Iowa-based Iron Horse Wealth Management has been acquired by Apella Capital, marking a significant expansion for the financial services provider.
In a strategic move to broaden its financial planning and investment management services, Connecticut-based Apella Wealth has announced the acquisition of Iron Horse Wealth Management, an Iowa-based firm. The deal, which took place on June 20, 2025, marks Apella's first foray into the Midwest region and adds approximately $574 million in assets under management (AUM) to their books, bringing their total managed assets to $6.08 billion.
Iron Horse Wealth Management, a fee-only advisory firm based in Johnston, Iowa, offers financial planning and fiduciary guidance to individuals and families. The complete Iron Horse team, led by founder and president Dennis Markway, has joined Apella as part of the deal. Markway has taken on the role of Regional Director at Apella.
Jim Scanlan, Apella's president, expressed his excitement about the partnership, stating that it is a significant milestone in Apella's geographic expansion, establishing their first Midwest-based team. Scanlan also welcomed Iron Horse, a highly respected firm, to Apella.
Dennis Markway shared his joy about joining Apella, expressing his excitement about collaboration and learning from peers. The acquisition aligns with Apella’s commitment to providing personalized, fiduciary advice and expanding its national footprint.
This Midwest expansion comes shortly before Apella's further growth in other regions, including the mid-Atlantic, with the acquisition of Independence Wealth Advisors in Washington, DC. The strategic move is part of a broader strategy to increase assets under management beyond $6 billion.
With this acquisition, Apella Wealth has set up a presence in Johnston, Iowa, and looks forward to serving clients in the Midwest region with their comprehensive financial planning and investment management services.
- Dennis Markway, previously the founder and president of Iron Horse Wealth Management, has now taken on the role of Regional Director at Apella Wealth, a position he accepted as part of the acquisition deal.
- The acquisition of Iron Horse Wealth Management, known for offering financial planning and fiduciary guidance to individuals and families, marks Apella's first step into the Midwest region, allowing them to expand their business and assets under management (AUM) beyond their Connecticut base.
- As part of its broader strategy to increase assets under management beyond $6 billion, Apella Wealth has implemented the use of AI and finance technologies, including AI-driven wealth management and investing strategies, to enhance its financial planning and investment management services nationwide.
