Creative Planning Adds $1B Maryland RIA
Creative Planning has acquired registered investment advisor Burt Wealth Advisors, adding $1 billion in assets under management and expanding its footprint in North Bethesda, Md.
Burt Wealth was founded in 1985 and is led by President and CEO Fred Cornelius, who joined the company in 1992 as a vice president. He and 13 other staff members, including seven financial advisors, will take on the Creative Planning brand.
The RIA specialises in financial planning services, including tax reduction strategies, education funding and estate, business and retirement planning. It custodies with Charles Schwab, according to data from ISS Market Intelligence.
“Their three decades of experience, high level of professionalism and commitment to putting clients first align perfectly with Creative Planning’s values and vision for the future,” Creative Planning President and CEO Peter Mallouk said in a statement.
Gorman Jones, the boutique investment bank run by former Captrust M&A head Rush Benton, advised Burt Wealth on the move.
The deal marks Creative Planning’s 15th acquisition in two years as one of the country’s largest wealth managers keeps expanding beyond its current $390 million in AUM.
The Overland Park, Kansas-based RIA is still working to integrate its acquisition of Sageview Advisory Group, which has $250 billion in client assets, though the majority of them are in retirement plan funds under advisement. A spokesperson said that integration is still on track to be completed by the end of this month.
Mallouk is the majority owner of Creative Planning, which also has minority stakes held by private equity firms TPG Capital and General Atlantic.