RIA Creative Planning has bought Starfire Investment Advisers, an advisory firm in Southfield, Michigan, that works with about $530 million in assets.
The news comes a week after Creative Planning gobbled up a $700 million RIA in the Kansas City area, where it is based.
“We are focused on becoming more competitive in all markets” in the U.S., said CEO Peter Mallouk, in an interview with ThinkAdvisor. “This is a large firm that puts us into the Detroit metropolitan area, which is exciting.”
Creative Planning has some $48 billion in total assets and works with advisors in 50 states.
“We built our practice over the past 29 years by always striving to put client interests first. We were in no rush to find a buyer,” according to Starfire President Ron Humenny.
“After discussions with twelve other firms, we found our ideal fit in Creative Planning,” Humenny added.
Mercer Buys California Firm
Separately, RIA Mercer Global Advisors said Tuesday that it’s buying Argosy Wealth Management, a $330 million wealth firm located near Beverly Hills, California.
Argosy is led by Michael Karon and Alex Kimura, certified financial planners who co-founded the firm in 2010. They have seven staff members.
“After meeting and spending time with Dave Barton, vice chairman leading Mercer Advisors’ M&A activity, we knew we found the right partner,” according to Karon.
“Mike and Alex can now stop wearing 12 hats like most small-business owners do and instead focus on what they love doing,” Barton explained in a statement.
Mercer, owned by Oak Hill Capital and Genstar Capital, is based in Denver and works with $18.5 billion in client assets.
— Check out Peter Mallouk Wants a Few Good Advisors, With No Assets on ThinkAdvisor.