CAPTRUST Financial Advisors has expanded its presence in its home state of North Carolina with the acquisition of the Normann Financial Group, a 10-member team that oversees more than $1.3 billion in assets, according to an announcement today.
The deal is CAPTRUST's second this week, its eighth for the year and its 71st since 2006. On Monday, the firm acquired Column Capital Advisors, an Indianapolis-based firm with $1.4 billion in assets.
Normann Financial was founded in 2015 by Kel Normann. The firm works with a wide variety of clients, from business owners and retirees to nonprofits and corporate retirement plans, CAPTRUST said.
“As a longtime admirer of CAPTRUST, we know joining forces is the right move for the growth of our firm,” Normann said in a statement. “Our team looks forward to expanding in North Carolina and adding to the services available to our clients, from marketing to technology advances.”
According to BrokerCheck, Normann worked for Wells Fargo Advisors and its predecessor, Wachovia Securities, for more than three decades, starting in 1986. He joined Raymond James in 2017. Since 2019, he has appeared on Barron’s list of the top 1,200 financial advisors and Forbes’ list of Best-in State Wealth Advisors.
“CAPTRUST has had a longstanding relationship with the folks at Normann Financial Group, and our values align—from the way we serve our clients to community involvement,” said Rush Benton, CAPTRUST’s senior director of strategic growth.
The Raleigh-based CAPTRUST has nearly 1,500 employees across 85 locations nationwide. More than a third of its employees (520) are based in North Carolina in Charlotte, Greensboro, and Wilmington. As of June 30, the firm oversaw more than $832 billion in assets, including just over $688 billion in nondiscretionary assets under advisement and just over $143 billion in discretionary managed account assets.