Its retirement business will provide efficiencies and immediate scale, while its ultra-high-net-worth estate planning and business preservation experience extends CAPTRUST's reach in those areas.

This is not CAPTRUST's first venture into a broader market presence.

In March it acquired a stake in Pensionmark Retirement Group, a Santa Barbara-based defined contribution specialist with about $10 billion in assets under management.

The company has sought growth both organically and by acquisition, with the MFP merger just its most recent foray.

"This relationship creates a distinct opportunity for both firms," Mike Molewski, MFP Strategies founding partner, said of the merger in a statement. "There are tremendous similarities between the two firms' culture, vision, and goals that will provide immediate value to our clients."

Headquartered in Raleigh, North Carolina, CAPTRUST represents over $180 billion in client assets with offices in Alabama, California, Connecticut, Florida, Georgia, Iowa, Michigan, Minnesota, Missouri, New York, North Carolina, Ohio, Pennsylvania, Texas, and Virginia.

After the merger, CAPTRUST will have more than 300 employees in 25 locations and more than $180 billion of assets under advisement.