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.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
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.
