Southern Wealht Management, a $2.3 billion San Antonio-based  firm, has been acquired by CAPTRUST Financial Advisors, adding to its growing presence in the state, according to a news release.

This deal is CAPTRUST's fifth of 2023 and the 69th since 2006. Consistent with other transactions, SWM will take on the CAPTRUST brand.

Southern Wealth Management (SWM), which was founded in 2005 and is led by managing partner Dick Jones, serves ultra-high-net-worth families with a robust suite of family office services. In addition to its San Antonio headquarters, it has offices in Dallas and Midland, Texas, as well as New Orleans, La.

“The team's philosophy focuses on helping families navigate the labyrinth of options available to them, develop sound strategies, and implement their financial plans in a manner that will stand the test of time,” the release noted. Jones will be joined by 62 additional colleagues.

“At SWM, we have enjoyed longstanding multigenerational relationships with families. In the same vein, we saw longevity and growth for our firm by joining CAPTRUST,” Jones said in a statement. “Our team looks forward to expanding our network and resources for the benefit of our clients and for our people.”

SWM’s robust tax practice will more than double CAPTRUST's existing tax practice, adding tax consulting and compliance expertise around income, estate, and gift taxes, the release noted, adding that 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,” Rush Benton, CAPTRUST's senior director of strategic growth, said.

Raleigh, N.C.-based CAPTRUST’s  presence in Texas spans more than a decade, with employees in Austin, Boerne, Corpus Christi, Dallas, Fort Worth, Houston, Midland and San Antonio. In March, it added  Monroe Vos Consulting, a $5.8  billion Houston-based firm with an additional location in Birmingham, Ala.; and in June, Omega Wealth Partners with $710M in assets joined the firm in Fort Worth.