Captrust Financial Advisors has expanded its presence in New England with the acquisition of Boston Financial Management
The RIA giant's addition of the firm managing nearly $5 billion in client assets includes three new office locations – in Boston, Cape Cod, Massachusetts, and Portland, Maine – and brings 45 professionals to Captrust’s team.
Boston Financial Management, founded in 1976, specializes in wealth management, investment advisory, trust, and estate planning services for high-net-worth individuals, families, and institutional clients.
As part of the transaction, Richard H. Morse, founder and chairman of the board at Boston Financial Management, will retire, while president and CEO Louis Crosier will continue leading the BFM team.
“To me, culture means what you value and how you treat people,” Crosier said in a statement Thursday. “From the first meeting it was clear that Captrust feels the same and treats their clients and colleagues like we do—genuinely caring about them and working creatively to achieve the best outcomes. I believe that clients will quickly see the value that comes from being part of a larger firm and enjoy the new resources they will have access to.”
For the top-ranked RIA that crossed the titanic trillion-dollar milestone in June, the BFM acquisition is very significant, said Captrust managing director Wilson Hoyle.
“Boston Financial Management is one of the largest firms that have joined us,” Hoyle said. “Their commitment to providing personalized and comprehensive financial solutions aligns perfectly with our values and mission. By bringing together our teams, we can offer even greater resources and expertise to our clients in New England.”
BFM marks Captrust’s sixth addition in Massachusetts in five years, following firms such as Boston Advisors, Cammack Retirement Group, and RINET.
With more than 100 employees now based across the state, Massachusetts ranks as Captrust’s third largest market, behind North Carolina and Texas.
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