital Advisors LLC, a New York City and Great Barrington, Massachusetts-based firm overseeing $261 million in assets.
Apella, which is backed by minority investor Wealth Partners Capital Group, has expanded its presence in the Northeast through the acquisition, its 30th since its founding in 2014 and 19th since WPCG took a stake in 2021.
Blue Spark was founded by Maura Griffin in 2011 to work with individuals and families, particularly women going through life transitions such as divorce, loss of a spouse or partner, job changes, and retirement.
Griffin joins Apella as a partner and senior wealth advisor, and her firm will be integrated into Apella’s operations.
Acquisition Activity
Apella’s acquisition of Blue Spark is part of a larger trend of consolidation in the registered investment advisor space, with firms seeking to expand their presence and capabilities through strategic acquisitions.
Waverly Advisors, another firm backed by Wealth Partners Capital Group, has also been active in acquiring other RIAs, including its recent purchase of MCS Family Wealth Advisors, a $151 million RIA with offices in Oregon.
Waverly has added nearly $4 billion in new client assets this year, including the acquisition of a $3.1 billion RIA that opened its first New Orleans office.
MCS was founded in 1991 by Michael Stalker, who had majority ownership of the firm through a family trust, and provides financial planning, retirement planning, and investment management services to high-net-worth individuals and families.
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Other Deals
Simplicity Group, a Summit, N.J.-based wealth manager with $14 billion in assets under management, has acquired MAIA Wealth, a Denver-based financial advisory firm with nearly $1 billion in assets under management.
The MAIA Wealth team will now work under the brand name of Simplicity Wealth Advisors: Denver, and the partnership is expected to enhance the firm’s operational infrastructure and client resources.
Perennial Wealth Partners has also launched as a $500 million, Chicago-based RIA with Integrated Partners, a team departing from Hightower, with a focus on providing wealth management services to high-net-worth individuals and families.
Perennial’s advisors will work alongside CPAs, estate attorneys, and other specialists, and the firm has partnered with over 250 CPA firms through Integrated Partners’ CPA Alliance program.
Industry Trends
The acquisitions and launches in the registered investment advisor space reflect a broader trend towards consolidation and expansion, as firms seek to build scale and capabilities in a competitive market.
As the industry continues to evolve, further acquisitions and partnerships are likely, as firms seek to position themselves for growth and success in a rapidly changing environment.
For example, the partnership between Simplicity Group and MAIA Wealth is expected to bring new tools and broader investment offerings to the MAIA Wealth team and its clients, and to position Simplicity Wealth Advisors: Denver for exceptional growth and success.