Captrust Financial Advisors continues its pattern of growth through acquisitions with the addition of Lakeside Wealth Management, a Chesterton, Ind.-based firm with $1.6 billion under advisement.
This marks the third acquisition announcement of 2020 for Raleigh, N.C.-based Captrust, which has more than $390 billion under advisement.
The deal is also the first announced acquisition since Captrust sold a 25% ownership stake to private equity firm GTCR earlier this month.
Lakeside provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients.
“During our diligence process, it occurred to us that because of our business mix, ensemble structure, and culture, we may have been looking for a unicorn, then Captrust came along,” said Lakeside Chief Executive Officer Mark Chamberlain.
“By aligning ourselves with Captrust, we are confident that our clients will benefit greatly from the added resources of a national firm, and we are excited about continuing to grow as part of the Captrust brand,” he added.
Captrust, which made five acquisitions last year and seven in 2018, has made it clear it plans to make more and bigger acquisitions going forward, and the infusion of PE capital is part of that strategy.
“You will definitely see larger deals because there are larger deals we’re looking at and that seems to be the trend,” Ben Goldstein, Captrust president and chief operating officer, said in a recent interview.
“We’re not interested in every transaction; we prefer to be highly selective, but I’d be surprised if we don’t increase the velocity and size of transactions,” he added.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.
The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.
Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.
"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.
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.
