Creative Planning, a registered investment advisor in Overland Park, Kan., has acquired Reilly Financial Advisors (RFA), a fee-only RIA in La Mesa, Calif., with more than $2 billion in client assets nationwide.
Financial details of the transaction were not disclosed.
“I wanted someone who would prioritize the same level of care for both our clients and employees as the Reilly family has (done) the last 22 years,” RFA President Frank Reilly said in a news release.
Reilly cited three criteria in choosing to merge with Creative Planning: similar business practices and culture; enhanced and extremely robust client service offerings; and greatly expanded opportunity for employee growth. .
“Creative Planning has build an amazing practice in terms of estate planning, Medicare planning, and its depth of holistic wealth management services,” Reilly said in an email. “Their practice can offer a solution to every financial question. Clients can expect to gain access to new and improved service offerings, such as business valuations, in-house estate attorneys, and the Creative Planning Trust Company. Additionally, this partnership will open new custodial networks for Reilly Financial advisors clients living abroad.”
Creative Planning CEO Peter Mallouk said that RFA’s strong company values, philanthropic efforts, and commitment to their clients were the main reasons why his firm chose to partner with the California practice. The deal was one of the biggest M&A transactions for Creative Planning last year, and Mallouk he expects the growth to continue in 2022.
Republic Capital Group acted as the investment banking advisor to Reilly Financial Advisors on the transaction.
As of November 3, Creative Planning reported managing over $100 billion in assets across all 50 states and 65 countries.