CAPTRUST Financial Advisors has acquired Long Island Wealth Management, an advisory firm based in Melville, New York. The financial terms of the transaction were not disclosed.
Long Island Wealth Management was established in 2006 by Jeff Myers, who sold the firm to CAPTRUST. Myers had operated as an independent financial advisor for approximately two decades.
The acquisition provides Myers with additional operational and advanced planning support, allowing him to maintain his individual client relationships. Access to CAPTRUST’s infrastructure is expected to reduce certain administrative responsibilities, enabling advisors to dedicate more time to financial planning and client services. Jeff Myers stated, "After 20 years as an independent advisor, I was looking for an organization that allows me to continue providing fiduciary advice and maintain my individual client relationships. CAPTRUST’s expansive operational and advanced planning expertise allows me to spend more quality time with my clients, helping them achieve their long-term financial goals."
As part of the transaction, Long Island Wealth Management will adopt the CAPTRUST brand. The addition supports CAPTRUST’s strategy of partnering with established advisory firms seeking access to a broader range of financial planning resources, technology, and operational infrastructure, according to the source.
CAPTRUST also acquired Compass Advisors, an affiliated advisory firm, in the same transaction. Together, Compass Advisors and Long Island Wealth Management bring seven professionals and approximately $1.2 billion in combined assets to CAPTRUST. Hue Partners served as financial advisor to both Compass Advisors and Long Island Wealth Management in the transaction.
Mike Wunderli, Managing Director and Head of Mergers and Acquisitions at CAPTRUST, said, "We are excited to welcome Michael, Lauren, Jeff, and their teams to CAPTRUST. As firms grow, maintaining the same level of personalized service while navigating increasing operational complexity becomes more challenging. Michael, Lauren, and Jeff have built practices grounded in independence and deep client relationships. We’re proud they found in CAPTRUST a partner that allows them to preserve those strengths while gaining the scale and resources to support future growth."