Captrust Financial Advisors has acquired Patriot Pension Advisors, a Foxborough, Massachusetts-based firm overseeing more than $900 million worth of pension plan assets.
The deal, announced Wednesday, marks the 59th acquisition for Raleigh, North Carolina-based Captrust, which has more than $100 billion under management and more than $750 billion under advisement.
The addition of PPA expands Captrust’s footprint in Massachusetts. More than 50 staffers from Rinet and Cammack Retirement Group joined the firm in December and February 2021, respectively, and Boston Advisors joined in 2019.
“Overall, we needed more tools and resources for our plan sponsors and plan participants,” Ted Burke, Patriot Pension Advisors’ owner and managing director, said in a statement.
“We are looking forward to enhanced fiduciary and investment training, plus greater access to marketing content to educate our clients,” Burke added.
“We are excited to build out our institutional business in the Northeast with the addition of PPA,” said Rick Shoff, managing director of Captrust’s Advisor Group.
Elsewhere, a Commonwealth team in Massachusetts converts to Cetera, while Janney draws four former Wells Fargo advisors to its Radnor, Pennsylvania office.
Clients say he copied the boss on his emails - and now they can't touch their cash.
He wired millions to his own accounts and told investors the fund was winning.
The partnership arrives as most small business owners near retirement age still don't have a formal succession plan in place.
A spokesperson for the estate planning fintech cited AI's reshaping of the industry as Trust & Will restructures its business.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
