North Carolina-based CAPTRUST Financial Advisors has acquired local financial consulting firm Morton Wealth Management for an undisclosed sum.
Morton Wealth Management offers investment management and financial planning as well as supports retirement planning strategies of clients.
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The acquisition will add more than $400m in assets to CAPTRUST’s books.
As part of the deal, seven employees from the Greensboro office of the acquired firm will join CAPTRUST. These employees include three advisers.
Morton Wealth Management founder and principal adviser Steve Morton said: “Joining CAPTRUST was a natural transition for Morton Wealth Management as we look to expand and bolster our client offering and services.
“CAPTRUST is an industry leader, and this partnership enables us to leverage their people and technology to put our clients’ needs first while growing our footprint.”
The latest transaction is CAPTRUST’s thirtieth deal since 2006, taking its assets to $278bn and its adviser headcount to 159.
CAPTRUST CEO J. Fielding Miller said: “We’re always seeking firms who are willing to buy into our culture and, most of all, our people. Steve and his team are an incredible cultural fit, and they bring decades of valuable expertise to our wealth management division.”
Earlier this year, CAPTRUST acquired Virginia-based investment advisory firm Catawba Capital Management, and Utah-based Knox Capital Group.
