Raleigh, North Carolina-based RIA Captrust Financial Advisors has acquired $400 million Greensboro, North Carolina-based RIA Morton Wealth Management.
The acquisition is Captrust’s 30th deal since 2006 and its second acquisition since the start of the year. The firm bought Catawba Capital Management in May.
Morton was founded in 1999 by Steve Morton, one of three advisors who joined Captrust as a result of the deal. The other two advisors are Walter Abele and Jonathan Stoller. The three advisors were joined by two client services associates, one advisor assistant and a receptionist, all originally from Morton.
As a result of the deal, the firm has dropped the Morton Wealth Management name and will take on the Captrust brand.
While the three advisors will continue to oversee their client portfolios, they will use Captrust’s nine-person due diligence team to source investment recommendations and implement asset allocation changes.
‘With Captrust, the culture is very similar to our culture. They’re really focused on the 401(k) side of things and we’re really focused on retirement as well,’ Steven Morton, founder of Morton Wealth Management, said.
‘Captrust allows us to do our own thing with the support of all of the resources they have in Raleigh.’
Captrust now has 159 advisors across 37 locations and $278 billion in assets under advisement. Last year the firm added $54 billion in new client assets from seven acquisitions, organic growth from existing accounts and positive market conditions.
‘Steve and team check the boxes all the way down the list and while there are many things that we like, what was especially unique is, not only is he a really successful wealth advisor but he focuses on retirement issues and we’re very retirement centric as well,’ J. Fielding Miller, chief executive and co-founder of Captrust, said.
‘Not only does he bring great talent and great clients to the table but he also brings some intellectual capital to the table and some things that he was doing, helping his clients think through and plan for the retirement, that we weren’t doing.’
Terms of the deal were not disclosed.