Advisor: “Many an advisor has been
reminding me, ‘Stay retired for the sum-
mer.’ I keep getting lots of reminders
that I’ve worked for a number of years.
It’s hard to just stop, but I can take a
break and figure out what to do. That’s
Pathstone is pleased with his new role.
“Mark was part of the discussion
Creative Planning Strikes Its Biggest RIA Deal Ever
11 years ago when Pathstone was just
an ‘idea,’ and he gave an instrumental
industry keynote address to our leader-
ship team at our January 2017 offsite,”
according to Allan Zachariah, Co-CEO
of Pathstone. “With Mark now joining
our board, he has come full circle with
In November, the private-equity firm
Lovell Minnick Partners acquired an
equity stake in Pathstone for an undis-
RIA Creative Planning says it hasbought TrueWealth Management, a$1.6 billion wealth firm based in Atlanta.This will be the eighth purchase of theyear for CreativePlanning, whichhas more than $50billion in assets.
The move morethan doubles theOverland Park,Kansas firm’s footprint in the greater Atlanta region,which already has a $1 billion teamthere, said CEO Peter Mallouk in astatement.
“This is our largest and most significant acquisition to date,” said Mallouk.“TrueWealth has a substantive, positive impact on our talent pool, witha large team of experienced, credentialed advisors.
With its latest addition, Creative
Planning is “in a good position to quickly
emerge as the No. 1 independent wealth
management choice in the region,” he
added. “We are just getting started in
Atlanta and have the talent in place to
make great things happen.”
Creative Planning has been on a
buying spree since it sold a minority
stake to General Atlantic in February.
The firm, which includes 13 wealth
firms with a combined $6 billion of
assets, manages a total of $56 billion of
Terms of its latest deal were notdisclosed.
TrueWealth is led by CEO JimHeard, who co-founded the group in2003. The firm specializes in comprehensive planning and investment management for clients.
“This is the best of all worlds for
Focus Adds $675M ESG-Focused
us and our clients …. ,” Heard said in
a press release. “Our clients will still
have the same personal relationship
they have always enjoyed with their
advisor, and with Creative Planning,
we now have a complete suite of
financial resources to serve them
This summer, Creative said it was
buying RIA Lenox Wealth Management
of Cincinnati, Ohio, which has some
$600 million of assets under manage-
ment. Earlier, Creative bought Thun
Financial Advisors, a $600 million RIA
in Madison, Wisconsin, focused on U.S.
investors who live overseas.
Wealth Group in New York
Focus Financial Partners has struckanother deal, adding a $675.5 millionRIA with a focuson environmental, social andgovernance investing — Seasons ofAdvice WealthManagement ofNew York.
The news follows the RIA aggre-gator’s announcement on Friday that itwas buying InterOcean, a $2.5 billionRIA in Chicago.
Seasons of Advice is the 12th deal forFocus Financial this year. The groupnow includes 66 partner firms workingin four countries with over $200 billionin combined client assets.
“This young firm will expand our
presence in the important New York
City wealth management market,
and is led by an innovative manage-
ment team with a strong and diverse
group of next generation leaders,”
according to Focus Chairman and
CEO Rudy Adolf.
Seasons of Advice, founded by CharlesHamowy, Christopher Conigliaro andMatthew Woolf in 2017, views ESG “asa critical component of the growth ofour industry, and believe that investors can ‘do well by doing good’ byseeking attractive returns by investingin companies that are sustainable andresponsible from an ESG perspective,”according to Hamowy.
In the first half of 2020, FocusFinancial had revenue of $650 million,more than twice that of the same periodof 2019; net income in Q1 and Q2 of 2020totaled $37 million, and $109 million onan adjusted basis.