Captrust Adds $1.2B in Double Deal for Long Island Firms

Captrust Financial Advisors, a Raleigh, N.C.-based investment advisor managing $1.3 trillion in assets, has expanded its reach by acquiring two Long Island-based registered investment advisors (RIAs) for a combined $1.2 billion in client assets. Compass Advisors, founded in 2013 by partners Michael Cuneo and Lauren King, collaborates with Captrust to serve the institutional market with $300 million in retirement plan advisory assets, alongside its wealth market operations.

Long Island Wealth Management, established in 2006 by Jeff Myers, also joins the group, providing financial planning and support for high-net-worth and ultra-high-net-worth clients. The acquisition marks the second deal for Captrust this year, following Meritage Portfolio Management and Stillwater Capital Advisors. Captrust's managing director and head of M&A, Mike Wunderli, praised the acquired firms' shared leadership qualities, culture, and client-centric approach, highlighting their potential to complement Captrust's existing operations in Lake Success, N.Y.