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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.
Reported by Natalie Lin
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.
“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.