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The private equity-backed RIA aggregator has expanded its footprint with two new acquisitions in Minnesota and Virginia.
Captrust Financial Advisors is beefing up its network yet again with simultaneous deals in Virginia and Minnesota.
Bạn đang xem: Captrust adds nearly $2B in assets in latest double-deal
The independent investment advisory giant with more than $1 trillion in client assets revealed it has welcomed Campbell Wealth Management in Alexandria, Virginia, and TruNorth Wealth Partners in St. Paul, Minnesota, collectively bringing nearly $2 billion in assets under management to the firm.
Campbell Wealth Management, established in 2003, focuses on financial and retirement planning and serves a client base that includes individuals and families in the northern Virginia area. The firm, led by CEO Kelly Campbell, brings 33 employees and $1.4 billion in assets to Captrust.
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“We believe that a financial plan is at the core of every client relationship,” Campbell said in a statement Thursday. “Joining Captrust was a natural next step for our firm because it also believes in the importance of financial planning and is helping us to bring deeper resources to clients, including estate planning, more extensive tax planning, and family office services.”
Rick Shoff, managing director at Captrust, described Campbell Wealth Management as a “growth-minded organization, just like Captrust” while emphasizing the opportunity to expand in northern Virginia.
Meanwhile in Minnesota, TruNorth Wealth Partners, founded in 2005 by CEO Peter Rekstad and Travis Gleason, provides estate and multigenerational wealth planning, family education, and retirement planning for executives and professionals. The firm also serves institutional clients, such as community and religious organizations, and brings 10 employees and $570 million in assets to Captrust.
“With Captrust, we can provide family office services, access to tax planning and compliance, and more, all from trusted colleagues who uphold our standards of service beyond expectation,” said Rekstad.
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Shoff emphasized TruNorth’s complementary approach to Captrust’s existing teams in the Minneapolis area, stating, “We expect big things from our newest employees.”
Prior to today’s twin transactions, Captrust made a major stride in Massachusetts as it snapped up $5 billion Boston Financial Management in November. Before that, it started the year strong by integrating $770 million firm Engrave Wealth Partners in Texas.
The summer was also one to remember for the Carlyle-backed RIA giant as it officially crossed the nigh-mythical trillion-dollar asset milestone in August, which its co-founder and CEO Fielding Miller described as a “surreal achievement.”
“As we look forward, our opportunities are accelerating,” Miller said at the time. “The RIA industry is in a great period of consolidation, and we are well positioned to continue our trajectory in the years to come.”
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