Captrust Financial Advisors has continued its acquisition spree with the purchase of the retirement plan advisory practice of Plante Moran Financial Advisors (PMFA).
Financial details about the deal were not divulged.
Go deeper with GlobalData
The deal adds over $6.27bn to Captrust, taking its assets under advisement to more than $400bn.
The acquired business, headed by partners Dori Drayton and Susan Shoemaker, will now operate under the Captrust brand.
Headquartered in Grand Rapids and Southfield, Michigan, the acquired business advises on nearly 200 institutional clients and 240 retirement plans.,
Plante Moran, via PMFA and affiliated entities, will continue to serve its broader wealth management clients.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt will continue to offer these clients investment consulting, financial planning, trust, insurance consulting, estate planning, business succession, and tax planning services.
Drayton noted: “It was clear from the beginning that CAPTRUST was the ideal partner to take our team into the next chapter.
“Our clients will immediately be able to tap into CAPTRUST’s participant advice capabilities, a deep research team, and world-class customer support technology.”
Drayton and Shoemaker will now assume the roles of senior vice presidents at Captrust.
Captrust will also absorb 11 additional team members of the acquired business.
The latest team is the 42nd to move to Captrust since 2006 and the fourth in 2020.
Captrust managing director of Advisor Group Rick Shoff said: “Susan and Dori have built a phenomenal team; they made us better immediately and we believe they will benefit from the significant scale we have built in the retirement business at CAPTRUST.
“Despite the volatile market conditions, CAPTRUST has continued on its growth trajectory which has been further bolstered by the four teams we have added this year.”
Other deals
In June this year, North Carolina-based investment advisory firm Captrust bought Lakeside Wealth Management.
In the same month, private equity firm GTCR picked a 25% stake in Captrust.
Earlier this year, Captrust acquired Fountain Financial Associates.
