Creative Planning Extends Its Buying Spree
The firm has just purchased its seventh RIA for the year, this time in Indiana.
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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