Captrust adds $3B Hoge-Barrett team from Truist in Winston-Salem

Captrust Financial Advisors announced that the 13-person Hoge-Barrett Group has joined the firm in Winston-Salem, N.C., from Truist Investment Services, bringing more than $3 billion in client assets. Truist Investment Services is the broker/dealer subsidiary of Truist Financial Corporation.

The Winston-Salem office will be Captrust's seventh location in North Carolina, where the Raleigh-based RIA reports more than 580 employees and 111 advisors. It will also be Captrust's seventh acquisition this year, according to the announcement.

Brett Hoge leads the team and has been a practicing advisor since 1999. He joined Truist about five years ago from BB&T Securities, according to BrokerCheck. Partner Alex Barrett started working as an advisor in 2012 and was with Hoge at BB&T Securities, according to the same records.

"We chose Captrust because it gives us greater flexibility in how we serve clients, while adding a more in-depth technology stack, deeper investment research and more wealth planning capabilities," Hoge said in a statement. The move lets the team keep its focus on the families it serves while adding tools for the complexity that comes with significant, multigenerational wealth, Hoge said.

The 13-person team's more than $3 billion in client assets works out to roughly $230 million per employee. Captrust reports $1.3 trillion in assets under management and advisement, of which roughly $320 billion is discretionary, according to its most recent Form ADV. The incoming team will use Captrust's broker/dealer, Capfinancial Securities.

The move is the second Truist team reported by this publication in recent weeks, but two moves do not establish a trend at Truist. In this publication's Oct. 3 roundup of $3.3 billion in employee-channel books absorbed by Rockefeller, FiNet and Uniting, a Truist team in Charlotte appeared alongside a seven-person UBS group in Ohio and a $1 billion Morgan Stanley advisor in Olean, New York.