Normann Financial has found a new home at Captrust Financial, both companies announced Friday.
Sanford, North Carolina-based Normann Financial Group currently manages more than $1.3 billion in assets.
Kel Normann started at Interstate Securities in 1986, which merged with Johnson Lane in 1988; that firm became Wachovia Securities, which merged with Wells Fargo. Normann, who has led his firm since 2015, said that joining Captrust will help him focus on the things that he loves.
“That's running my team, growing my practice and serving my clients. Joining Captrust is going to allow me to do that,” he said.
Normann added that the deal also means he and his team will become shareholders of Captrust. “It has allowed me the opportunity to roll my equity into a company that is continuing to grow and has a tremendous growth ahead of it.”
The move expands Captrust’s footprint across North Carolina, with offices already in Raleigh, Charlotte, Greensboro and Wilmington. North Carolina already has the largest Captrust presence in the country, with more than 500 employees.
Normann Financial works with clients in comprehensive financial planning, including retirement and estate planning, lending solutions, and education planning.
The addition of Normann Financial marks Captrust’s eighth deal this year and its 71st since 2006.
“Instead of being $1 billion strong, we're going to be over $800 billion strong,” Normann said. “It just adds a lot of strength and scale. I think that's going to make us more efficient and that’s going to really pay off and benefit our clients.”
Normann said he hopes to achieve continued happiness and growth for his practice and his staff. All nine of his colleagues will join Captrust.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
