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Peter Mallouk

Industry Spotlight > Mergers and Acquisitions

Creative Planning Announces 3 More RIA Deals

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What You Need to Know

  • The three deals all closed Dec. 31.
  • The latest acquisitions announced are Heritage Way Advisors in Illinois, Hatton Consulting in Arizona and Resource Management in Louisiana.
  • The acquisitive RIA says it has “continued plans for growth throughout 2022.”

Creative Planning announced the acquisitions of three more RIAs, as the Overland Park, Kansas-based RIA continues its buying spree.

The firm says it has bought Rockford, Illinois-based Heritage Way Advisors, with $450 million in assets under management; Phoenix-based Hatton Consulting, with $440 million in AUM; and New Orleans-based Resource Management, with $1.9 billion in AUM.

Financial terms of the transactions, all of which closed on Dec. 31, were not disclosed.

DeVoe & Co. served as financial advisor to Heritage Way and Resource Management on their transactions with Creative Planning.

Only a few days earlier, Creative Planning said it acquired Emery Howard, an RIA based in Burlingame, California, with over $1.8 billion in assets under management.

That deal was announced less than one month after Creative Planning said it acquired The Doman Group, an RIA based in New York City with $400 million in AUM. And that deal was announced one month after it said it had bought Des Peres, Missouri-based Paradigm Financial Advisors, an RIA in the St. Louis market with more than $600 million in AUM.

Including the three latest acquisition announcements, Creative Planning advised on over $225 billion in assets across all 50 U.S. states and 65 countries as of Dec. 30, with “continued plans for growth throughout 2022,” it said.

Heritage Way

Heritage Way is a boutique wealth management firm that serves clients in more than 20 states and focuses on asset allocation, investment management, estate planning, wealth transfer planning and other wealth management services. Its clients range from high-net-worth individuals to foundations and businesses. The deal was announced Friday.

“Our core values aligned very well with those of the Heritage Way folks,” according to Peter Mallouk, Creative Planning CEO and president, who pointed to the “expertise and business acumen” of Gary Ollmann, Heritage Way president and managing partner, and his team.

“We sought out a partner to enhance what we could deliver to our clients from the breadth and depth of the services offered and the completeness of succession planning that Creative Planning provides,” according to Ollmann.

“Joining Creative Planning was the best possible solution given their industry-leading long-term commitment to building out robust solutions in all the essential facets of the wealth management business,” he said in the announcement. The acquisition by Creative Planning will bring additional capabilities to Heritage Way clients, he added.

Hatton Consulting

The Hatton Consulting acquisition was announced by Creative Planning on Wednesday.

Hatton works mainly with key executives and managers, business owners, pre-retirees and retirees, widows and widowers, Creative Planning said.

Tim Hatton, president of Hatton, founded that firm in 1999 with the goal of providing objective, client-focused investment and wealth management services to his clients, according to Creative Planning.

Saying the Hatton team will “make an excellent addition to the Creative Planning family,” Mallouk noted: “Not only do they have decades of experience and industry-leading credentials under their belt, but their value system based on integrity, expertise, and service is exactly what we look for in these types of deals.”

Post-acquisition, “we can now seamlessly tie investment management, estate planning, tax and insurance strategies together so each client can be confident that all elements of their financial plan are working optimally within a fiduciary standard of care,” according to Tim Hatton.

Resource Management

Resource Management is a fee-only advisory firm specializing in financial planning, family enterprise advising and asset management for families and businesses globally, according to Creative Planning, which announced that deal on Tuesday.

Randy Waesche, Resource Management CEO and president, has made it his firm’s “mission to make a meaningful impact on their clients lives by helping them navigate through an ever-changing world of investments, taxes, accounting, and economics,” according to Creative Planning.

“Randy and his team all exemplify what it is we look for in deals like these,” Mallouk said in a statement. “Their expertise in working with closely held businesses, professionals, and high net worth individuals along with their strong core values and beliefs made this a perfect fit and we are excited for what is to come.”

(Pictured: Peter Mallouk, CEO of Creative Planning)


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