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.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Additional investment and partnership will see joint development of wealth management, brokerage and digital asset platforms.
Rising drug and outpatient costs are pushing plan members to demand more financial guidance and most insurers are falling short.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors.
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
