Captrust Monetary Advisors, the Raleigh, N.C.-headquartered registered funding advisor that lately surpassed $1 trillion in complete consumer property, has acquired Wealth Covenant Group, a Houston-based agency with three workers and $300 million in consumer property.
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 up the RIA’s model. Stavinoha based the RIA in 2018, specializing in a choose group of households and enterprise homeowners. 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 property, and TruNorth Wealth Companions, a St. Paul, Minn.-based RIA with about $570 million in consumer property and 10 workers.
Captrust, based in 1997, initially grew by serving institutional purchasers, akin to retirement plans. Nonetheless, the agency discovered that retirement plan contributors have been pure purchasers of the wealth administration enterprise. Captrust now serves 3,000 retirement plans across the nation.
Final summer season, Captrust introduced it had surpassed $1 trillion in complete property 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—primarily based on a valuation of $1.25 billion. Final fall, Captrust bought a minority stake to Carlyle.
