CAPTRUST Adds Advisories Overseeing $1.97B

CAPTRUST on Thursday announced the acquisitions of two advisories with a mix of wealth and institutional services and a combined $1.97 billion in client assets.

The announcement caps CAPTRUST’s deal news in 2024 with the additions of Campbell Wealth Management Inc. in Alexandria, Virgina, and TruNorth Wealth Partners LLC in St. Paul, Minnesota.

TruNorth is led by Wealth Partner and CEO Peter Rekstad and Wealth Partner Travis Gleason, serving both wealth clients—including retirement planning for executives and professionals—and institutions—including community and religious entities. Rekstad and Gleason, along with eight other colleagues, will join CAPTRUST along with $570 million in client 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,” Rekstad said in a statement.

Advisor Growth Strategies served as TruNorth’s financial adviser.

Campbell Wealth Management is led by CEO Kelly Campbell and will be CAPTRUST’s first location in Alexandria. The firm has 33 employees focused on wealth management services for clients representing $1.4 billion in assets.

“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,” Campbell said in a statement.

Rick Shoff, managing director of CAPTRUST, called Campbell an “unapologetically growth-minded” firm.

CAPTRUST reported in June that it had topped $1 trillion in total assets between its qualified retirement plan and individual wealth clients. The number showed a roughly 17% increase from the end of 2023, in part as a result of its active acquisition strategy.