Raleigh, N.C.-based aggregator CAPTRUST Financial Advisors, a division of the RIA CAPTRUST, announced Thursday that it has acquired the retirement plan advisory practice of RIA Plante Moran Financial Advisors in a carveout deal for an undisclosed sum.
The practice, which consists of a 13-person team, is based in Grand Rapids, Mich., and Southfield, Mich., and advises 200 institutional clients and 240 retirement plans, representing $6.27 billion of institutional assets, bringing CAPTRUST’s total assets under advisement from its institutional and retirement business to over $400 billion.
The team is led by partners and financial advisors Dori Drayton and Susan Shoemaker, who join CAPTRUST as senior vice presidents, and 11 other support staff who will be transitioning to CAPTRUST.
“Susan and Dori ... made us better immediately and we believe they will benefit from the significant scale we have built in the retirement business at CAPTRUST,” said Rick Shoff, managing director of CAPTRUST’s Advisor Group. “Despite the volatile market conditions, CAPTRUST has continued on its growth trajectory which has been further bolstered by the four teams we have added this year.”
“Our clients will immediately be able to tap into CAPTRUST’s participant advice capabilities, a deep research team, and world-class customer support technology," Drayton said. "We look forward to introducing our plan sponsor clients to our new colleagues at CAPTRUST."
The Plante Moran team, which will take on CAPTRUST’s branding, is the 42nd team to join CAPTRUST since 2006 and the fourth this year. CAPTRUST is a nationwide RIA that advises HNW clients and institutional retirement plans.
