CAPTRUST Financial Advisors on Thursday announced that it added almost $2 billion in client assets by acquiring Campbell Wealth Management in Alexandria, Virginia, and TruNorth Wealth Partners in St. Paul, Minnesota.
The transactions closed on Dec. 3 and the names of both firms have been changed to CAPTRUST, a spokesperson for CAPTRUST told WSR.
Campbell, started in 2003, is a holistic financial and retirement planning-focused firm led by Kelly Campbell, its CEO.
Campbell brings $1.4 billion in assets to CAPTRUST, along with a staff of 33 people.
“Campbell is unapologetically a growth-minded organization, just like CAPTRUST,” said Rick Shoff, Managing Director of CAPTRUST. “We are excited to see what the future has in store for it in a market like northern Virginia, where we already have a substantial number of clients.”
Shoff added, “TruNorth’s philosophy is ‘the more complex the client, the better,’ which complements the approach of our existing teams in the Minneapolis region.”
“We believe that a financial plan is at the core of every client relationship,” said Kelly Campbell. “Joining CAPTRUST was a natural next step for our firm because it also believes in the importance of financial planning and is helping us to bring deeper resources to clients, including estate planning, more extensive tax planning, and family office services.”
TruNorth was founded in 2005 under the leadership of Peter Rekstad, its CEO, and Travis Gleason. The firm offers estate planning, multigenerational wealth planning, family education and retirement planning for executives and other professionals. TruNorth also serves institutions, including community and religious entities.
With the acquisition, CAPTRUST added 10 team members from TruNorth and more than $570 million in assets.
"Over the years, I’ve had many ideas about additional services that would be really impactful for our clients’ financial lives but were just not feasible, given the size of our firm,” said Rekstad. “With CAPTRUST, we can provide family office services, access to tax planning and compliance, and more, all from trusted CAPTRUST colleagues who uphold our standards of service beyond expectation.”
Advisor Growth Strategies served as TruNorth’s financial advisor in the deal, while Houlihan Lokey served as Campbell’s financial advisor, CAPTRUST said.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
