Captrust Financial Advisors has boosted its assets under administration to more than $600 billion with the acquisition of New York-based Cammack Retirement Group.
Cammack, which was founded more than 50 years ago, brings $154 billion in retirement plan assets under administration to the national Captrust network.
While Cammack is already a large and established firm specializing in retirement plans, its executives said partnering with Captrust was about becoming part of a larger organization.
“As we’ve grown, we’ve had a national footprint for a little while, and even though we had many locations, we were at a disadvantage by not being with an organization with locations in all 50 states,” said Jeff Levy, Cammack managing partner.
In an environment of record-setting merger and acquisition activity, Levy said, “People have been chasing us for a year.”
“We have for a long time felt we had a high presence in the retirement plan industry, but we weren’t interested in simply being absorbed,” he said. “We wanted to partner with someone with the same vision, ethics and nature of services.”
In addition to Levy, Cammack’s leadership team includes Mike Volo, Emily Wrightson, Mike Sanders and Earle Allen, who all join Captrust as principals.
“Cammack Retirement Group and Captrust are two of the largest firms in the institutional retirement space, with Cammack Retirement serving over 170 plan sponsors, which represents nearly 1.3 million participants,” said Rick Shoff, managing director of the advisor group at Captrust.
Cammack represents the 47th firm that has joined Captrust since 2006 and will take on the Captrust brand moving forward.
A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.
The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.
Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
