Captrust Financial Advisors continues its impressive streak in mergers and acquisitions, announcing the acquisition of two more firms: Campbell Wealth Management and TruNorth Wealth Partners. Together, these firms bring a combined $2 billion in assets under management to Captrust, with both deals finalized on December 3.
Campbell Wealth Management, based in Alexandria, Virginia, contributes $1.4 billion in assets and a team of 33 professionals. Established in 2003 by CEO Kelly Campbell, the firm has built a strong reputation in the Washington, D.C., metropolitan area. Campbell, who boasts over 30 years of experience in the financial industry, emphasized the benefits of joining Captrust, citing enhanced capabilities in estate planning, tax strategies, and family office services. "Our clients will now have access to deeper resources that will truly elevate their financial well-being," Campbell noted.
Rick Shoff, managing director at Captrust, expressed enthusiasm about the acquisition, stating that Campbell Wealth Management significantly strengthens Captrust's footprint in northern Virginia.
Meanwhile, TruNorth Wealth Partners, headquartered in St. Paul, Minnesota, brings $570 million in assets and a team of 10 staff members. Founded in 2005 by CEO Peter Rekstad and Travis Gleason, TruNorth caters to individual investors as well as institutional clients, including community and religious organizations. Rekstad highlighted the enhanced services his firm can now provide, such as expanded family office offerings, advanced tax-planning solutions, and improved compliance capabilities. "Joining Captrust allows us to realize many of the ideas we’ve had for better serving our clients but couldn’t implement as a smaller firm," Rekstad remarked.
Shoff also noted the strategic value of TruNorth’s acquisition, enhancing Captrust’s presence in the Minneapolis market.
Both Campbell and TruNorth were supported by financial advisors during the acquisition process, with Houlihan Lokey representing Campbell and Advisor Growth Strategies advising TruNorth.
This latest announcement follows Captrust’s acquisition of Boston Financial Management just a month earlier, adding nearly $5 billion in client assets to its portfolio. Over the past 15 years, Captrust has pursued a deliberate and steady expansion strategy, growing its reach far beyond its Raleigh, North Carolina, headquarters. The firm, established in 1997, now serves a diverse clientele, including individuals, families, retirement plan sponsors, endowments, foundations, and religious organizations.
Captrust’s assets under administration surpassed $1 trillion earlier this year, solidifying its position as a leading player in the wealth management industry. Ranked No. 6 on Barron’s 2024 Top 100 RIA Firms list in the "Mega RIA" category, Captrust continues to demonstrate its commitment to delivering comprehensive financial solutions to its expanding client base.
