The RIAs Creative Planning and Mercer Global Advisors continue growing their nationwide presence through acquisitions, most recently adding practices in Wisconsin and Florida, respectively.
For Creative Planning, the acquisition of Milwaukee, Wis.-based Hogan Financial Management marks its fourth, according to a press release from Creative Planning.
Founded by Paula Hogan, who runs it with her partner Clint Wondra, Hogan Financial oversees around $300 million, Creative Planning says.
“Clint and I embarked on a lengthy and deliberate process to find a partner who aligns with our approach, values and principles especially as the wealth management landscape continues to change at an accelerating rate,” Hogan says in the press release. “Creative Planning shared our vision and commitment to clients, while also having the leadership and resources to navigate the future and a proven model to do so.”
The companies didn’t disclose the financial terms of the deal.
Founded in 1983, Creative Planning began acquiring practices only this March, with the addition of Johnston Group, a $500 million RIA in Minneapolis. Since then, it’s also added America’s Best 401k, a 401(k) provider, and OptiFour, a Reston, Va.-based RIA, which it acquired two weeks ago. Creative Planning now oversees around $45 billion for clients in all 50 states, according to the press release.
Mercer Advisors, meanwhile, has acquired Boca Raton, Fla.-based Adam Financial Associates, which oversees around $190 million for approximately 200 households, Mercer Advisors says in a press release.
AFA, which includes founder and president Mari Adam and her three-member team, specializes in working with women and couples, according the press release. The companies also didn’t disclose the terms of the deal.
The acquisition marks Mercer Advisors’ third office in Florida and its 46th nationwide. So far in 2019, Mercer Advisors has acquired at least eight practices. Last month, it added a $100 million RIA in California, and in September, it acquired a $100 million practice in New Mexico.
Formed in 1985, Mercer Advisors now has over 390 employees overseeing close to $17.5 billion, according to the press release.