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

Creative Planning notches seventh deal of 2020 with $700 million RIA
The purchase of Sunrise Advisors marks the first local acquisition for the Kansas-based firm
JUN 23, 2020

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.

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

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

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains