Kansas-based RIA Creative Planning has expanded its national footprint with the purchase of Lenox Wealth Management, a Cincinnati, Ohio-based RIA that offers financial planning and investment management services.
The deal, whose financial details were not divulged, adds around $600m in assets to Creative Planning’s books.
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Creative Planning CEO Peter Mallouk has welcomed the deal, saying that the acquired entity echoes Creative Planning’s “values of independence and a financial planning led investment approach”.
Mallouk stated: “Creative Planning has a substantive presence in Cincinnati already, and with Lenox joining the team, we will be working with hundreds of families in the area with well over a billion in assets.
“Our goal is to become the number one choice for individuals seeking independent wealth management in Cincinnati and throughout the country.”
Lenox CEO John Lame said: “Our partnership with Creative Planning will preserve our heritage as fiduciaries, expand our menu of services, and provide the technology and scale for our advisers to provide the best in class advice and service available for years to come.”
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By GlobalDataCreative Planning oversees assets of more than $50bn across all 50 US states.
It offers retirement planning, estate planning, trust services, tax advice and family office services for individuals along with 401(k) and institutional money management.
Earlier this year, the firm snapped up Thun Financial Advisors, Starfire Investment Advisers, and Coe Financial Services.
