Atlanta Capital Group Acquires Advisory Group

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Atlanta Capital Group has acquired Birmingham, Ala.-based Chitwood Advisory bringing their assets under management to more than $765 million and giving Atlanta Capital their third office.

David Millican

Chitwood Advisory is complimentary to Atlanta Capital Group. This is an opportunity for us to grow our foot print and enter a market with which we are very familiar.

Atlanta Capital Group has acquired Chitwood Advisory Group marking the Atlanta-based wealth advisory firm’s second acquisition dating back to last year.

Birmingham, Ala.-based Chitwood Advisory has $82 million under management. Those funds have been added to Atlanta Capital Group assets under advisement, which now stands at more than $765 million.

Founded in 2002, Atlanta Capital Group principals David Millican, Jeff Shaver and Jody Young have strategically grown the independent wealth management firm from $80 million in assets under advisement. The growth has been driven by the firm’s unique services structure, winning new business and strategic acquisitions.

“Chitwood Advisory is complimentary to Atlanta Capital Group,” said David Millican, Atlanta Capital Group principal managing partner. “This is an opportunity for us to grow our foot print and enter a market with which we are very familiar.”

Both Principal Managing Partner David Millican and Retirement Plan Specialist Kevin Rainwater graduated from the University of Alabama in Tuscaloosa. In June, Atlanta Capital Group acquired an independent wealth advisory firm in St. Simons, Georgia. The new office in Birmingham is the firm’s third.

Patrick R. Chitwood has been managing wealth for individuals and institutions for more than 30 years. He left the profession of psychology to join Paine-Webber in1979. He managed offices for Wheat First Securities in Winston-Salem, NC and Robinson Humphrey in Asheville, NC before forming Chitwood Advisory in 1988.

“We are excited about the opportunities that our association with Atlanta Capital brings to our clients. As a smaller advisory firm we had reached our limit of services that we could provide,” said Chitwood. “ACG offers the capacity to enrich our client relationships."

Over the history of the firm, Atlanta Capital Group has added experts in every area of financial planning and wealth advisory, from retirement planning to investment management, to tax and estate planning. Atlanta Capital Group offers clients access to the same investment vehicles used by much larger firms, but because of its size Atlanta Capital Group is nimble and active unlike the larger houses. Through strong relationships with investment banks and without the constraint of proprietary products, their advisors are able tailor the best strategies for each unique financial situation.

About Atlanta Capital Group

Since 2002, Atlanta Capital Group has brought a combination of personalized investment and strategic, comprehensive financial planning to wealth management. The Buckhead-based independent firm serves high net worth individuals, foundations, endowments, and retirement plans and has more than $765 million in assets under advisement. For more information visit


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Thornton Kennedy
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