CAPTRUST Continues M&A Push With Lakeside Wealth Acquisition

The addition of the $1.6 billion firm underscores the convergence of retirement plan advising and wealth management practices.

CAPTRUST Financial Advisors has announced that Lakeside Wealth Management, based in Chesterton, Indiana, has joined the firm.

The Lakeside team brings to CAPTRUST $1.6 billion in assets under advisement (AUA) and 27 employees, increasing CAPTRUST’s nationwide headcount to more than 700.

This is CAPTRUST’s 41st transaction since 2006. Speaking last year with PLANADVISER about CAPTRUST’s planned merger and acquisition (M&A) activity, the firm’s leadership emphasized the importance of bringing together personal wealth management and retirement plan services business for future growth and profitability. The CAPTRUST leaders said the firm is eagerly building business models that can support advisers working with both private wealth management and institutional clients—adding that serving retirement plans and private individuals simultaneously does not mean its advisers will be aggressively soliciting rollovers or engaging in other potentially problematic cross-selling behaviors barred by the Employee Retirement Income Security Act (ERISA).

Instead, they said, building a firm that does both private wealth and institutional retirement plan business is about creating a holistic service ecosystem that clients want and need, especially as the defined contribution (DC) plan system matures and becomes a key component of individuals’ retirement income.

For its part, Lakeside provides retirement plan design, investment management and participant education for institutions. It also provides financial planning, retirement goal setting and legacy planning for wealth management clients. The firm was founded in 2002 by CEO Mark Chamberlain and is also led by President Tim Rice and senior leaders Chip Mang and Timothy VerSchure, who will all be joining CAPTRUST as principals.

“Lakeside Wealth Management is an ideal fit for CAPTRUST not only because of the alignment across their three lines of business, but also because they are a firm that prioritizes giving back to their community,” says Rick Shoff, a managing director in CAPTRUST’s Advisor Group. “Despite these unprecedented times, we are continuing on our trajectory of strong organic and inorganic growth.”

Shoff notes the firm has volunteered more than 20,000 hours and received many accolades for its efforts, including being named to the 2019 Invest in Others Charitable Champions List. Lakeside team members will now be able to work with the CAPTRUST Community Foundation, CAPTRUST’s employee-run nonprofit that seeks to enrich the lives of children in the communities the firm serves.