What Does Truist Financial (TFC) Losing A $3 Billion Wealth Team Mean?

Truist Financial (NYSE:TFC) has seen Captrust Financial Advisors acquire the Hoge-Barrett wealth management team from Truist Investment Services. The Hoge-Barrett advisors oversee about US$3b in client assets that will transition away from Truist’s wealth platform. The move shifts a sizeable pool of high-net-worth relationships from a bank-affiliated brokerage to an independent registered investment advisor. The Hoge-Barrett team’s US$3b move to Captrust is only one part of the Truist story...