CAPTRUST Buys $2.3B Southern Wealth Management for Third Texas Deal in 2023

CAPTRUST Financial Advisors has acquired Southern Wealth Management, a San Antonio-based registered investment advisory firm with more than $2.3 billion in client assets. 

Financial terms of the deal were not disclosed. 

The acquisition will more than double Raleigh, NC-based CAPTRUST’s existing tax practice, adding tax consulting and compliance expertise in income estate and gift taxes.  

Founded in 2005 and led by managing partner Dick Jones, the firm specializes in serving ultra-high-net-worth families. The firm also has offices in Dallas and Midland, TX, as well as New Orleans,  

SWM also offers business succession planning, including business valuation, life insurance portfolio design and management, and philanthropic planning and plan management. 

“The extensive offerings SWM brings in the family office space are a win for CAPTRUST. This is a niche we are excited to build on, and SWM’s expertise will make that offering even more competitive,” said Rush Benton, CAPTRUST’s senior director of strategic growth. 

The acquisition is CAPTRUST’s fifth of 2023 and third deal in Texas, following the addition of $5.8 billion Monroe Vos Consulting in Houston and $710 million Omega Wealth Partners in Fort Worth. Furthermore, CAPTRUST will continue expanding its presence in New Orleans, following the 2021 acquisition of Crescent Capital Consulting. 

As with other transactions, SWM will take on the CAPTRUST brand. 

The industry continues to see strong dealmaking, with a marginal decline in the second quarter. In April, OneDigital acquired Huntington Bank’s retirement advisory business, which had assets totaling $5.6 billion.  

In June, SageView Advisory Group acquired the lead partners of Retirement Benefits Group, a retirement plan consulting firm with $5.2 billion in assets.