Captrust Monetary Advisors, the Raleigh, N.C.-headquartered registered funding advisor that lately surpassed $1 trillion in whole shopper 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 workers and $1.4 billion in property, and TruNorth Wealth Companions, a St. Paul, Minn.-based RIA with about $570 million in shopper property and 10 workers.
Campbell was based in 2003 by CEO Kelly Campbell and represents Captrust’s first Alexandria location. In line with public filings, the workforce makes use of Madison Avenue Securities for brokerage enterprise. Campbell focuses on retirement planning companies, primarily for purchasers 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 economic planning and helps us to convey deeper sources to purchasers, together with property planning, extra in depth tax planning, and household workplace companies,” 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.
“Over time, I’ve had many concepts about extra companies that will be actually impactful for our purchasers’ monetary lives however have been simply not possible, given the scale of our agency,” Rekstad mentioned in a press release. “With Captrust, we are able to present household workplace companies, 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 amass Boston Monetary Administration, a Boston-based RIA with practically $5 billion in shopper property, the agency’s first giant deal this 12 months and sixth Massachusetts acquisition since 2019.
Captrust, which was based in 1997, grew initially by serving institutional purchasers, reminiscent of retirement plans. Nonetheless, the agency discovered these retirement plan individuals have been pure purchasers 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 whole property underneath administration and advisement, an enormous milestone for the impartial 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 non-public fairness agency GTCR—based mostly on a valuation of $1.25 billion. Final fall, Captrust offered a minority stake to Carlyle.
