Captrust Monetary Advisors has acquired Boston Monetary Administration, bringing practically $5 billion of further shopper belongings to the agency.
Captrust additionally positive factors a brand new workplace location in Boston by way of the acquisition, along with two new areas in Cap Cod, Massachusetts, and Portland, Maine.
Boston Monetary Administration, an RIA, supplies wealth administration and funding advisory companies for people, households, endowments and nonprofits. Its advisors deliver deep experience in wealth and monetary planning, belief companies and property planning, in accordance with the announcement.
As a part of the transaction, Boston Monetary Administration’s founder and board chair, Richard Morse, will retire. Put up transaction, the 45-person group will proceed to be led by its present president and CEO, Louis Crosier.
In an announcement, Crosier cited Captrust’s “genuinely caring tradition” as a key driver of his agency’s sale.
“From the primary assembly it was clear that Captrust feels the identical and treats their shoppers and colleagues like we do — genuinely caring about them and dealing creatively to realize one of the best outcomes,” Crosier stated. “I imagine that shoppers will rapidly see the worth that comes from being half of a bigger agency and luxuriate in the brand new assets they are going to have entry to.”
Wilson Hoyle, managing director at Captrust, pointed to BFM’s “dedication to offering customized and complete monetary options” as an importnat issue within the deal.
“By bringing collectively our groups, we will supply even higher assets and experience to our shoppers in New England,” Hoyle added. “We’re excited concerning the development alternatives this union presents and concerning the capacity to serve our shoppers with enhanced choices.”
BFM is the sixth Massachusetts-based agency that Captrust has added during the last 5 years, together with the multibillion-dollar acquisitions of Boston Advisors, Cammack Retirement Group and RINET. With the acquisition of BFM, the agency now has over 100 workers throughout 5 areas in Massachusetts.
