Captrust Financial Advisors of Raleigh, N.C, said Chesterton, Ind., RIA Lakeside Wealth Management, with $1.6 billion in AUA, has joined the fold, bringing its AUA total to over $391.6 billion and $45 billion in AUM.
Terms of the deal were not disclosed, but Lakeside boasts 27 employees and will take on the Captrust name and brand and boosts the latter’s headcount to over 700 nationwide.
“During our diligence process, it occurred to us that because of our business mix, ensemble structure and culture, we may have been looking for a unicorn. Then Captrust came along,” Lakeside CEO Mark W. Chamberlain said in a statement. “Our clients will benefit greatly from the added resources of a national firm, and we are excited about continuing to grow as part of the Captrust brand.”
Founded in 2002, Lakeside offers retirement plans, investment management and educational resources to help individuals and institutions manage wealth. It also sets retirement goals and provides legacy planning,
Alongside Chamberlain are President Tim Rice and senior leaders Chip Mang and Timothy VerSchure, all of whom will become principals at Captrust.
“Lakeside is an ideal fit not only because of the alignment across their three lines of business but because they are a firm that prioritizes giving back to their community,” said Rick Shoff, a managing director in Captrust’s Advisor Group.
According to Captrust, the Lakeside team has logged more than 20,000 hours volunteer service and been awarded 43 accolades, making the 2019 Invest in Others Charitable Contributions List.
Lakeside contributes $1.1 billion in institutional and $526 million in wealth management assets to Captrust.