Former Captrust executive Rush Benton is joining Coldstream Holdings' board of directors, replacing Cascadia Capital CEO and Chairman Michael Butler after a 13-year tenure on the board.
Benton's industry career spans 13 years as founder and CEO of WealthTrust, a holding company for wealth management firms, and as managing partner at Benton Capital Partners, where he provided strategic M&A advisory services to RIAs and other management players of wealth.
As head of wealth management M&A at Captrust, Benton helped grow the firm's assets through organic growth and the acquisition of independent fee-based RIAs. After 11 years at the firm, Benton launched investment banking firm Gorman Jones in June.
Overall, Benton has been involved in more than 70 M&A deals throughout his tenure in the industry. According to Coldstream Managing Shareholder Kevin Fitzwilson, the board was “thrilled” to welcome Benton.
“Rush has one of the most extensive wealth management M&A histories of anyone in our industry, making it a vital asset as we continue to execute our long-term mergers and acquisitions strategy, which prioritizes sustainable growth from year to year, but also places an emphasis on the firm remaining independent and employee-owned,” he said.
Coldstream is an independent, employee-owned RIA in Bellevue, Wash., founded in 1996. It has seven locations in four states and more than $10 billion in assets under advice.
Earlier this fall, Coldstream Wealth Management joined with Arnerich Massena, a Portland, Ore.-based RIA with about $2 billion in assets under management. The latter firm now operates as Team Rae, with all 19 employees (including seven advisers) Coldstream shareholders.
As part of the Anerich Massena deal, Reegan Rae, the firm's co-CEO, principal and senior investment advisor, also joined Coldstream's board of directors.
That deal capped several Pacific Northwest-focused mergers that had helped it double in size over the previous three years without taking on any outside capital. In 2021, the firm bought Mercer Island, Wash., for $1.4 billion. Paraclete Advisorssoon followed by Seattle-based firm Rosenbaum Financial.
Last fall, Coldstream joined Seidman Capital Groupa wealth management firm, and Hersman Serles Almond, which provides accounting and consulting services. In 2023, Coldstream brought in industry veteran Matt Sonnen as its new chief operating officer to help board new firms.
At the time of Arnerich Massena's agreement, Fitzwilson said WealthManagement.com that the firm is “taking the road less traveled to remain truly independent” by not taking outside capital.
“This wasn't some kind of ambitious growth plan to hit a number by some date because some whiteboard told us to do it from some PE (private equity) firm,” he said. “It's been more about finding like-minded partners.”