Creative Planning continues to build out its $43 billion nationally branded financial planning firm, announcing that it is making its fourth acquisition of the year with the purchase of Hogan Financial Management, a Milwaukee-based registered investment advisor with $300 million in client assets.
In mid-November, Overland Park, Kan.-based Creative Planning announced the acquisition of $400 million AUM OptiFour in McLean, Va., a Washington, D.C., suburb. In February, it acquired the Johnston Group, a $500 million AUM RIA based in Minneapolis. It also acquired America’s Best 401K, a retirement plan provider, in September.
The moves are part of a three-pronged strategy to combine organic growth, a handful of acquisitions and a nationwide television marketing campaign aimed at both prospective clients—as well as make the firm known to RIA firms looking to sell. Creative Planning wants to become competitive, near the $1 billion size, in major markets. It is seeking to double in size from $43 billion (not including Hogan) to roughly $80 billion over the next five to 10 years. The company focuses on the “millionaire next door” demographic of $1 million or more in household assets.
CEO Peter Mallouk said in a statement that while the firm “already has a substantial presence in Wisconsin, the addition of Hogan Financial will augment our plans to become far more competitive in that market.”
Investment bank Park Sutton Advisors and legal counsel Dykema Gossett PLLC advised Hogan Financial on the deal.