CAPTRUST Financial Advisors has expanded its New York presence with the addition of Compass Advisors and Long Island Wealth Management, two affiliated advisory firms based in Melville, New York. The firms bring seven professionals and approximately $1.2 billion in combined assets to CAPTRUST, strengthening its presence in the Long Island wealth management and institutional advisory markets.
Compass Advisors and Long Island Wealth Management have maintained a close relationship since 2018, when the two firms began collaborating.
Compass Advisors was founded in 2013 by partners Michael Cuneo and Lauren King and provides advisory services to institutional and wealth management clients.
Long Island Wealth Management was established in 2006 by Jeff Myers, who has operated as an independent financial advisor for approximately two decades.
The firms’ decision to join CAPTRUST provides their advisors with additional operational resources, planning capabilities, and access to a larger national advisory organization.
For Compass Advisors, the partnership reflects the growing complexity of its clients’ financial needs and the importance of maintaining personalized advisory relationships while expanding the services available to them.
Cuneo and King evaluated CAPTRUST’s fiduciary approach and operational capabilities before selecting the firm as their long-term partner.
The transition is expected to provide Compass with additional resources in cybersecurity, tax planning, estate planning, and other specialized advisory services.
The partnership is also designed to preserve the firm’s existing team structure and client relationships.
For Long Island Wealth Management, the move provides Myers with additional operational and advanced planning support while allowing him to maintain his individual client relationships.
Access to CAPTRUST’s infrastructure is expected to reduce certain administrative responsibilities and enable advisors to dedicate additional time to financial planning and client services.
The transaction strengthens CAPTRUST’s presence on Long Island and complements its existing New York operations.
CAPTRUST currently maintains another office in Lake Success, New York, with 25 employees, including 14 financial advisors.
As part of the transaction, both Compass Advisors and 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.
CAPTRUST provides independent financial advice and investment management services to individuals, endowments, foundations, nonprofit organizations, retirement plan sponsors, and their employees.
Its wealth management offerings include holistic financial planning, investment management, and specialized services for ultra-high-net-worth clients.
For institutional clients, the firm provides outsourced chief investment officer services, fiduciary support, retirement plan design, provider analysis, fee benchmarking, and financial wellness programs.
Hue Partners served as financial advisor to Compass Advisors and Long Island Wealth Management in the transaction. Additional financial terms were not disclosed.
KEY QUOTES:
“We have built an incredible firm and culture over the past decade at Compass. As the needs of our clients grow and become more complex, we decided to align with CAPTRUST who shares our commitment to fiduciary advice and has developed the expansive tools and resources needed to provide exceptional guidance in an ever-changing world.”
Michael Cuneo, Partner at Compass Advisors
“Our team has always been collaborative, and we wanted to maintain the boutique white glove experience our clients have come to value. Throughout the due diligence process, CAPTRUST continued to check every box and have been able to provide us extensive operational scale in everything from cyber-security to tax and estate planning all the while allowing our firm to operate as a cohesive team.”
Lauren King, Partner at Compass Advisors
“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.”
Jeff Myers, Founder of Long Island Wealth Management
“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.”
Mike Wunderli, Managing Director and Head of Mergers and Acquisitions at CAPTRUST
