Captrust Financial Advisors, the Raleigh, N.C.-headquartered registered investment advisor that recently surpassed $1 trillion in total client assets, has acquired Wealth Covenant Group, a Houston-based firm with three employees and $300 million in client assets.
With the addition, Captrust now has 12 offices and 188 employees in Texas.
Wealth Covenant Group, led by President Dennis Stavinoha, joined Captrust in December, taking on the RIA’s brand. Stavinoha founded the RIA in 2018, focusing on a select group of families and business owners. Before that, he spent 17 years with LPL Financial.
This follows two deals Captrust announced in December, including Campbell Wealth Management, an RIA in Alexandria, Va., with 33 employees and $1.4 billion in assets, and TruNorth Wealth Partners, a St. Paul, Minn.-based RIA with about $570 million in client assets and 10 employees.
Captrust, founded in 1997, initially grew by serving institutional clients, such as retirement plans. However, the firm found that retirement plan participants were natural clients of the wealth management business. Captrust now serves 3,000 retirement plans around the country.
Last summer, Captrust announced it had surpassed $1 trillion in total assets under management and advisement, a big milestone for the independent RIA channel.
Captrust began an aggressive acquisition strategy in 2006 and has since completed about 74 deals. Three years ago, the firm announced it sold a 25% stake to private equity firm GTCR—based on a valuation of $1.25 billion. Last fall, Captrust sold a minority stake to Carlyle.
