Captrust Financial Advisors has acquired Chesterton, Indiana-based Lakeside Wealth Management. No financial terms were disclosed. Lakeside provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients.
RALEIGH, NC – June 10, 2020 – CAPTRUST Financial Advisors (CAPTRUST) today announced that Lakeside Wealth Management (Lakeside), based in Chesterton, Indiana, has joined the firm. The Lakeside team brings to CAPTRUST $1.6 billion in assets under advisement (AUA) and 27 employees, increasing CAPTRUST’s nationwide headcount to more than 700. CAPTRUST now also has more than $390 billion in AUA and $45 billion in assets under management (AUM).
Lakeside provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients. Founded in 2002 by CEO Mark Chamberlain, the firm is also led by President Tim Rice and senior leaders Chip Mang and Timothy VerSchure, who will all be joining CAPTRUST as principals.
“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,” said Lakeside Chief Executive Officer Mark W. Chamberlain. “By aligning ourselves with CAPTRUST, we are confident that 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.”
“Lakeside Wealth Management is an ideal fit for CAPTRUST not only because of the alignment across their three lines of business, but also because they are a firm that prioritizes giving back to their community,” said Rick Shoff, a managing director in CAPTRUST’s Advisor Group. “Despite these unprecedented times, we are continuing on our trajectory of strong organic and inorganic growth.”
Giving back to the Indiana community has been a core focus for Lakeside since its inception. The firm has volunteered more than 20,000 hours and received 43 accolades for their efforts, including being named to the 2019 Invest in Others Charitable Champions List. Lakeside team members will now be able to work with the CAPTRUST Community Foundation, CAPTRUST’s employee-run nonprofit that seeks to enrich the lives of children in the communities they serve, to continue this worthy legacy.
Named one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce and one of the Best Places to Work for Financial Advisors by InvestmentNews , Lakeside adds $1.1 billion in institutional and $526 million in wealth managements assets to CAPTRUST. Moving forward, Lakeside will be taking on the CAPTRUST name and brand.
This is CAPTRUST’s forty-first transaction since 2006. Lakeside Wealth Management was represented by Dick Darian of Wise Rhino Group.
Founded in 1997 in Raleigh, North Carolina, CAPTRUST is an independent registered investment advisor with more than 700 employees nationwide and $390 billion in client assets under advisement (as of March 31, 2020). CAPTRUST has clients in all 50 states and provides investment advisory, asset management, and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations, and religious entities.