CAPTRUST Financial Advisors has acquired Phoenix-based MRA Associates, a provider of investment advisory, wealth management, and tax consulting for private clients and institutions. No financial terms were disclosed. CAPTRUST is backed by GTCR.
RALEIGH, N.C. – January 7, 2021 – CAPTRUST Financial Advisors (CAPTRUST) today announced that the firm has added Phoenix-based MRA Associates (MRA). The 59-person firm brings $3.29 billion in assets under management to CAPTRUST.
Founded in 1991, MRA provides investment advisory, wealth management, and tax consulting for private clients and institutions. The firm is led by Managing Partner and Chief Executive Officer, Mark Feldman and the Executive Leadership Team comprised of Brad Lemon, Christina Burroughs, and Mike Hirte and includes 55 advisors and staff.
“We are proud of the tremendous practice we have built over the last nearly three decades,” said Feldman. “The decision to join CAPTRUST was an easy one once we understood the considerable level of scale we would be plugging into. I believe all of our clients will benefit greatly from the depth of the firm’s investment capabilities, as well their institutional capacity and leverage.”
“The southwest has long been a target market for CAPTRUST and MRA is giving us a significant presence in the region,” said Rush Benton, CAPTRUST senior director, strategic growth. “The team has created a phenomenal firm and we look forward to learning from their best practices as we integrate them into CAPTRUST.”
MRA also brings to CAPTRUST a new service offering: income and estate tax compliance and consulting services for individuals, families, trusts, and related closely held operating businesses and entities.
“Over the years, we’ve seen a number of RIAs with tax practices that consisted only of a single employee who did returns seasonally. When MRA came along, we were impressed not only by the sophistication of their tax offering, but also by their ability to integrate their tax planning into their holistic wealth management process,” continued Benton. “We see a lot of opportunity and look forward to offering tax consulting to our current clients in 2021.”
Since 2006, CAPTRUST has added 44 firms. Consistent with previous firms that have joined, MRA’s locations in Phoenix, Las Vegas and Wayzata, Minnesota will now take on CAPTRUST’s name and branding.
Founded in 1997 in Raleigh, North Carolina, CAPTRUST is an independent registered investment advisor with a mission to enrich the lives of its clients, colleagues, and communities through sound financial advice, integrity, and a commitment to service beyond expectation. The firm provides investment advisory, investment management, and planning services to thousands of private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations, and religious entities. With more than 730 employees across 49 locations nationwide, CAPTRUST oversees more than $50 billion in assets under management and $409 billion in assets under advisement (as of September 30, 2020).