RIA Creative Planning says it has bought TrueWealth Management, a $1.6 billion wealth firm based in Atlanta. This will be the eighth purchase of the year for Creative Planning, which has more than $50 billion in assets.
The move more than doubles the Overland Park, Kansas firm’s footprint in the greater Atlanta region, which already has a $1 billion team there, said CEO Peter Mallouk in a statement.
“This is our largest and most significant acquisition to date,” according to Mallouk. “TrueWealth has a substantive, positive impact on our talent pool, with a large team of experienced, credentialed advisors.
With its latest addition, Creative Planning is “in a good position to quickly emerge as the No. 1 independent wealth management choice in the region,” he added. “We are just getting started in Atlanta and have the talent in place to make great things happen.”
Creative Planning has been on a buying spree since it sold a minority stake to General Atlantic in February. The firm, which includes 13 wealth firms with a combined $6 billion of assets, manages a total of $56 billion of assets nationwide.
Terms of its latest deal were not disclosed.