Two Hartford area wealth-management advisories have merged.
Farmington’s Connecticut Wealth Management LLC (CT Wealth) and former Capital Strategies (CS), of Bloomfield, in June consolidated their financial-planning, wealth-advisor staffs and managed-asset portfolios for undisclosed financial terms, CT Wealth officials said Tuesday. The Bloomfield firm is unaffiliated with Hartford lobbying firm Capital Strategies Group LLC.
Today, CT Wealth has 25 employees and some $1.5 billion in client assets under management, co-founder and CEO Kevin C. Leahy said. Pre-merger, CT Wealth counted 20 staffers and just under $1 billion in managed assets.
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Denis M. Horrigan, co-founder of Connecticut Wealth Management LLC.
Leahy and co-founder Denis M. Horrigan launched CT Wealth in 2010. CS began in 1987.
Five CS staffers joined CT Wealth and relocated to its 281 Farmington Ave. offices in the merger, including co-founders Bichop J. Nawrot and Claudia Jacques-Soto. CS has vacated its Bloomfield office, officials said.
“It was a merger in the truest sense of the word,’’ Leahy said. “We’ve known them for a long time. We’ve had a lot of respect for them.”
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Connecticut Wealth Management LLC co-founder and CEO Kevin C. Leahy.
Leahy said CT Wealth is uninterested in “growth for growth’s sake’’ and isn’t prowling for more mergers.
Driving the merger, Horrigan said, was CT Wealth’s desire to expand its roster of fee-based, client-services, a niche that includes advice on managing wealth, executive benefits and financial risk.
He said the wealth-management industry, particularly larger advisory firms, are embracing the same “holistic financial-planning approach’’ on which CT Wealth has staked its business model.
Many of CT Wealth clients, Leahy said, either live in Connecticut, or did at one time before relocating to other parts of the U.S. or abroad.
CORRECTION: An earlier version misidentified Hartford lobbying firm Capital Strategies Group LLC as the merger partner.