Captrust Financial Advisors has acquired wealth management and investment advisory firm Boston Financial Management (BFM), expanding its presence in New England.
The addition brings nearly $5bn in client assets to Captrust, along with a new location in Boston and two other locations in Cape Cod, Massachusetts, and Portland, Maine.
Boston Financial Management serves individuals, families, endowments, and nonprofits, offering them
wealth and financial planning, trust services, and estate planning services.
The acquisition sees BFM’s president and CEO, Louis Crosier, leading 45 new colleagues across three locations.
BFM’s founder and chairman of the board, Richard H Morse will retire following the transaction.
BFM becomes the sixth firm in the state to join Captrust over the past five years.
This expansion has resulted in Captrust employing over 100 staff across five locations in Massachusetts.
Captrust managing director Wilson Hoyle said: “Boston Financial Management is one of the largest firms that have joined us.
“Their commitment to providing personalized and comprehensive financial solutions aligns perfectly with our values and mission. By bringing together our teams, we can offer even greater resources and expertise to our clients in New England. We are excited about the growth opportunities this union presents and about the ability to serve our clients with enhanced offerings.”
Berkshire Global Advisors provided financial advisory services for BFM during the acquisition process.
Captrust offers a wide range of services including investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families.
The firm also caters to ultra-high-net-worth individuals with services designed to simplify financial complexities, mitigate risks, and preserve legacies.
“Captrust acquires $5bn RIA Boston Financial Management ” was originally created and published by Private Banker International, a GlobalData owned brand.
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