CAPTRUST Financial Advisors today announced that it has recruited a 15-member Pittsburgh-based team with seven advisors and more than $800 million in AUM that serves individuals, small business owners and institutional clients.
PWA Wealth Management is the first office in Western Pennsylvania for CAPTRUST and the seventh firm that joined the company in 2020. The deal closed on Dec. 31.
Founded by CEO Joe Scarpo in 2003, PWA provides wealth management and financial planning services out of its offices in Pittsburgh and Greensburg, Pa. It joins CAPTRUST to leverage its resources and complementary business lines to promote long-term growth for the team and its clients, the announcement said.
“Our team at PWA Wealth Management has always worked to ensure we truly understand our clients and that we deliver financial advice that supports their short- and long-term goals,” Scarpo said in a statement. “From our first meeting with CAPTRUST we saw all of the synergies between our business model and theirs, and we cannot wait to leverage the firm’s deep resources and impressive scale to improve our service offering and bring greater growth opportunities for our clients and team members.”
Rush Benton, CAPTRUST senior director, strategic growth, said the team Scarpo has built out in Pittsburgh and the growth that it has been able to accomplish really stood out. “We are confident that the PWA team will fit perfectly into our business, and that these new team members will help expand CAPTRUST’s presence in Pennsylvania—enabling us to serve more clients nationwide,” he added.
Founded in 1997, the Raleigh, N.C.-based CAPTRUST has added 45 firms since 2006. It has more than 800 employees nationwide and services more than $50 billion in assets under management and $409 billion in client assets under advisement as of September. It has clients in 49 locations nationwide and provides investment advisory, asset management and planning services to thousands of affluent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations and religious entities.