Creative Planning to Buy $110B Retirement Biz

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Creative Planning says it has reached an agreement to buy the retirement plan business of Kansas City-based Lockton Cos.

Founded in 2000, Lockton’s retirement business now serves 1,500 clients, representing over $110 in assets under advisement, according to Creative Planning.

As part of the deal, Lockton is taking an equity stake in Creative Planning, and the new business will operate as Lockton Retirement Services, an offering of Creative Planning, according to Creative Planning.

Adding Lockton will bring Creative Planning’s clients access to personal retirement, estate planning, legal, tax and other advice resources, Peter Mallouk, president and chief investment officer of Creative Planning, said in a statement.

“Our mutual clients are looking for a more robust retirement offering,” he said in the statement. “Given today’s war for talent, employers looking to stand out must meet the holistic retirement and financial advice needs of their staff.”

The deal will also more than double Creative Planning’s assets, which stood at more than $100 billion as of November 3.

The companies didn’t disclose the financial terms of the deal, which is expected to close by the end of the year.

Creative Planning has been on an acquisitions streak over the past two years. In 2020, Creative Planning tied for first place with Hightower and CI Financial among the top RIA acquirers in 2020 by deal volume, with eight deals each, according to DeVoe.

Creative Planning set off aggressively in 2021, announcing in January that it would add the $23 billion Segall Bryant & Hamill.

This year Creative Planning also added $6 billion in client assets by acquiring the retirement business of Iron Financial and a further $5 billion through the addition of Sullivan, Bruyette, Speros & Blayney.

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