CAPTRUST Financial Advisors today announced the acquisition of Patriot Pension Advisor (PPA), a Foxborough, Massachusetts-based firm that oversees over $900 million in client assets.
Founded in 2002 and led by Ted Burke, PPA supports sponsors of retirement plans, including 401(k), 403(b) and defined benefit plans, the statement said.
“At the end of the day, we are pension plan specialists. And that’s why we decided to grow with CAPTRUST,” Burke said in a statement. “If this is what you do and are looking for real support for your retirement plan, this is the best place to go. be.”
Burke, who will join CAPTRUST with colleague Michelle Marchionni, said his company needs more tools and resources for its plan sponsors and members. “We look forward to enhanced fiduciary and investment education, as well as greater access to marketing content to educate our clients,” he said.
PPA expands CAPTRUST presence in Massachusetts. Last year, CAPTRUST, based in Raleigh, North Carolina, took over RINET, based in Boston, and Cammack Retirement Group, a company based in New York and Wellesley, Massachusetts. And in 2019, Boston Advisors joined the firm.
“We are excited to grow our institutional business in the North East with the addition of PPA,” said Rick Shoff, Managing Director of CAPTRUST’s Advisory Group. “Ted and Michelle bring decades of experience in this industry, and we look forward to helping their clients improve their retirement planning experience.”
This is the 59th deal for CAPTRUST since 2006 and the third in 2022. Consistent with other transactions, PPA will take over the CAPTRUST brand, the statement said.