The latest mergers and acquisitions in the North American wealth management industry.

CAPTRUST Financial Advisors, Wealth Covenant Group
A $300 million AuM wealth management firm in Houston, Texas has joined Raleigh, North Carolina-headquartered CAPTRUST Financial Advisors.

Wealth Covenant Group is led by Dennis Stavinoha, president, and has three employees.

"We've seen tremendous growth in Texas over the last five years and are excited to have the WCG team plug into our resources in the Houston market and beyond,” Rick Shoff, managing director at CAPTRUST, said.  

WGC is taking on the CAPTRUST brand. As a result of the move, CAPTRUST has 12 offices and 188 employees in Texas. As of July, last year, the business surpassed a total of $1 trillion in client assets.

In December 2024, CAPTRUST added Campbell Wealth Management in Alexandria, Virgina, and TruNorth Wealth Partners in St Paul, Minnesota.

MAI
MAI Capital Management, the RIA, has bought California-based Concentric Wealth Management for an undisclosed sum.

Concentric, founded in 2008 by Eric Flett and Stewart McGuire, is composed of six individuals and has $662 million in assets under management.

The acquired business, located in Lafayette, will adopt MAI’s brand and receive its internal infrastructure, including HR, operations, and marketing resources. 

The acquisition was effective December 31, 2024 and was MAI’s second West Coast acquisition last year. It acquired Traverso Chambers Private Wealth Management in January. 

Elsewhere in the US, late last year MAI also acquired Maryland-based Carmichael Hill & Associates for an undisclosed amount. It bought Halpern Financial last October, another expansion into the Maryland and Washington DC Metro area.

Advisory Services Network
Advisory Services Network has added two firms under its umbrella: Karp Asset Management, based in Fort Lauderdale, Florida (about $35 million AuM); and Kline Private Wealth, in Chevy Chase, Maryland ($65 million AuM). 

ASN focuses on what it says is the “significantly underserved market” of advisors and advisory teams with between $20 million and $500 million in assets who could benefit from independence.

The ASN group, which passed the $8 billion mark on its platform in 2024, said in a statement yesterday that it has a “strong pipeline” in place for 2025.