Toronto-based wealth manager CI Financial, through its subsidiary OCM Capital Partners (OCP), has agreed to acquire California-based RIA Thousand Oaks Financial.

Financial details of the transaction were not made public.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Thousand Oaks Financial operates as Professional Planning.  It offers financial planning and wealth management services to clients.

The firm specializes in meeting the planning needs of professional animators and serves the sports and entertainment industries.

As of 30 June 2020, its AUM totaled nearly $440m.

Founded in 1973 by Melvyn Nachman, Professional Planning and its advisers have an average of 30 years of experience.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As part of the deal, Professional Planning’s adviser team will merge into OCM’s advisory team.

The transaction is expected to complete in September this year.

OCM president Patrick Bowen said: “This arrangement provides continuity for Professional Planning’s clients while giving them and their advisers access to the additional services and support of a larger firm.

“OCM is pleased to partner with these advisers, offering them a gradual transition and long-term stability for their clients.”

To build a growing wealth management business in the US, CI has acquired or agreed to acquire four RIAs with $6bn in total assets as of June.

In May, CI Financial took sole ownership of online wealth manager WealthBar.

In April, the firm agreed to acquire a stake in Cabana Asset Management.

Earlier this year, CI bought a majority stake in One Capital Management.

In 2019, CI picked a majority stake in Surevest Wealth Management.

CI CEO Kurt MacAlpine said: “OCM’s acquisition of Professional Planning illustrates the advantages of this model.

“Our RIAs drive growth in the markets they know best while together we deliver industry-leading, client-focused wealth management services.”