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 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.