US-based independent wealth management firm Creative Planning, which has been on an acquisition streak, has acquired Illinois-based boutique wealth management firm Heritage Way Advisors.

Financial terms of the deal were not disclosed.

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Heritage Way, which manages $450m in assets, specialises in investment management, asset allocation, wealth transfer planning, and estate planning among other wealth management services.

The firm caters to high-net-worth (HNW) individuals, foundations, and businesses across more than 20 different states.

Commenting on the deal, Heritage Way president and managing partner Gary Ollmann said: “Joining Creative Planning was the best possible solution given their industry-leading long-term commitment to building out robust solutions in all the essential facets of the wealth management business.  We are excited to bring these additional capabilities to our clients.”

Following the addition of Heritage Way, Creative Planning advises on more than $225bn in assets.

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The firm, which has a presence across all 50 states and 65 countries globally, plans to further accelerate its growth throughout 2022.

Creative Planning president and CEO Peter Mallouk said: “Creative Planning is excited to bring in the expertise and business acumen of Gary Ollmann and the Heritage Way team.

“Our core values aligned very well with those of the Heritage Way folks, and we are excited to work together and continue to serve our clients diligently.”

The latest deal follows Creative Planning’s acquisition of San Francisco Bay Area-based RIA Emery Howard last month.

In February, the firm bought JBJ Invest and Paradigm Financial Advisors.