Creative Planning, a Kansas-based RIA, has acquired Minnesota-based peer The Johnston Group (TJG) for an undisclosed sum.
The deal marks Creative Planning’s first takeover, adding over $500m in assets to its books.
Owned by Brad Johnston, TJG offers financial planning and investment management services.
Apart from Minnesota, the firm has operations in North Dakota and South Dakota.
Commenting on the deal, Johnston noted: “When we set out to find a platform to expand our client services, my top priority was to partner with a firm that shared our overall values and intimate, comprehensive approach to client service.
“Creative Planning’s fiduciary commitment to clients perfectly aligns with our firm’s service model, and this transition only enhances our ability to deliver exceptional client service.”
Creative Planning, set up in 1983, oversees around $38bn in assets.
The latest transaction represents a shift in the firm’s strategy of organic growth.
Creative Planning CEO Peter Mallouk said: “Until now, we have always grown largely through referrals.
“We will continue to source opportunities to partner with firms that share our values and vision. It’s clear that there are like-minded firms that can fit right into our model as we continue bringing fiduciary advice to Americans from coast to coast.”