Captrust Adds $1.2B in AUM with Acquisitions of Two RIAs in New York
Captrust Financial Advisors has acquired two registered investment advisory firms in New York, which collectively oversees about $1.2 billion in combined assets under management.
Captrust has added affiliated RIAs Melville, NY-based Compass Advisors and Long Island Wealth Management, adding roughly seven team members to Captrust’s roster.
Compass Advisors was founded in 2013 by partners Michael Cuneo and Lauren King and manages about $300 million in retirement plan advisory assets. The firm offers investment management, retirement planning, estate planning and wealth management services to high-net-worth clients, including business owners and institutional retirement plans.
Long Island Wealth Management was established in 2006 by principal Jeff Myers and provides financial planning, tax planning, investment management and charitable planning, according to the RIA’s website.
Although Compass Advisors and Long Island Wealth Management has functioned separately as independent firms, the two RIAs have been actively serving as partners since 2018. Myers previously served as Compass’s chief investment officer and Compass has worked with Myers with retirement and 401(k) plans.
Following the acquisitions, the two RIAs will merge with Captrust and partners and employees of the firms will have an undisclosed equity in Capturst.
Additionally, the acquisition marks the firm’s fifth transaction for the year, following its deal with Devon, PA-based Stillwater Capital Advisors, which manages roughly $1.25 billion in assets under management.
“As firms grow, maintaining the same level of personalized service while navigating increasing operational complexity becomes more challenging,” said Mike Wunderli, managing director and head of mergers and acquisitions at Captrust. “Michael, Lauren, and Jeff have built practices grounded in independence and deep client relationships.”
Th acquisitions also build on Captruts’s existing office in Lake Success, New York, which has 25 employees, including 14 financial advisors.
Captrust Financial Advisors oversees a total of more than $1.2 trillion in total assets for 146,777 accounts, according to its latest Form ADV updated in May.