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CAPTRUST’s Fielding Miller Talks Growth Trends with PLANADVISER

PLANADVISER’s John Manganaro recently sat down with CAPTRUST CEO Fielding Miller to talk about growth trends. In the exclusive interview, Miller “describes in detail the firm’s success building scale in the 3(38) fiduciary advice market.” In a 3(38) arrangement, the plan sponsor transfers liability for investment decisions to the investment manager.

“‘It is pretty intuitive why 3(38) seems more scalable—because you can create your investing models and manage them directly on behalf of many clients all at once,’” Miller explained. “‘However, if you zoom in and think about how trading and processing works in 401(k) plans, you can see that the benefits of this scale will only come into play once you reach a certain amount of back office sophistication and client volume.’”

Last year, a PIMCO study totaled 3(38) assets across all advisory firms, showing CAPTRUST holding roughly 70% of market share. “‘I’ll be completely frank,’” said Miller. “‘We are very proud of our offering, but the main reason this is true is that we got started earlier than most everyone else—and we have this infrastructure in place.’”

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CAPTRUST Tops Latest List of DC Aggregator Firms

CAPTRUST has acquired 28 advisor practices in 12 years. In the latest InvestmentNews list of aggregator firms, CAPTRUST ranks as the largest of firms active in this space, with $221 billion of defined contribution (DC) plan assets under advisement and 95 DC-focused advisors.

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