CAPTRUST Financial Advisors today announced that it has acquired MRA Associates, a Phoenix-based firm with $3.29 billion in assets under management.

Founded in 1991, MRA is led by Mark Feldman, managing partner and chief executive officer, and its executive leadership team comprising Brad Lemon, Christina Burroughs and Mike Hirte. In total, it has 59 members, including 55 advisors in Phoenix, Las Vegas and Wayzata, Minn. It will transition to the CAPTRUST name and branding, the announcement said.

MRA provides investment advisory, wealth management and tax consulting for private clients and institutions.

Feldman said he and his team are proud of the tremendous practice they have built over the last nearly three decades. “The decision to join CAPTRUST was an easy one once we understood the considerable level of scale we would be plugging into. I believe all of our clients will benefit greatly from the depth of the firm’s investment capabilities, as well their institutional capacity and leverage,” he said in a statement.

Rush Benton, CAPTRUST’s senior director of strategic growth, said the southwest has long been a target market for his firm, and MRA gives it a significant presence in the region. “The team has created a phenomenal firm, and we look forward to learning from their best practices as we integrate them into CAPTRUST,” he said.

In addition, Benton said the firm was impressed not only by the sophistication of MRA’s tax offering, but also by its ability to integrate tax planning into the holistic wealth management process. “We see a lot of opportunity and look forward to offering tax consulting to our current clients in 2021,” he said.

Founded in 1997, the Raleigh, N.C.-based CAPTRUST has added 44 firms since 2006. It has more than 730 employees nationwide and services more than $409 billion in client assets under advisement as of September. It has clients in all 50 states and provides investment advisory, asset management and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations and religious entities.