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A Glastonbury-based wealth management company has acquired an investment advisory firm headquartered in Olympia, Washington.
Apella Capital announced Wednesday that it had purchased NR Smith and Associates, expanding its West Coast presence. This marks Apella's second acquisition in 2022.
NR Smith, which has more than $82 million in assets under management, is a wealth management firm and CPA practice with roots dating back to 1941.
“We see NR Smith as a catalyst for growth in the Pacific Northwest and beyond,' said Apella founder David Connelly. “They share our passion for planning, client service and evidence-based investing, making them the perfect cultural fit for our fast-growing team.”
Stacie Nemetz, partner at NR Smith, said that as the company deals with greater compliance and operational complexities, its agreement with Apella allows it to “focus on our local needs with the strength of a national team behind us.”
This is Apella’s 13th transaction since it was founded in 2014. Apella, which had more than $2.7 billion in assets under management and administration as of Dec. 31, 2021, has 13 offices in Massachusetts, Rhode Island, New York, Georgia, Tennessee, Texas, Washington, Colorado, Oregon and California.
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