CAPTRUST Acquires Two NY Wealth Management Firms

CAPTRUST Financial Advisors has significantly expanded its footprint in the New York metropolitan area by acquiring two closely aligned wealth management firms: Compass Advisors and Long Island Wealth Management (LIWM). This strategic consolidation, finalized recently, integrates approximately $1.2 billion in client assets and a team of seven seasoned professionals into CAPTRUST's extensive advisory network. The move underscores CAPTRUST's aggressive growth strategy, aiming to enhance its regional capabilities and service offerings across key markets.

The acquired entities, both based in Melville, New York, operated in a cooperative capacity since 2018, fostering a synergistic relationship that benefited their respective client bases. Compass Advisors, established in 2013 by Michael Cuneo and Lauren King, specialized in retirement plan advisory, managing roughly $869 million in assets for a diverse clientele including corporate entities, employee benefit plans, and individual investors. Concurrently, LIWM, founded in 2006 by Jeff Myers, focused on comprehensive wealth management for individuals and business owners, overseeing approximately $329 million in assets.

This dual acquisition is particularly noteworthy given the complementary expertise and shared operational ethos of Compass Advisors and LIWM. Jeff Myers, in his role as Chief Investment Officer for Compass, played a pivotal part in their collaborative success. By bringing these firms under the CAPTRUST banner, the integration promises to leverage their boutique advisory strengths while equipping them with CAPTRUST's robust technological infrastructure, advanced cybersecurity measures, and sophisticated tax and estate planning services. This blend aims to preserve their client-centric approach while amplifying their service capacity.

The integration will see both Compass Advisors and LIWM adopt the CAPTRUST brand, streamlining operations and client experience. This expansion directly bolsters CAPTRUST's existing presence in Lake Success, New York, which currently comprises 25 employees, including 14 financial advisors. The addition of these new teams and assets represents a substantial enhancement to the firm's capacity to serve the affluent Long Island market and beyond.

This move aligns with broader trends in the wealth management sector, where consolidation continues as firms seek scale, enhanced technological capabilities, and broader geographic reach. The Registered Investment Advisor (RIA) space, in particular, has seen robust M&A activity, driven by the desire to meet evolving client demands for integrated financial solutions and to capitalize on the expertise of specialized advisory teams. CAPTRUST, managing approximately $1.3 trillion in assets under advisement, is a prominent player in this consolidation wave.

The transaction was facilitated by advisory firm Hue Partners, highlighting the increasing reliance on specialized intermediaries to navigate complex M&A processes within the financial services industry. For CAPTRUST, this acquisition is another step in its strategic objective to fortify its national network and deliver superior advisory services through a combination of organic growth and targeted acquisitions.