Kansas-based RIA Creative Planning has snapped up Atlanta, Georgia-based peer TrueWealth, marking its largest acquisition ever.
The acquisition adds around $1.6bn in AUM to Creative Planning’s books.
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Creative Planning already manages assets of around $1bn in Atlanta.
The firm’s CEO Peter Mallouk said that the deal will enable the firm to become the top independent wealth management choice in the region.
Mallouk noted: “TrueWealth has a substantive, positive impact on our talent pool, with a large team of experienced, credentialed advisers. I had the opportunity to meet with each of them individually, and the team fits perfectly into the Creative Planning culture.
“We met with several firms in Atlanta, and TrueWealth is the clear choice to help us expand our presence.
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By GlobalData“We share a similar planning led approach, investment strategy and relentless commitment to the client.”
Financial terms of the transaction were not divulged. TrueWealth focuses on comprehensive financial planning as well as investment management.
TrueWealth CEO Jim Heard said: “Our clients will still have the same personal relationship they have always enjoyed with their adviser, and with Creative Planning, we now have a complete suite of financial resources to serve them even better.”
Creative Planning offers a financial planning led investment management approach, retirement planning, estate planning, trust services, tax advice and family office services for individuals along with 401(k) and institutional money management.
The firm oversees more than $50bn in assets across all 50 US states.
Creative Planning’s recent deals
Last month, the firm purchased Miller Financial Management and Lenox Wealth Management.
Earlier in 2020, Creative Planning took over Thun Financial Advisors, Starfire Investment Advisers, Sunrise Advisors, and Coe Financial Services.
This February, private equity firm General Atlantic picked a minority stake in Creative Planning.
