CAPTRUST Financial Advisors has announced that it has acquired Frontier Wealth Management, a Kansas City, Mo.-based firm with $4 billion AUM and five locations throughout the Midwest, according to a news release.
The deal has closed and Frontier will transition to the CAPTRUST brand, the company said. It is the first deal by CAPTRUST to close in 2022 and the 57th for the Raleigh, N.C.-based firm since 2006. The firm completed 11 acquisitions last year.
Frontier, led by partner and CEO Nick Blasi, offers financial planning, investment, insurance, and other wealth management solutions to individuals, families, executives and professionals, as well as advisory services to corporate retirement plans, the release said. It also has offices in St. Louis; Wichita, Kan.; Omaha, Neb.; and Denver. It has a staff of 46.
“I have known CAPTRUST for years. As I started creating Frontier’s strategic plan for the next three years, I realized that we would need to invest significant time, energy, and capital to build out areas of our business, like cybersecurity, marketing, and investment services, to continue to grow. These are already areas where CAPTRUST has achieved significant scale,” Blasi said in a statement. “Joining CAPTRUST will benefit not only our clients, but the Frontier team as well. From the opportunity to become shareholders to new career paths, CAPTRUST puts our team on a great trajectory for growth."
Rush Benton, CAPTRUST’s senior director of strategic growth, said Blasi and his team have built an impressive business with many operational similarities to CAPTRUST. “Frontier understands and shares our method of one unified practice, and we are excited to see how they grow and thrive as we join forces,” he said.
Founded in 1997, CAPTRUST has more than 1,100 employees across 70 locations nationwide, The firm oversees more than $100 billion in assets under management and more than $750 billion in assets under advisement as of March 31.