Commentary July 26, 2022 at 07:44 AM Share & Print
What You Need to Know
- RIA Frontier Wealth Management adds over $4 billion in client assets to Captrust.
- Frontier will transition to the Captrust brand name.
- Captrust had more than $100 billion in AUM and over $750 billion in AUA as of March 31.
Captrust Financial Advisors has further expanded its Midwest footprint with the addition of Frontier Wealth Management, an RIA based in Kansas City, Missouri, with over $4 billion in client assets, Captrust said Tuesday.
This is the first deal that Captrust has closed in 2022, and Frontier is the 57th firm overall to join Captrust since 2006, it said.
Consistent with previous firms that have joined the independent RIA, Frontier will transition to the Captrust brand name.
Captrust didn’t provide terms of the transaction, which it said closed Thursday.
In addition to its Kansas City headquarters, Frontier has two locations in Denver and one location each in Omaha, Nebraska; St. Louis; and Wichita, Kansas.
But not all those locations will remain open. “We’ll be combining some of our existing Denver-area offices,” a Captrust spokesperson said.
Of its more than $4 billion in assets, “around $1 billion is institutional and the rest is wealth,” she added.
Captrust, founded in 1997 in Raleigh, North Carolina, has more than 1,100 employees across 70 U.S. locations. The firm had more than $100 billion in assets under management and over $750 billion in assets under advisement as of March 31, it said.
Frontier provides a full range of financial planning, investment, insurance and other wealth management solutions to individuals, families, executives and professionals, as well as advisory services to corporate retirement plans.
Frontier is headed by Nick Blasi, partner and CEO, and adds 46 new colleagues to Captrust in all, Captrust said in a news release.
“I have known Captrust for years. As I started creating Frontier’s strategic plan for the next three years, I realized that we would need to invest significant time, energy, and capital to build out areas of our business, like cybersecurity, marketing, and investment services, to continue to grow,” according to Blasi.
“These are already areas where Captrust has achieved significant scale,” he said in a statement. “Joining Captrust will benefit not only our clients, but the Frontier team as well. From the opportunity to become shareholders to new career paths, Captrust puts our team on a great trajectory for growth.”
Blasi added: “We know that the resources Captrust offers are a value add for our business, including its people. Once our colleagues understood the full capabilities of the Captrust team, the enthusiasm solidified our decision. The move to Captrust is immediately a step in the right direction for us.”
Blasi and his Frontier team have “built an impressive business with many operational similarities to ours, which, along with strong cultural alignment, creates an excellent fit for Captrust,” Rush Benton, its senior director of strategic growth, said in the statement. “Frontier understands and shares our method of one unified practice, and we are excited to see how they grow and thrive as we join forces.”