CAPTRUST announced Wednesday that it has acquired Indiana-based Lakeside Wealth Management.
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. CAPTRUST now also has more than $390 billion in AUA and $45 billion in assets under management (AUM).
Lakeside provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients.
“The four Lakeside Wealth Management partners and their staff built an impactful retirement and wealth advisory business, but they realized that they really needed to partner with a larger firm if they were to continue to provide the best services for their clients,” said Wise Rhino Group’s Dick Darian, who represented Lakeside in the transaction. “In particular, Lakeside had executed well in engaging their retirement plan participants around in-plan advice, which led to significant wealth advisory opportunities.”
However, he added, they were not able to allocate the necessary time, capital and expertise to build a more scalable and efficient participant engagement process. CAPTRUST has built these capabilities with a combination of people and technology, according to Darian. In addition to cultural match, this capability was a significant factor in their decision to partner with CAPTRUST.
“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,” Rick Shoff, a managing director in CAPTRUST’s Advisor Group, said in a statement. “Despite these unprecedented times, we are continuing on our trajectory of strong organic and inorganic growth.
Lakeside’s wealth business
Named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce, Lakeside adds $1.1 billion in institutional and $526 million in wealth management assets to CAPTRUST. Moving forward, Lakeside will be taking on the CAPTRUST name and brand.
“During our diligence process, it occurred to us that because of our business mix, ensemble structure, and culture, we may have been looking for a unicorn. Then CAPTRUST came along,” said Lakeside Chief Executive Officer Mark W. Chamberlain. “By aligning ourselves with CAPTRUST, we are confident that our clients will benefit greatly from the added resources of a national firm, and we are excited about continuing to grow as part of the CAPTRUST brand”
This is CAPTRUST’s forty-first transaction since 2006.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
