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26 HARTFORDBUSINESS.COM | August 15, 2022 FOCUS: BANKING & FINANCE through M&A deals, an increase of more than 80%, according to the Echelon report. That trend shows no signs of slowing down. According to a 2022 RIA Edge survey, 45% of all regis- tered investment advisory firms said they anticipate making some kind of acquisition in 2022, whether another RIA firm or "breakaway" advisors from brokerage firms and wire houses. Scanlan said Apella's acquisitions have been focused on firms with a similar approach to client service and investment philosophy. "We want a unified national culture [around those factors] while making sure that each firm [we acquire] maintains that unique culture that had driven their success," Scanlan said. With a competitive market for talent, Martin said, Apella Capital, like many employers, has increased its flexibility with remote work opportunities. "We are not immune to the chal- lenges of the current employment atmosphere and flexible schedules that [can be] top of mind when we recruit," Martin said. On the heels of its latest M&A transaction, Scanlan said, Apella continues to explore additional oppor- tunities to expand its footprint and capabilities. "We're not focused on hitting a specific number of [acquisition] targets," Scanlan said, "but at a high level we think we'll close four to eight [deals] annually." Martin added: "We're going to continue to focus on our core competencies around holistic finan- cial planning." Visit washtrust.com or call 800-475-2265 Nothing cookie cutter here. GET CUSTOMIZED SOLUTIONS from a partner that values your business as much as you do. Our local teams have helped Connecticut businesses for more than 220 years, let us help you. Member FDIC. 350 300 250 200 150 100 50 0 M&A activity for Registered Investment Advisory firms reaches record high for ninth straight year in 2021 YEAR 2013 2014 2015 2016 2017 2018 2019 2020 2021 Note: Total deal count excludes deals with assets under management of $100 million or lower. Source: ECHELON Partners Analysis 90 99 125 138 168 181 203 205 307 NOMBER OF DEALS