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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
