Seller Details:
Founded in 1976, Boston Financial Management provides wealth management and investment advisory services for individuals, families, endowments, and nonprofits. The firm brings deep expertise in wealth and financial planning, trust services, and estate planning.
Buyer Details:
CAPTRUST was founded in 1997 as an independent registered investment advisor. The firm provides investment management, financial planning, estate planning, and tax advisory and compliance services for individuals and families. The firm also offers a comprehensive suite of services for ultra-high-net-worth individuals to simplify their financial lives, mitigate risk, and perpetuate their legacies. For retirement plan sponsors, endowments, foundations, and religious entities, CAPTRUST offers investment advisory services, fiduciary support, plan design, provider analysis and fee benchmarking, and employee advice programs.
Transaction Summary:
BFM adds 45 new colleagues and nearly $5 billion of client assets to CAPTRUST, as well as an additional location in Boston and two new locations in Cape Cod, MA and Portland, ME. CAPTRUST now has over 100 employees across five locations in Massachusetts, making it the third largest state for CAPTRUST, behind North Carolina and Texas.