In the final week of April, aggregator Wealth Enhancement Group said it would add its first West Coast firm while other private equity-backed RIA buyers also cut deals.
Creative Planning snags $530 million-asset firm near Detroit, and Mercer Advisors picks up $330 million-asset planning firm in Beverly Hills.
The $48 billion-asset Kansas firm buys Sunrise Advisors, which has about $700 million of customer assets, its sixth purchase amid the Covid-19 crisis.
Creative Planning founder and CEO Peter Mallouk will retain a majority interest in his $50 billion-asset firm.
For the sixth straight year, announced purchases of advisory firms reached a record in 2019, but commercial banks held back and the size of acquired firms fell by 40%.
$45 billion-asset Kansas-based Creative buys Wisconsin’s Hogan Financial while $17.5 billion-asset Denver-based Mercer Advisors picks up Adam Financial in Florida.
$45 billion-asset, Kansas-based Creative makes third acquisition of year while $17-billion, Denver rollup Mercer announces its seventh.