Captrust Financial Advisors, a Raleigh, North Carolina-based registered investment adviser, has acquired Genovese Burford & Brothers Wealth & Retirement Plan Management, a Sacramento, California-based RIA advising on $3.13 billion for nearly 1,500 clients.
GBB was founded in 1987 by Mike Genovese and Lon Burford. Other principals are Alex Brown, the chief executive, and partner Kelly Brothers. The firm's 36 employees include 17 financial advisers.
Captrust oversees more than $50 billion in assets under management and $409 billion in assets under advisement. GBB is the 46th firm it has acquired since 2006.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
