Southern Wealth Management (SWM) is based in San Antonio and also holds offices in Dallas and Midland, Texas, as well as New Orleans, Louisiana.
SWM manages more than $2.3bn in assets and specialises in meeting the needs of UHNW families with family office services.
In addition, the team focuses on helping families through the labyrinth of options available to them, develop strategy, and implement financial plans.
The deal will more than double CAPTRUST’s existing tax practice, adding tax consulting and compliance knowledge around income, estate, and gift taxes.
In addition, SWM offers business succession planning. This includes business valuation, life insurance portfolio design and management, as well as philanthropic planning and plan management.
SWM was founded in 2005 and is led by managing partner Dick Jones, who will join CAPTRUST alongside 62 additional colleagues.
“At SWM, we have enjoyed longstanding multigenerational relationships with families. In the same vein, we saw longevity and growth for our firm by joining CAPTRUST,” said Jones. “Our team looks forward to expanding our network and resources for the benefit of our clients and for our people.”
“The extensive offerings SWM brings in the family office space are a win for CAPTRUST. This is a niche we are excited to build on, and SWM’s expertise will make that offering even more competitive,” said Rush Benton, CAPTRUST’s senior director of strategic growth.
Southern Wealth Management is the third CAPTRUST deal in Texas this year, following Monroe Vos Consulting in Houston and Omega Wealth Partners in Fort Worth. It is also CAPTRUST’s fifth deal of 2023 and the 69th since 2006.