Captrust Monetary Advisors added one other $770 million in belongings with its ninth and closing acquisition of 2023, a ten-person crew situated in an prosperous northern Houston suburb referred to as The Woodlands.
Beforehand working as Engrave Wealth Companions, the crew presents funding administration and monetary planning—with a give attention to offering retirement and tax planning for company professionals and small enterprise homeowners within the oil and fuel business—in addition to tax preparation and insurance coverage, property and philanthropic planning.
On the finish of March, per its final federal submitting, Engrave was serving 423 purchasers with a mean account dimension of $1.6 million. Led by Greg and Taylor Parker, a father and son who dropped their brokerage licenses after they based Engrave in 2017, the crew consists of seven advisors and three assist workers.
“We acknowledged the challenges of constant to serve our present purchasers on the highest degree whereas persevering with to develop,” Greg Parker mentioned in a press release Wednesday. “In the end, we had been searching for a accomplice who might assist us deepen our providing to present purchasers whereas accelerating our natural progress technique.”
Captrust’s in-house funding and tax providers had been essentially the most “thrilling” sights, in response to Taylor Parker. “They’ll considerably deepen the experience we will supply,” he added.
Virtually half of the offers Captrust closed final 12 months had been within the Lone Star State, following the addition of Monroe Vos, a Houston agency with $5.5 billion in belongings, in addition to Omega Wealth Companions in Ft. Value, with $710 million, and Southern Wealth Administration in San Antonio, with greater than $2.3 billion.
In all, Captrust acquired round $14.5 billion in belongings final 12 months. 9 offers landed the integrator on Echelon Companions’ checklist of 2023’s most lively acquirers, whilst deal quantity fell throughout the board. All acquired corporations undertake the Captrust identify and branding.
Based in 1997, Raleigh, N.C.-based Captrust registered with the U.S. Securities and Trade Fee in 2003. When it took on its first capital accomplice GTCR in mid-2020, the agency was overseeing $390 billion in consumer belongings. By the point The Carlyle Group purchased a minority stake late final 12 months, Captrust reported greater than $714 billion—a rise of greater than 80%.
Presently, Captrust manages about $149 billion in discretionary belongings and advises on one other $668 billion, primarily for retirement plan sponsors. Of greater than 1,300 staff working from 91 places of work in 34 states and Washington, D.C., rather less than half (45.4%) are registered funding advisors.