OCM Capital Partners LLC, a subsidiary of CI Financial, has announced an agreement to buy Thousand Oaks Financial Corporation, a registered investment advisor firm based in Thousand Oaks, California, operating under the name Professional Planning.
Professional Planning offers financial planning and wealth management services and has about US$440 million in assets under management as at June 30, 2020. Professional Planning's financial advisor team will integrate into the One Capital Management advisory team.
Deal brings continuity
"This arrangement provides continuity for Professional Planning's clients while giving them and their advisors access to the additional services and support of a larger firm," said Patrick Bowen, OCM President.
Professional Planning was founded by Melvyn Nachman in 1973 and its advisors have an average of 30 years of experience.
"There are many advisors in our industry who are nearing retirement but remain highly committed to their clients," Bowen said. "As a growth-minded company, One Capital is pleased to partner with these advisors, offering them a gradual transition and long-term stability for their clients. With the support of CI and its resources, we are a highly credible and compelling solution for these firms."
Purchase part of a larger plan
CI purchased a majority interest in OCM earlier this year as part of a strategy to build a growing wealth management business in the U.S. through the acquisition of select registered investment advisor firms.
To date, CI has acquired or agreed to acquire interests in four registered investment advisor firms with combined total assets of US$6 billion as at June 30, 2020.
Professional Planning's operations include a specialization in meeting the planning needs of professional animators, a strong fit with OCM's practice of serving members of the sports and entertainment industries, Bowen said.
The transaction is expected to close in September. Terms were not disclosed.
