One of South Carolina’s largest registered investment advisors, Nachman Norwood & Parrott Wealth Management (NNP), has become the 50th recruit for CAPTRUST Financial Advisors since 2006, according to an announcement today from CAPTRUST.
NNP, which handles more than $2.1 billion in assets under management, is also the fifth firm to join the Raleigh, N.C.-based RIA so far this year. It will transition to the CAPTRUST name and branding, the announcement noted.
The Greenville-based team is led by partners Bob Nachman, Ben Norwood, Wes Boyce, Al Cannon, Maura Copsey, Gary Davis and Russ Miller. It also includes an additional 10 members. The team provides financial planning and consulting services for high-net-worth individuals, qualified plans, and endowments and foundations.
Nachman, in a statement, said wealth management firms will need to deliver the highest level of service and advice if they want to be competitive in the future. And even though NNP is one of the biggest RIAs in the state, he said the team needed access to even greater tools and resources to continue to provide an outstanding client experience. “Joining CAPTRUST will allow our team to relinquish operational duties and focus our time and energy on our core competency of taking care of clients and delivering sound financial advice,” he said.
“NNP has built a notable practice in South Carolina, a state where we have long had clients, and are excited to now have a physical presence,” said Rush Benton, CAPTRUST's senior director of strategic growth. He added that the firm is a great fit because of its “three business lines, along with their dedication to the fiduciary model.”
Founded in 1997, CAPTRUST provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families. The firm oversees more than $60 billion in assets under management and more than $600 billion in assets under advisement (as of June 1). It has nearly 900 employees at more than 50 locations nationwide.