Artistic Planning says it has acquired Memphis, Tennessee-based Telarray Advisors, an RIA agency that manages $1 billion in consumer belongings.

The deal brings 18 Telarray staff — all advisors — to Overland Park, Kansas-based RIA Artistic Planning, becoming a member of Artistic Planning’s roughly 430 advisors throughout all places of work.

Telarray has been serving its shoppers throughout the U.S. since 2005, dealing with a large portfolio of investments. It gives companies for everybody from these simply starting their funding journeys to senior company leaders with difficult compensation packages, in keeping with Artistic Planning.

Telarray focuses on retirement planning, property planning, investing, tax administration methods, government compensation and danger administration. It has traditionally operated as a fee-only fiduciary.

Phrases of the deal weren’t disclosed. However Peter Mallouk, Artistic Planning CEO, informed ThinkAdvisor on Thursday that the transaction was finalized in January. “Telarray retained an funding banker that introduced them to Artistic,” he mentioned.

The addition of the Telarray crew “will assist us break deeper into the Tennessee market,” in keeping with Mallouk. It “offers us a robust presence in Memphis, which we didn’t have earlier than.”

Artistic Planning first entered Tennessee seven years in the past, in Nashville, Mallouk informed ThinkAdvisor, noting his firm had solely two advisors within the state, each in Nashville, earlier than the newest acquisition. There’s “no overlap” in places of work between Artistic Planning and Telarray, he mentioned, including that Telarray’s title has already been modified to Artistic Planning.