Captrust Financial Advisors pushes for an expansion of wealth management portfolio with the acquisition of Boston Advisors’ wealth firm.
The Private Advisory Group was sold to Captrust, which is worth $1.5 billion of wealth management client assets. The acquisition also involved 15 employees, which will work for Captrust starting Oct. 1, 2019.
The acquisition is considered as a merger of two companies, with the Private Advisory Group assuming the branding of Captrust.
According to Private Advisory President Michael Vogelzang, the company is proud to be merging with Captrust as they have the same goals.
“We are excited to be part of Captrust and to get to know our new colleagues better. We are truly excited to see our clients respond to our new capabilities, from deeper financial planning expertise to world-class technology and infrastructure,” said Vogelzang.
For the past decade, the wealth management market has evolved, and more people are open to consulting professional advice on financial planning. Captrust knows this, and its goal is to provide better service to clients, with the addition of Private Advisory Group.
In total, Captrust now has 234 advisors across 48 locations, worldwide. It is open to expanding in more markets in the future, with the help of its new strategic partner.
Captrust CEO J. Miller is also positive about the merger, saying, “We are constantly on the lookout for like-minded individuals who share our firm’s values and goals for growth. Mike and the rest of the Boston Advisor’s Private Advisory Group are top-notch talent who will fit right in and contribute immediately.”
The company was founded in 1989 and had over 6,000 clients in America alone. It is known to acquire more wealth management group that will help expand its services. Last August, it has bought a San Antonio-based wealth firm, South Texas Money Management, with $3.7 billion total client assets.