Captrust Monetary Advisors, the Raleigh, N.C.-headquartered registered funding advisor that not too long ago surpassed $1 trillion in complete consumer belongings, has acquired Wealth Covenant Group, a Houston-based agency with three workers and $300 million in consumer belongings.
With the addition, Captrust now has 12 workplaces and 188 workers in Texas.
Wealth Covenant Group, led by President Dennis Stavinoha, joined Captrust in December, taking over the RIA’s model. Stavinoha based the RIA in 2018, specializing in a choose group of households and enterprise house owners. Earlier than that, he spent 17 years with LPL Monetary.
This follows two offers Captrust introduced in December, together with Campbell Wealth Administration, an RIA in Alexandria, Va., with 33 workers and $1.4 billion in belongings, and TruNorth Wealth Companions, a St. Paul, Minn.-based RIA with about $570 million in consumer belongings and 10 workers.
Captrust, based in 1997, initially grew by serving institutional shoppers, corresponding to retirement plans. Nevertheless, the agency discovered that retirement plan members had been pure shoppers of the wealth administration enterprise. Captrust now serves 3,000 retirement plans across the nation.
Final summer time, Captrust introduced it had surpassed $1 trillion in complete belongings below administration and advisement, an enormous milestone for the unbiased RIA channel.
Captrust started an aggressive acquisition technique in 2006 and has since accomplished about 74 offers. Three years in the past, the agency introduced it bought a 25% stake to non-public fairness agency GTCR—based mostly on a valuation of $1.25 billion. Final fall, Captrust bought a minority stake to Carlyle.