Interesting Moves in 401(k) Firm M&A
CAPTRUST’s Rick Shoff clues us in on the deals getting done (and not getting done).
In this interview from the Excel 401(k) conference in Las Vegas, John Sullivan speaks with Rick Shoff of CAPTRUST about trends in mergers and acquisitions (M&A) within the retirement advisory space. Shoff explains that while M&A activity has long been mature in the wealth management sector, it’s relatively new in the retirement advisory arena. Captrust, active in acquiring like-minded firms since 2006, sees more traction on the wealth side due to an older advisor demographic, succession needs, and liquidity motivations.
In contrast, many retirement advisors are younger, thriving, and lack a compelling reason—or “catalyst”—to merge or sell. Shoff emphasizes that M&A in this space is a “contact sport,” requiring time, relationship-building, and cultural alignment. He notes that most firms aren’t actively seeking acquisition, making deals more challenging. Despite market booms, retirement advisory M&A remains slower due to the absence of urgency among advisors.
Shoff humorously touches on unrealistic valuation expectations from sellers and offers a pragmatic view: if someone can get a high multiple, merging with Captrust might double that value together.
More from Rick Shoff –
Design to Double: Effectively Tackling Sales Pipeline Management
Navigating the ‘Retirement Planning to Wealth Management’ Move
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and 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. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
