Captrust Financial Advisors, the Raleigh, NC-based registered investment advisor since recently exceeded $1 trillion in total client assetshas acquired two other RIAs with total assets of $1.97 billion.
Captrust is adding Campbell Wealth Management, an Alexandria, Va.-based RIA with 33 employees and $1.4 billion in assets, and TruNorth Wealth Partners, a St. Louis-based RIA. Paul, Minn. with approximately $570 million in client assets and 10 employees.
Campbell was founded in 2003 by CEO Kelly Campbell and represents Captrust's first Alexandria location. According to public filings, the team uses Madison Avenue Securities for its brokerage business. Campbell focuses on retirement planning services, primarily for clients age 55 and older.
“Joining Captrust was a natural next step for our firm because it also believes in the importance of financial planning and is helping us bring deeper resources to clients, including estate planning, broader tax planning and family office services,” Campbell said in a statement.
TruNorth Wealth Partners, meanwhile, was founded by CEO Peter Rekstad in 2005. In 2013, he merged his firm with BGM Wealth Management, a Bloomington, Minn.-based RIA. The firm serves executives, professionals and institutions and also operates an office in Sacramento, California.
“Over the years, I've had many ideas for additional services that would make a real impact on our clients' financial lives, but just weren't feasible given the size of our firm,” Rekstad said in a statement. “With Captrust, we can offer family office services, access to tax planning and compliance, and more, all from trusted Captrust colleagues who support our standards of service beyond expectation.”
Campbell used Houlihan Lokey as its advisor on the transaction, while TruNorth was advised by Advisor Growth Strategies.
This follows that of Captrust deal in November to buy Boston Financial Managementa Boston-based RIA with nearly $5 billion in client assets, the firm's first major deal this year and sixth acquisition in Massachusetts since 2019.
Captrust, which was founded in 1997, initially grew by serving institutional clients such as retirement plans. However, the firm found that those retirement plan participants were natural clients of the wealth management business. Captrust now serves 3,000 retirement plans nationwide.
This summer, Captrust announced that it had surpassed $1 trillion in total assets under management and advice, a major milestone for the independent RIA channel.
Captrust began an aggressive acquisition strategy in 2006 and since then it has completed about 74 deals. Three years ago, the firm announced that it sold one 25% of the shares for private equity firm GTCR – based on a $1.25 billion valuation. last fall, Captrust sold a minority stake at Carlyle.