Creative Planning makes first acquisition, adding $500 million in AUM

Creative Planning Inc., an Overland Park, Kan.-based registered investment adviser managing $38 billion in assets, has acquired The Johnston Group, a Minneapolis-based RIA firm managing $500 million with offices in Minnesota and the Dakotas. The acquisition, Creative Planning's first, marks a departure from its organic growth strategy. (More: Creative Planning fined for failure to monitor radio ads and its president's personal accounts) "Until now, we have grown largely through referrals," said Peter Mallouk, chief executive of the firm, which was founded in 1983. "It's clear that there are like-minded firms that can fit right into our model as we continue bringing fiduciary advice to Americans from coast to coast."