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July 1, 2020

Creative Planning expands US presence with acquisition of Michigan RIA

Kansas-based RIA Creative Planning has purchased Southfield, Michigan-based peer Starfire Investment Advisers for an undisclosed sum.

The acquisition of Starfire, which offers financial planning and investment management services, brings $530m in assets to Creative Planning.

Starfire president Ron Humenny said that the firm had talks with 12 other firms before zeroing in on Creative Planning.

Humenny noted: “We built our practice over the past 29 years by always striving to put client interests first.  We were in no rush to find a buyer.  We sought the perfect partner. Thoroughly investigating all potential suitors was imperative.

“We sought a firm that shared our client-centric focus and fiduciary values.”

RIA Creative Planning manages around $48bn in assets across 50 US states.

The firm focuses on retirement planning, estate planning, trust services, tax advice, and family office services, 401(k) and institutional money management services.

The latest transaction comes shortly after Creative Planning’s acquisition of Sunrise Advisors, a$700m RIA.

Commenting on the latest purchase, Creative Planning CEO Peter Mallouk said: “Ron and I share both professional and personal interests, so we quickly got to know each other well.

“His practice matches our philosophy and we are going to be able to provide his clients with the additional services he was seeking.”

Creative Planning’s offering includes retirement and estate planning, trust services, tax advice, family office, 401(k) and institutional money management services.

The firm currently oversees around $48bn in assets across 50 US states.

The latest deal continues the firm’s recent trend of consolidation acquisitions.

Last year, Creative Planning acquired The Johnston GroupOptiFour, and Hogan Financial Management.

This April, the firm snapped up Coe Financial Services with nearly $126m in AUM.

Earlier this year, private equity firm General Atlantic picked a minority stake in Creative Planning.

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