Captrust Financial Advisors, an independent registered investment advisor, has promoted Eddie Welch to managing principal for the wealth management group. The firm also reported its performance results for 2020, which included record revenue and assets.
Welch joined Captrust in 2020 from Welch Hornsby—an independent, fee-only investment advisory firm he co-founded in 1988, where he served as the firm’s chairman and chief executive officer. In his new role, he will lead Captrust’s wealth management business line, overseeing financial planning, tax, client services and operations.
For 2020, total revenues at the firm increased by 27 percent, up from 25 percent in 2019. Since the firm was founded 23 years ago, Captrust said that it has had an annual compounded growth rate of 22 percent per year. For assets, Captrust brought in a record $87.6 billion in client assets in 2020, increasing the firm’s total client assets to more than $450 billion.
J. Fielding Miller, Captrust’s co-founder and CEO, said that the firm did not lay off any employees as a result of the market downturn, or take any PPP loans. Captrust is a majority employee-owned firm, and employees at all levels are awarded firm shares after three years of service. In the past year, there were 124 new shareholders, bringing the firm’s total shareholder count to more than 500.
“A key part of our Captrust culture that keeps us all driving in a singular direction is this concept of shared ownership. We wanted our employees to be able to have a long and fulfilling career here and be able to retire comfortably. Our equity program supports this goal because it is awarded to our employees, not something they purchase,” said Miller.
Founded in 1997 in Raleigh, North Carolina, Captrust provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families. With more than 800 employees across more than 50 locations nationwide, Captrust oversees more than $60 billion in assets under management and $600 billion in assets under advisement, as of February 15, 2021.