True Capital Management has bought Nashville-based boutique wealth advisory firm FS Wealth Sports & Entertainment, which serves high-profile and high-net-worth (HNW) clientele.

Financial terms of the deal were not disclosed.

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Founded in 2010 by Bret Fincher and Chris Stout, FS Wealth caters to the wealth management needs of clients across the sports, entertainment, and business spectrum.

The firm’s customer base is said to include several actors and chart-topping country, rock & roll, and contemporary Christian artists as well as NFL, MLB, and PGA clients.

As part of the deal, Fincher and Stout will join True Capital as managing directors. They will continue to co-lead the Nashville team as True Capital’s Nashville office.

Stout added: “When we realised True Capital has the same passion for their clients as we do, the decision to join them made perfect sense. We are extremely excited to continue growing our business and serving our current and future clients as part of True Capital.”

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San Francisco-based True Capital focuses on high-profile clients across the global sports and entertainment industries as well as business entrepreneurs.

As of April 2022, the firm manages around $2bn of client assets.

In February 2020, it secured a minority investment from multi-family-office platform Cresset Capital to expand its wealth management capabilities and service offering.

Commenting on the deal, True Capital Management co-founder and CEO Doug Raetz said: “This transaction gives us an on-the-ground presence in one of the most dynamic sports and entertainment markets in the US.

“We see this as a smart strategic move for all involved. Nashville office clients will now also benefit from True Capital’s partnership with Cresset Capital, which expands their access to a broader variety of private market investment opportunities and boutique family office services.”