Greenville, SC-based Nachman Norwood & Parrott Wealth Management Acquired by Raleigh-based CAPTRUSTJul 08, 2021 10:55AM ● By David Dykes
By David Dykes
Raleigh-based CAPTRUST Financial Advisors said Thursday July 8, 2021, it has acquired Nachman Norwood & Parrott Wealth Management, a Greenville, SC-based firm with more than $2.1 billion in assets under management.
Terms weren't disclosed.
NNP provides financial planning and consulting services for high-net-worth individuals, qualified plans, and endowments and foundations and is one of the largest registered investment advisors in South Carolina.
NNP is led by partners Bob Nachman, Ben Norwood, Wes Boyce, Al Cannon, Maura Copsey, Gary Davis, and Russ Miller. They bring with them to CAPTRUST an additional 10 team members.
Officials said consistent with previous firms that have joined CAPTRUST, NNP will transition to the CAPTRUST name and brand.
“In order to compete in the future, wealth management companies will need to deliver the highest level of service and advice. Even as one of the largest firms in South Carolina, we knew we would need access to even greater tools and resources to continue to provide an outstanding client experience,” Nachman said. “Joining CAPTRUST will allow our team to relinquish operational duties and focus our time and energy on our core competency of taking care of clients and delivering sound financial advice.”
“NNP has built a notable practice in South Carolina, a state where we have long had clients, and are excited to now have a physical presence,” said Rush Benton, CAPTRUST senior director, strategic growth. “NNP’s three business lines, along with their dedication to the fiduciary model, made them a great fit for CAPTRUST.”
NNP represents the 50th group that has joined CAPTRUST since 2006. In the past two years alone, CAPTRUST has added 12 firms, including five that have joined so far in 2021.
“Over the last 15 years, we have sought out firms that not only added great talent to our firm, including dozens of former CEOs, but also new services like tax consulting and estate planning, to round out our offering,” said J. Fielding Miller, CAPTRUST co-founder and CEO. “Our model of fully integrating firms, rather than just investing in them, means that we need to be that much more selective in ensuring a strong cultural fit and desire to emulate our mission of serving our clients, colleagues, and communities.”
Founded in 1997 in Raleigh, CAPTRUST is an independent registered investment advisor.
The firm provides investment management, financial planning, estate planning, and tax advisory and compliance for individuals and families.
For retirement plan sponsors, endowments, foundations, and religious entities, CAPTRUST offers investment advisory services, fiduciary support, plan design, provider analysis/fee benchmarking, and employee advice programs.
With nearly 900 employees across more than 50 locations nationwide, CAPTRUST oversees more than $60 billion in assets under management and more than $600 billion in assets under advisement (as of June 1, 2021).