CAPTRUST Financial Advisors has announced that Lakeside Wealth Management and its $1.6 billion in assets under advisement have joined the firm.
The Lakeside team, based in Chesterton, IN, includes 27 employees, increasing CAPTRUST's nationwide headcount to more than 700. For CAPTRUST, this is the 41st transaction since 2006, which now has more than $390 billion in AUA and $45 billion in assets under management (AUM), according to a press release. Lakeside’s $1.6 billion in AUA is comprised of $1.1 billion in institutional assets, and $526 million in wealth management assets.
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 was represented by Dick Darian of Wise Rhino Group. Commenting on the transaction, Darian told NAPA-Net, “The four Lakeside Wealth Management partners and their staff built a impactful retirement and wealth advisory business. However, they were not able to allocate the necessary time, capital and expertise to build a more scalable and efficient participant engagement process. CAPTRUST has built these capabilities with a combination of people and technology. In addition to cultural match, this capability was a significant factor in their decision to partner with CAPTRUST.”
