Captrust Buys $5B RIA Based in Boston

Captrust Financial Advisors has acquired Boston Financial Management, bringing nearly $5 billion of additional client assets to the firm.

Captrust also gains a new office location in Boston via the acquisition, in addition to two new locations in Cape Cod, Massachusetts, and Portland, Maine.

Boston Financial Management, an RIA, provides wealth management and investment advisory services for individuals, families, endowments and nonprofits. Its advisors bring deep expertise in wealth and financial planning, trust services and estate planning, according to the announcement.

As part of the transaction, Boston Financial Management’s founder and board chair, Richard Morse, will retire. Post transaction, the 45-person group will continue to be led by its current president and CEO, Louis Crosier.

In a statement, Crosier cited Captrust’s “genuinely caring culture” as a key driver of his firm’s sale.

“From the first meeting it was clear that Captrust feels the same and treats their clients and colleagues like we do — genuinely caring about them and working creatively to achieve the best outcomes,” Crosier said. “I believe that clients will quickly see the value that comes from being part of a larger firm and enjoy the new resources they will have access to.”

Wilson Hoyle, managing director at Captrust, pointed to BFM’s “commitment to providing personalized and comprehensive financial solutions” as an important factor in the deal.

“By bringing together our teams, we can offer even greater resources and expertise to our clients in New England,” Hoyle added. “We are excited about the growth opportunities this union presents and about the ability to serve our clients with enhanced offerings.”

BFM is the sixth Massachusetts-based firm that Captrust has added over the last five years, including the multibillion-dollar acquisitions of Boston Advisors, Cammack Retirement Group and RINET. With the purchase of BFM, the firm now has over 100 employees across five locations in Massachusetts.