CAPTRUST Advisors is taking a 49 percent stake in Pensionmark Retirement Group, a Santa Barbara-based defined contribution specialist with about $10 billion in assets under management.
Based in Raleigh, North Carolina, CAPTRUST has grown into one of nation's most formidable advisors to plan sponsors. Its latest deal is expected to be finalized in the second quarter, according to John Curry, senior director of marketing with CAPTRUST.
"We really like the affiliate-model of the Pensionmark business because we think it compliments what we do," said Curry. "We weren't looking to disrupt what they've proven to be good at."
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Pensionmark has more than 50 affiliated RIAs concentrated in the defined contribution market and spread around the country, from Hawaii, to even a couple of offices in Virginia and North Carolina, CAPTRUST's original stomping grounds.
Combined with CAPTRUST, which has $160 billion under management, the firms will claim more than 3,000 institutional clients.
The move is the latest in CAPTRUST's growth strategy, which Curry says has been both organic and through acquisitions.
It has also been explosive. In 2007, the firm claimed $18 billion assets under management. In 2012, that figure was about $60 billion, according to Curry.
"We started as a single office in Raleigh and then slowly started creating a presence in the Southeast. Then we moved into New England. We've been pushing into what we deem as the top 20 plan markets in the country."
CAPTURST has 19 offices across the country. The partnership with Pensionmark won't be its first foray West. A Los Angeles office has grown faster than expected, and the firm also has an office in Riverside, California.
While acquisitions are not new to CAPTRUST, the nature of its partnership with Pensionmark will be unique for the latter's advisors.
Typically, firms CAPTRUST have acquired have been absorbed into the CAPTRUST culture. "Advisors would become a part of us, carry our business cards, the CAPTRUST name on their office, and bleed CAPTUST blue," said Curry.
But that won't be required of Pensionmark's advisors. "Some advisors don't find that appealing. They want to keep their own name on the shingle."
Curry thinks both firms boast strengths the other can benefit from, and that together they can create the "premier platform for retirement advisors."
And as for Pensionmark's advisors, not only will they have the option of retaining their independence, but the partnership may also prove to be a viable succession plan for those without one.
"The average RIA is 56 years old," Curry noted. "Most in the business don't have a succession plan in place."
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
