Captrust Expands into Southwest Market with Latest RIA Purchase
Captrust Financial Advisors, an independent registered investment advisor, has purchased Phoenix-based MRA Associates, a 59-person firm with $3.3 billion in assets under management.
Captrust Financial Advisors, an independent registered investment advisor, has purchased Phoenix-based MRA Associates, a 59-person firm with $3.3 billion in assets under management. Financial terms were not disclosed.
Founded in 1991, MRA Associates provides investment advisory, wealth management, and tax consulting for private clients and institutions.
MRA Associates is led by managing partner and chief executive officer Mark Feldman, an executive leadership team comprised of Brad Lemon, Christina Burroughs, and Mike Hirte, and includes 55 advisors and staff.
“The Southwest has long been a target market for Captrust and MRA is giving us a significant presence in the region,” said Rush Benton, Captrust senior director of strategic growth.
The firm also brings a new service offering to Captrust in its offering of income and estate tax compliance and consulting services.
“Over the years, we’ve seen a number of RIAs with tax practices that consisted only of a single employee who did returns seasonally. When MRA came along, we were impressed not only by the sophistication of their tax offering, but also by their ability to integrate their tax planning into their holistic wealth management process,” continued Benton. “We see a lot of opportunity and look forward to offering tax consulting to our current clients in 2021.”
Consistent with previous firms that have joined, MRA’s locations in Phoenix, Las Vegas and Wayzata, Minnesota will now take on CAPTRUST’s name and branding.
Founded in 1997 in Raleigh, North Carolina, Captrust provides investment advisory, investment management, and planning services to private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations, and religious entities. The firm has more than 49 locations nationwide and oversees more than $50 billion in assets under management and $409 billion in assets under advisement, as of September 30, 2020. Captrust has added 44 firms since 2006.
