CAPTRUST announced it is acquiring San-Antonio based Southern Wealth Management (SWM), a registered investment advisory (RIA) firm with over $2.3 billion in client assets.
Established in 2005, and with offices in Dallas and Midland, Texas, as well as New Orleans, the firm specializes in serving ultra-high-net-worth families. SWM also offers business succession planning, including business valuation, life insurance portfolio design and management, and philanthropic planning and plan management.
The addition of the SWM will more than double CAPTRUST’s existing tax practice, adding tax consulting and compliance expertise surrounding income, estate, and gift taxes, said a press release issued Wednesday.
“At SWM, we have enjoyed longstanding multigenerational relationships with families. In the same vein, we saw longevity and growth for our firm by joining CAPTRUST,” said Managing Partner Dick Jones, who alongside 62 additional colleagues will be joining CAPTRUST. “Our team looks forward to expanding our network and resources for the benefit of our clients and for our people.”
“The extensive offerings SWM brings in the family office space are a win for CAPTRUST. This is a niche we are excited to build on, and SWM’s expertise will make that offering even more competitive,” said Rush Benton, CAPTRUST’s senior director of strategic growth, in a statement.
The acquisition marks CAPTRUST’s third deal in the Lone Star state this year, following Monroe Vos Consulting in Houston in March and Omega Wealth Partners in Fort Worth this past June. CAPTRUST will also be expanding its presence in New Orleans, following the addition of Crescent Capital Consulting in 2021.
This latest acquisition is CAPTRUST’s fifth deal of 2023 and number 69 since 2006. Consistent with other acquisitions that take on the CAPTRUST name, SWM will adopt the CAPTRUST brand.
Advice Dynamics Partners LLC served as SWM’s financial advisor in the transaction.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.