Captrust Financial Advisors has bolstered its footprint in the South with another acquisition in the Lone Star State.
The independent wealth giant headquartered in Raleigh, North Carolina announced its acquisition of Wealth Covenant Group, a Houston-based RIA managing $300 million in assets, on Friday.
The move adds three employees to Captrust’s growing team and enhances its reach in one of its fastest-growing markets.
Wealth Covenant Group, led by president Dennis Stavinoha, has provided a range of services including financial and estate planning, asset protection, tax planning, and investment management.
“We’re excited to enhance our client service experience by utilizing Captrust’s extensive resources, investment team, research, and family office services,” Stavinoha, whose two-decade BrokerCheck record includes a roughly 18-year affiliation with LPL, said in a statement.
Captrust managing director Rick Shoff welcomed the firm to its network, highlighting the two firms' cultural fit and shared commitment to client service.
“We are thrilled to welcome Wealth Covenant Group to Captrust. Their expertise and commitment to client service align perfectly with our mission and values,” Shoff said. “We’ve seen tremendous growth in Texas over the last five years and are excited to have the WCG team plug into our resources in the Houston market and beyond.”
With the addition, Captrust now has 188 employees operating across 12 offices in Texas. Among other notable acquisitions in the state in recent years, it snapped up Covenant Multifamily Offices, a firm managing over $2.6 billion in client assets, in October 2021; Monroe Vos Consulting, a $5.8 billion RIA based in Houston, in March 2023, and Southern Wealth Management, a $2.3 billion firm, in July 2023;
The Wealth Covenant Group deal was officially completed in December – capping off a year marked by Captrust's "surreal achievement" of breaking the $1 trillion barrier – and will operate under the Captrust brand in line with the firm's typical acquisitions.
This latest acquisition marks another step in Captrust’s expansion strategy, as the firm continues to deepen its presence in key markets while leveraging its centralized services and resources to support acquired firms.
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