Advisory M&A News – 10/30/23

CAPTRUST adds $1B wealth advisory in Indiana; NewEdge Advisers adds Florida-based adviser serving individuals and small businesses; Kestra builds up Georgia-based financial planning footprint.

CAPTRUST Acquires $1.4B Wealth Advisory in Indianapolis

CAPTRUST Financial Advisors, the wealth management and retirement planning firm, announced an expansion in the Indianapolis region Monday with the acquisition of Column Capital Advisors LLC. The move, the terms of which were not disclosed, marks the seventh deal for CAPTRUST in 2023 and the 70th since 2006.

Column Capital manages $1.4 billion in client assets and is led by president and managing director Brian Upchurch, along with executive directors Kevin Sweet and Jeffrey Yu. In total, 22 employees will join CAPTRUST in the transaction. Upchurch said in a statement the move to CAPTRUST signals the “next phase of our business” and is part of Column Capital’s long-term succession planning.

“Employee ownership is really important to us, and CAPTRUST provides expansive career opportunities for our team,” Upchurch said. “Not to mention the array of resources at CAPTRUST that will allow advisors to focus more time on our clients.”

Column Capital, founded in 2005, will bring to CAPTRUST capabilities in investment management, financial planning and tax services for high-net-worth individuals. The deal furthers CAPTRUST’s national expansion into wealth management, retirement planning and endowment and foundation advisement, with Column Capital bringing on “services like tax and investment management” in particular, according to the announcement.

The acquisition is CAPTRUST’s second location in Indiana, first in Indianapolis and brings the firm’s employee base to 50 in the region. Column Capital will take on the CAPTRUST brand, similar to the aggregator’s prior acquisitions.

NewEdge Advisors Adds Riverside Wealth Partners of Florida

NewEdge Advisors LLC, a New Orleans-based registered investment advisory supporting independent financial advisers nationally, announced that Bill Laird and his Riverside Wealth Partners of Jacksonville, Florida, have joined the firm.

Laird launched Riverside Wealth Partners after managing $500 million in assets at Forvis Wealth Advisors LLC. Riverside is focused on individuals, as well as small business clients, and includes Brooke Stanford, client experience director and senior financial adviser, and Michelle Laird, client service associate.

“We are thrilled that [Riverside Wealth Partners] will now have the tools and support to deliver the kinds of services they know their clients need moving into the future,” Alex Goss, co-CEO of NewEdge Advisors, said in a statement.

Laird began his career at Wachovia Bank before joining Raymond James Financial as a financial adviser. He also worked as chief investment officer and a financial adviser for DHG Wealth Advisors before becoming the Southeast regional leader at Forvis.

“Partnering with NewEdge provides me with the right set of resources, including top-of-the-line trading and reporting capabilities and an experienced investment staff to help our clients achieve their goals,” Bill Laird said in a statement.

Kestra Adds Adviser Previously with Edward Jones

Kestra Private Wealth Services, an RIA subsidiary of Kestra Financial Inc., announced adviser Bob McCullough of Perry, Georgia, will join the platform in partnership with Georgia-based Inspired Wealth Planning, which Kestra acquired in March 2023. He had previously been affiliated with Edward Jones.

McCullough will be joining Ricky Smith, president of Inspired Wealth Planning, to represent a combined $300 million in client assets. McCullough is also joined by registered associate Kathy Duke and client service associate Katherine Moore.

The Inspired Wealth Planning advisory specializes in customizing financial plans for clients in such areas as generational planning, liquidity events, legacy strategies and longevity preparation, according to the announcement.

“When considering the next phase of my career, partnering with an established firm with a track record of success was important to me, as it provides greater opportunities to offer a personalized experience to clients,” McCullough said in a statement. “After witnessing the success Ricky achieved with the full support of Kestra Private Wealth Services, I’m confident joining the firm is beneficial for my career goals, the continued success of Inspired Wealth Planning, and the clients we serve.”