CAPTRUST Financial Advisors, a US-based independent registered investment advisor, has announced the acquisition of wealth management company Normann Financial Group.
The financial terms of the deal have not been disclosed.
Founded in 2015 by Kel Normann, Normann Financial manages more than $1.3bn in assets. The company, which is based in Sanford, North Carolina, works with a broad range of customers, including business owners, retirees, nonprofit organisations, and corporate retirement plans.
Normann Financial aims to provide the advantages of holistic financial planning, encompassing retirement and estate planning, lending solutions, and education planning.
Kel Normann said: “As a longtime admirer of CAPTRUST, we know joining forces is the right move for the growth of our firm.
“Our team looks forward to expanding in North Carolina and adding to the services available to our clients, from marketing to technology advances.”
Based in Raleigh, North Carolina, CAPTRUST Financial Advisors offers investment management, financial planning, estate planning as well as tax advisory and compliance services for individuals and families.
It also provides a portfolio of services for ultra-high-net-worth individuals to streamline their financial lives, mitigate risk, and preserve their legacies.
Besides, CAPTRUST Financial Advisors delivers investment advisory services, fiduciary support, plan design, provider analysis and fee benchmarking, and employee advice programs for retirement plan sponsors, endowments, foundations, and religious entities.
Through the acquisition of Normann Financial, CAPTRUST Financial Advisors aims to expand its footprint across North Carolina.
The new transaction is the company’s eighth deal announced in 2023, said CAPTRUST Financial Advisors.
CAPTRUST Financial Advisors strategic growth senior director Rush Benton said: “CAPTRUST has had a longstanding relationship with the folks at Normann Financial Group, and our values align—from the way we serve our clients to community involvement.”
