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March 31, 2021

Captrust names new head for wealth management business

By Verdict Staff

Captrust Financial Advisors has appointed Eddie Welch as the managing principal for its wealth management group.

In his new role, Welch will lead American investment adviser’s wealth business line, overseeing client services, financial planning, tax, and operations.

Before joining Captrust last year, Welch served as the chairman and CEO of independent investment advisory firm Welch Hornsby, which he co-founded in 1988.

Welch said: “When we joined Captrust just over a year ago, I was already impressed with the deep wealth management resources that immediately made a positive impact on our clients.

“Since then, Captrust’s wealth management offering has only grown, including the addition of new services like tax consulting and compliance. I am excited to lead the next phase of tremendous growth the firm is embarking on.”

Results

Concurrently, Captrust reported that its total revenues increased by 27% last year. This is up from the 25% increase the company registered in 2019.

Furthermore, the company brought in a record $87.6bn in client assets during the year, scaling up its total client assets to over $450bn.

Captrust co-founder and CEO J. Fielding Miller said: “In what for many was an extremely difficult year personally and professionally, CAPTRUST rose to the challenge of serving our clients, colleagues, and communities while achieving record performance.

“We didn’t lay off employees as a result of the market downturn. We didn’t take any PPP loans. We relied on the strong foundation that we built over the last three decades to not only face this adversity, but to continue to work toward our long-term strategic goals. I could not be more proud of what this organisation achieved in 2020.”

Captrust, which specialises in investment advisory, investment management, and planning services, has also been driving growth through M&A activities in 2020.

Some of the important deals signed by the firm during the year include the purchase of the retirement plan advisory practice of Plante Moran Financial Advisors, Indiana-based peer Lakeside Wealth Management and Fountain Financial Associates.

Captrust president Ben Goldstein added: “Despite the market volatility, we remained steadfast in our growth trajectory and achieved notable organic revenue growth, in addition to our inorganic growth through the addition of seven new firms around the country.”

Last year, private equity firm GTCR picked a 25% stake in Captrust.

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