CAPTRUST Completes Carve-Out of Plante Moran Financial Advisors’ $6.27 Billion AUA Retirement Plan Advisory Practice
RALEIGH, NC and Southfield, MI – September 10, 2020 – CAPTRUST Financial Advisors (CAPTRUST) today announced that it has added the retirement plan advisory practice of Plante Moran Financial Advisors (PMFA), one of the nation’s largest independent registered investment advisors, 100 percent owned by Plante Moran, one of the nation’s largest certified public accounting, tax, wealth management, and consulting firms. With the addition of the PMFA retirement plan advisory team, CAPTRUST has surpassed $400 billion in assets under advisement (AUA).
The team from PMFA is led by Partners Dori Drayton and Susan Shoemaker, who will be joining CAPTRUST as senior vice presidents. Along with Drayton and Shoemaker, 11 additional team members will transition to CAPTRUST. Based in Grand Rapids and Southfield, Michigan, they advise on approximately 200 institutional clients and 240 retirement plans, representing more than $6.27 billion of institutional assets.
“Susan and Dori have built a phenomenal team; they made us better immediately and we believe they will benefit from the significant scale we have built in the retirement business at CAPTRUST,” said Rick Shoff, managing director of CAPTRUST’s Advisor Group. “Despite the volatile market conditions, CAPTRUST has continued on its growth trajectory which has been further bolstered by the four teams we have added this year.”
“It was clear from the beginning that CAPTRUST was the ideal partner to take our team into the next chapter,” said Drayton. “Our clients will immediately be able to tap into CAPTRUST’s participant advice capabilities, a deep research team, and world-class customer support technology. We look forward to introducing our plan sponsor clients to our new colleagues at CAPTRUST.”
“CAPTRUST shares our core belief that we must first and foremost act as a fiduciary and hold on equal footing the needs of our clients, colleagues and communities,” said Shoemaker. “We look forward to working with our new colleagues around the country as we become part of this culture and team that CAPTRUST has built.”
This is the 42nd team to join CAPTRUST since 2006 and the fourth this year. Consistent with previous deals, the retirement plan advisory team from PMFA will take on CAPTRUST branding. Plante Moran, through PMFA and affiliated entities, will retain its broader wealth management clients providing investment consulting, financial planning, trust, insurance consulting, estate planning, business succession, and tax planning services. P&M Corporate Finance (PMCF) served as exclusive financial advisor to PMFA.
Founded in 1997 in Raleigh, North Carolina, CAPTRUST is an independent registered investment advisor with more than 700 employees nationwide and $394 billion in client assets under advisement (as of June 30, 2020). CAPTRUST has clients in all 50 states and provides investment advisory, asset management, and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations, and religious entities.
About Plante Moran Financial Advisors
Plante Moran Financial Advisors is one of the nation’s largest independent registered investment advisors with over $17 billion in client assets under management (as of December 31, 2019) serving high net worth individuals, family business owners, and not-for-profit organizations, helping them build, manage, and preserve their wealth. As part of Plante Moran Wealth Management, its integrated services include investment consulting, financial planning, trust, insurance consulting, estate planning, business succession, and tax planning.
To learn more, visit Plante Moran Wealth Management
About Plante Moran
Plante Moran is among the nation’s largest accounting, tax and consulting firms and provides a full line of services to organizations in the following industries: manufacturing and distribution, financial institutions, service, health care, private equity, public sector and real estate and construction. Plante Moran has a staff of more than 3,000 professionals throughout Colorado, Illinois, Michigan and Ohio with international offices in Shanghai, China; Monterrey, Mexico; Mumbai, India; and Tokyo, Japan. Plante Moran has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work. For more information, visit plantemoran.com.