Creative Planning notches seventh deal of 2020 with $700 million RIA

The rapid pace of acquisitions continues for Creative Planning, but its latest deal marks the first time the serial acquirer has bought locally.

Overland Park, Kansas-based Creative Planning Tuesday announced the purchase of Sunrise Advisors, a $700 million advisory firm based in Leawood, Kansas.

It is Creative Planning’s seventh deal so far this year.

Peter Mallouk, Creative Planning chief executive, said that he has known at least one of the Sunrise owners for nearly 10 years and that the acquisition discussions go back more than a year.

“When we connected about joining forces, I understood we had an opportunity to change the landscape in Kansas City and beyond,” Mallouk said. “Their expertise in serving high-net-worth individuals and families, executives with complex situations, retirees and small business owners uniquely adds to our talent at Creative.”

Sunrise Chairman Dave Scott, with whom Mallouk has had a long relationship, referenced Creative Planning’s “holistic approach” as a “natural fit.”

“We’re thrilled the Sunrise team will remain in place to continue to serve our clients and friends,” Scott said.

Sam Scott, Sunrise president, added, “It was essential for us to find a partner that shared our conviction in providing full-time, fiduciary-driven advice.”

Creative Planning manages approximately $48 billion for clients across all 50 states.

Related Topics: Mergers and Acquisitions, Registered Investment Advisers