Deals & People July 13, 2023

CAPTRUST Expands Presence in South

Acquisition of Southern Wealth Management brings managing partner Dick Jones and 62 colleagues to CAPTRUST.

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CAPTRUST Financial Advisors announced the acquisition of Southern Wealth Management, doubling the size of CAPTRUST’s tax practice and adding business succession planning and estate planning to its southern operations.

SWM, based in San Antonio with additional offices in New Orleans, Dallas and Midland, Texas, its managing partner, Dick Jones, and a team of 62 colleagues will join CAPTRUST. The addition will add tax consulting and compliance related to income, estate and gift taxes to CAPTRUST’s existing tax practice.

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“At SWM, we have enjoyed longstanding multigenerational relationships with families. In the same vein, we saw longevity and growth for our firm by joining CAPTRUST,” Jones said in a statement. “Our team looks forward to expanding our network and resources for the benefit of our clients and for our people.”

SWM offers business succession planning, including business valuation, life insurance portfolio design and management, as well as philanthropic planning and plan management. The firm manages assets worth more than $2.3 billion and specializes in serving ultra-high-net-worth families.

The acquisition of SWM is CAPTRUST’s third deal in Texas this year, following the addition of Monroe Vos Consulting in Houston and Omega Wealth Partners in Fort Worth. Furthermore, CAPTRUST will continue expanding its presence in New Orleans, following the 2021 acquisition of Crescent Capital Consulting.

The SWM deal marks CAPTRUST’s fifth transaction in 2023 and the 69th since 2006. As with previous acquisitions, SWM will adopt the CAPTRUST brand. Advice Dynamics Partners LLC acted as SWM’s financial adviser throughout the transaction.

The industry continues to see strong dealmaking in the calendar year, with a marginal decline in the second quarter. In April, OneDigital acquired Huntington Bank’s retirement advisory business, which had assets totaling $5.6 billion. Meanwhile, in June, SageView Advisory Group acquired the lead partners of Retirement Benefits Group, a retirement plan consulting firm with $5.2 billion in assets under management.

Products July 13, 2023

Investment Product and Service Launches

Schwab introduces tools for workers with student loan debt; CapIntel launches proposal builder for SEC Marketing Rule compliance; Penny Finance adds automated money insight; and more.

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Schwab Offers New Tools to Help Workers Manage Student Loan Debt

Schwab Retirement Plan Services announced new student loan resources available to 401(k) plan participants through an agreement with Vault, a student loan and education benefits platform incorporated as Student Loan Benefits Inc.

Vault Advisor is a digital platform that lets employees view and aggregate student loan information. They can access education to help them evaluate different strategies for lowering monthly payments, paying off loans faster and refinancing loans.

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“With student loan payments set to resume in October, we know the topic is top of mind for many workers, and we’re excited to add Vault Advisor to our suite of financial wellness resources,” Adrian Miguel, director, advice, Schwab Retirement Plan Services, said in a statement. 

Title corrected for Adrian Miguel.

Schwab Introduces Differentiated Experiences to Support High-Net-Worth Investors

Charles Schwab & Co. Inc., announced the launch of branded and differentiated client experiences for high-net-worth and ultra-high-net-worth clients.

Retail clients with more than $1 million in assets at Schwab will be automatically enrolled in Schwab Private Client Services, and clients with more than $10 million will be enrolled in Schwab Private Wealth Services. Both programs provide a complimentary suite of benefits such as pricing advantages and other rewards.

“These new experiences reflect our commitment to deliver meaningful differentiation for the growing number of wealthy clients we serve,” said Jonathan Craig, managing director and head of investor services at Charles Schwab.

CapIntel Launches Proposal Builder for Compliance With SEC Marketing Rule

CapIntel Inc. announced the launch of a proposal builder allowing financial advisers to create investment presentations that comply with the SEC’s Marketing Rule.

“CapIntel’s customers and partners can rest assured that tailored proposals deliver knowledge and perspectives while staying within the parameters of regulatory requirements,” James Rockwood, founder and CEO of CapIntel, said in a statement.

CapIntel’s proposal generation builder includes a range of controls to assist registered investment advisers in meeting the key requirements outlined in the Marketing Rule. CapIntel’s functionality also allows RIAs to “hardwire” necessary disclosures into presentations, ensuring that financial professionals include required information when creating proposals. 

Penny Finance Adds Automated Money Insight to Financial Mentorship Platform for Women

Penny Finance, an online financial mentorship platform for women, announced the launch of automated account integration with Plaid Inc., allowing for improved money insights.

Penny’s new feature enables women to link their bank accounts, and receive regular, personalized financial reporting delivered to their email inbox.

“Managing your finances should be easy,” Crissi Cole, CEO and founder of Penny Finance, said in a statement. “You shouldn’t have to dig through statements, read a finance book, or ask your dad how to manage your money. We are so excited to take the guesswork out of managing your money for the most high-potential group of investors out there: women.”

Morgan Stanley at Work Launches Deferred Compensation Technology Solutions

Morgan Stanley at Work now offers deferred compensation technology solutions to support plan sponsors and participants, from recordkeeping, to digital enrollment, plan management and reporting.

The firm has made technology enhancements to its stock plan platforms, Equity Edge Online and Shareworks. For both EEO and Shareworks, Morgan Stanley financial advisers now have increased visibility to access stock plan details when private company participants engage an adviser.

 “These latest updates help us continue to drive deeper automation—knowing this helps businesses and their participants achieve even more,” Mark Mitchell, chief product officer of Morgan Stanley at Work, said in a statement.

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