Creative Planning doubles retirement plan assets with $6 billion deal

Creative Planning doubles retirement plan assets with $6 billion deal
The deal brings on board all 15 employees from Iron Financial's retirement business, and more than doubles Creative Planning’s retirement plan assets to approximately $10 billion.
FEB 04, 2021

Creative Planning has acquired the $6 billion retirement division of Iron Financial, marking the first time the $90 billion serial acquirer has purchased part of a wealth management firm, as opposed to buying the whole thing.

The deal brings on board all 15 employees from Iron Financial's retirement business, and more than doubles Creative Planning’s retirement plan assets to approximately $10 billion.

This is the first deal of the year for Overland Park, Kansas-based Creative Planning, after completing a dozen deals last year.

“We only expect to make a few deals this year, because we want to be very strategic,” said Creative Planning chief executive officer Peter Mallouk.

“If you look at what’s happening in the space, the supply is great,” he added. “A lot of firms looking to buy and a huge amount of firms are looking to sell, but we’re holding out for firms that really make strategic sense for us.”

Slowing the pace of acquisitions goes against the grain of much of the industry, which has already seen nearly a dozen high-profile deals announced since the start of the year.

Northbrook, Illinois-based Iron Financial was founded in 1994 by Aaron Izenstark and Howard Nixon, two former bond traders who set out to create a new paradigm in investment management, with a focus on providing the highest-quality investments at the lowest cost.

“We have built one of the premier fiduciary services in the country and knew it was time to expand our scale and offering,” said Richard Friedman, head of corporate retirement services at Iron Financial.

“When it comes to a best-in-class, industry-leading fiduciary offering, Creative Planning stood as the clear choice for us,” he added. “This helps us serve our clients and team better by providing a broader investment policy and research team, expanded technology, greater scale and more services.”

Latest News

FINRA cuts exam retake waiting periods for aspiring brokers
FINRA cuts exam retake waiting periods for aspiring brokers

Shorter waits for failed SIE and Series 7 candidates take effect Jan. 19, speeding the path to registration

Advisor moves: Ameriprise lands three RBC teams with $1.2B; Wells hails $900M recruiting haul
Advisor moves: Ameriprise lands three RBC teams with $1.2B; Wells hails $900M recruiting haul

Raymond James and Cetera also welcomed advisors from UBS and LPL as competition for experienced teams stays fierce

Atlanta B-D Arkadios Capital pays $500K to settle investor lawsuit involving former broker.
Atlanta B-D Arkadios Capital pays $500K to settle investor lawsuit involving former broker.

Jim Walesa worked in the securities industry for 39 years before leaving in 2021.

A tale of two consumers: The growing divide between Wall Street and Main Street
A tale of two consumers: The growing divide between Wall Street and Main Street

As the market turned from pricing in cuts to betting on hikes this year, the developing reality of a K-shaped economy has had real implications for households and investors alike.

Primerica alleges Osaic Wealth raided branch office and poached six advisors
Primerica alleges Osaic Wealth raided branch office and poached six advisors

Alleged cash payments, stolen client data, and a court that jumped the gun

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor