Captrust Monetary Advisors, the Raleigh, N.C.-headquartered registered funding advisor that not too long ago surpassed $1 trillion in complete consumer property, has acquired one other two RIAs with a mixed $1.97 billion in property.
Captrust is including Campbell Wealth Administration, an RIA in Alexandria, Va., with 33 staff and $1.4 billion in property, and TruNorth Wealth Companions, a St. Paul, Minn.-based RIA with about $570 million in consumer property and 10 staff.
Campbell was based in 2003 by CEO Kelly Campbell and represents Captrust’s first Alexandria location. Based on public filings, the staff makes use of Madison Avenue Securities for brokerage enterprise. Campbell focuses on retirement planning providers, primarily for shoppers aged 55 and older.
“Becoming a member of Captrust was a pure subsequent step for our agency as a result of it additionally believes within the significance of monetary planning and helps us to deliver deeper sources to shoppers, together with property planning, extra in depth tax planning, and household workplace providers,” Campbell mentioned in a press release.
TruNorth Wealth Companions, in the meantime, was based by CEO Peter Rekstad in 2005. In 2013, he merged his agency with BGM Wealth Administration, a Bloomington, Minn.-based RIA. The agency serves executives, professionals and establishments and likewise operates an workplace in Sacramento, Calif.
“Through the years, I’ve had many concepts about extra providers that will be actually impactful for our shoppers’ monetary lives however have been simply not possible, given the scale of our agency,” Rekstad mentioned in a press release. “With Captrust, we will present household workplace providers, entry to tax planning and compliance, and extra, all from trusted Captrust colleagues who uphold our requirements of service past expectation.”
Campbell used Houlihan Lokey as its advisor within the transaction, whereas TruNorth was suggested by Advisor Progress Methods.
This follows Captrust’s deal in November to accumulate Boston Monetary Administration, a Boston-based RIA with almost $5 billion in consumer property, the agency’s first massive deal this yr and sixth Massachusetts acquisition since 2019.
Captrust, which was based in 1997, grew initially by serving institutional shoppers, equivalent to retirement plans. Nevertheless, the agency discovered these retirement plan contributors have been pure shoppers of the wealth administration enterprise. Captrust now serves 3,000 retirement plans across the nation.
This summer time, Captrust introduced it had surpassed $1 trillion in complete property beneath administration and advisement, an enormous milestone for the unbiased RIA channel.
Captrust started an aggressive acquisition technique in 2006 and has since accomplished about 74 offers. Three years in the past, the agency introduced it offered a 25% stake to personal fairness agency GTCR—based mostly on a valuation of $1.25 billion. Final fall, Captrust offered a minority stake to Carlyle.
