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Creative Planning Extends Its Buying Spree

By Bernice Napach

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Creative Planning has acquired its seventh RIA firm this year, Miller Financial Management, based in Muncie, Indiana, according to a spokesman.  

The firm has $150 million in assets under management, making it the smallest 2020 acquisition by Creative Planning, which has been on a buying spree since it sold a minority stake to  General Atlantic in February. Terms of the latest deal were not disclosed.

The firm’s latest acquisition comes just a week after the Overland Park, Kansas, advisory firm acquired Lenox Wealth Management, a Cincinnati, Ohio, RIA with approximately $600 million in assets under management.

“Creative Planning has a presence in Indiana, and with Miller Financial joining the team, we begin to set the stage to further expand in the region,” Creative Planning CEO Peter Mallouk said in a statement. “Our goal is to become the number one choice for individuals seeking independent wealth management in Indiana and throughout the country,” added Mallouk, who retains a majority interest in his firm.

Creative Planning has acquired RIAs in Arizona, Michigan, Minnesota, Ohio, Texas, Virginia and Wisconsin since February 2019. The firm manages over $50 billion in assets across all 50 states and has been led by Mallouk since 2004, when it had just $34 million in assets. Mallouk was working at the firm as an estate planner when he purchased it, becoming its CEO.

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Bernice Napach

@Think_Napach