A $1 billion Chicago-based firm is joining Apella Wealth, marking that firm’s first offices in the Windy City.
Park Piedmont Advisors is also based in San Francisco and was originally founded in 2003 by Nick Levinson and his late father, Victor (now Nick runs the firm with his brother Tom). According to Nick, they opted for Apella based on how “closely aligned” the firms were in their client relationships and investment approaches.
Park Piedmont will mark the second Midwest location for Apella, which was founded in 2014 in West Hartford, Conn.
The first was Iron Horse Wealth Management, an Iowa-based five-person team managing $574 million in client assets that Apella acquired in June. As of the closing of the Piedmont deal on Aug. 29, Apella has more than $8 billion in managed assets.
According to SEC records, the firm works with individuals, trusts, corporations, pensions, profit-sharing plans and state and government entities. According to Apella, as of this month, the firm works with about 7,800 household clients and employs 60 advisors.
The deal is Apella’s 24th overall, and its 13th since receiving private equity backing via Wealth Partners Capital Group, a financial services holding company that bought a minority stake in the firm in September 2021.
According to WPCG Director Madison Snider, the deal for Park Piedmont was “a meaningful milestone that furthers the firm’s national growth strategy.”
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