Creative Planning acquires $2.5 billion professional services firm

Creative Planning’s latest deal includes more than just financial advisors, accounts and assets.

The Overland Park, Kansas-based registered investment advisor, which manages more than $210 billion in combined assets under management and advisement, announced Monday it has acquired BerganKDV, a professional services firm that provides accounting, tax and audit services and business advice, in addition to wealth management. BerganKDV brings $2.495 billion in AUM and 600 employees to Creative Planning.

BerganKDV will rebrand to Creative Planning for Business, CEO Peter Mallouk said in a statement, adding that the deal gives Creative Planning a stronger presence in the Midwest. BerganKDV is headquartered in St. Cloud, Minnesota, and also has offices in Iowa, Minnesota, Missouri and South Dakota.

“[BerganKDV CEO] Dave [Hinnenkamp] and his team have always had their sights set on going beyond traditional financial, tech, and business solutions to do more for their clients, communities and team members,” Mallouk said. "Their client-centric approach is the perfect cultural fit for our ever-growing Creative Planning family.”

“As our firm has evolved, we’ve always strived to fulfill our mission — to be capable of caring for our clients through their entire business, organizational and personal life cycles,” Hinnenkamp said in the statement. “Joining Peter and his Creative Planning team greatly accelerates us along our path to deliver on this mission.”

Terms of the transaction were not disclosed. Republic Capital Group acted as the exclusive investment banking advisor on the deal.