CAPTRUST Financial Advisors has expanded its footprint in the Boston area with the acquisition of RINET Company, a firm with more than $2.2 billion in assets, according to an announcement today from the company.
RINET is the 53rd deal completed by the Raleigh, N.C.- based independent registered investment advisor since 2006, and the eighth firm to join CAPTRUST in 2021. It will take on the CAPTRUST brand moving forward.
Founded in 1974, RINET is led by Brian Rivotto, Gary Savage and Rebecca Pouliot, who will all join CAPTRUST, along with 26 additional colleagues. The team has a comprehensive offering for wealthy clients, as well as a robust suite of family office services, according to the announcement.
It is the second firm that CAPTRUST has added this year with a significant offering in family office services. In October, the firm was joined by San Antonio-based Covenant Multifamily Offices, which had more than $2.6 billion in assets held by more than 500 clients.
Rush Benton, senior director of strategic growth for CAPTRUST, said that the company’s deals have been driven by its desire to offer both wealth and institutional services within a single market.
The firm has three business lines, he said: wealth management; endowments and foundations; and retirement plan advisory. Having all three types of clients under one unifying practice creates a lot of synergies and cross-pollination opportunities, he said.
The Southwest, Benton noted, has been a growing area for the firm, which has more than 100 employees in Texas and a large office in the Phoenix area. CAPTRUST has also completed several transactions in the Northeast. Boston, he said, has nearly 60 employees.
But there is still a lot of room to grow, Benton said. “I think we are still early in the game of creating a nationally branded and prominent wealth management financial advisory firm that could compete with a Morgan Stanley or a Wells Fargo,” he said. “We are tiny compared to them, so there is a long way to go.”
He said target firms are attracted to CAPTRUST because of its well-defined value proposition. “The firms that join us are looking for more than just a check. They are looking for better outcomes for their clients and better opportunities for their employees,” he said.
Rivotto, RINET's managing director and CEO, said his firm was seeking alignment on three core principles: client service; independence and conflict-free advice; and a fee-only structure. He said CAPTRUST shared these principles and had developed the scale to provide the right level of client service.