Independent wealth management firm Creative Planning has snapped up fee-only fiduciary RIA Paradigm Financial Advisors, which manages over $600m in assets.
Financial terms of the transaction were not divulged.
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Creative Planning will use Paradigm’s advanced planning capabilities to drive growth in the HNW segment.
It intends to set up a new “hub” in St. Louis to offer tax planning, tax preparation , and estate planning services for clients in the Midwest region.
Plans are on to hire more Attorneys and CPA’s in this regard.
Creative Planning CEO Peter Mallouk said: “We have admired Paradigm for many years because of their comprehensive wealth planning expertise and their commitment to serving their clients in a fiduciary capacity.
“When we are looking at potential firms to partner with, we try to find firms that have a similar culture and have a skillset that can help us expand our wealth management capabilities for our clients.”
As part of the deal, Paradigm owner Jim Reding has become an equity partner at Creative Planning.
Reding, who calls Creative Planning a ‘perfect fit’ will become managing director of the St. Louis office.
“Creative Planning has the same business model as we do, which includes a team of in-house Attorneys, CPA’s and Wealth Managers that work as a team to provide a much broader range of value added services for clients than other firms in the industry,” Reding stated.
Creative Planning offers trust services, tax planning, family office services, retirement planning, and estate planning services, among others.
The firm oversees more than $100bn in assets.
