Creative Planning to acquire SageView, creating $640B RIA giant

Creative Planning has agreed to acquire SageView Advisory Group, a move that will unite two of the largest independent RIAs and further expand Creative Planning’s reach in both the wealth and retirement plan markets.

The combined firm will represent $640 billion in client assets, serving more than 80,000 private wealth clients and 11,800 retirement plans across all 50 states and more than 90 countries, according to a statement released Thursday.

The transaction will see Aquiline, which has been SageView’s majority owner since 2021, exit its stake in the firm.

Peter Mallouk, president and CEO of Creative Planning, said SageView’s reputation in retirement plan consulting will strengthen the firm’s growing retirement services business.

“This deal provides incredible scale and brings together exceptional talent from both firms to serve our clients and advance our retirement and wealth management capabilities,” Mallouk said in the announcement.

SageView, founded in 1989 by Randy Long, has evolved from a retirement plan advisory firm to one that also offers wealth management, reflecting a broader industry trend of integrating financial planning with retirement services.

As of June 30, SageView managed or advised on $250 billion in assets, with advisors in 36 locations nationwide.

SageView CEO John Longley said the firm’s growth under Aquiline – which had included its acquisition of CAP STRAT in August – made it necessary to find a partner for the next phase.

He added that joining Creative Planning will allow SageView to leverage its expertise and “become the premier wealth management and retirement plan consulting firm.”

The deal continues a string of acquisitions for Creative Planning, which has built its scale through both organic growth and targeted deals. In recent months, the firm has added Grassi Investment Management in California, with $1.3 billion in assets, and Mosaic Pacific in Hawaii, which brought $430 million in assets under management.

Creative Planning has also made significant moves in the retirement plan space, including the 2023 acquisition of Mesirow’s corporate retirement advisory services team and its 2021 purchase of Lockton Retirement Services.

As of June 30, Creative Planning oversaw $202 billion in institutional retirement plan assets. Including its affiliates, the firm had more than $390 billion in combined AUM and assets under advisement as of September 30.

The merger comes as competition intensifies among the largest RIAs. Corient, for example, recently announced a trans-Atlantic double deal that would boost its assets under advisement to $430 billion and expand its international presence, while Mariner’s acquisition of Cardinal Investment Advisors in January added $292 billion to its institutional division, bringing its total assets under advisement to $550 billion.

Rich Rosenbaum, partner at Aquiline, said the investment firm is proud to have helped SageView expand its leadership and wealth management capabilities. “We believe Creative Planning is well positioned to support SageView’s continued growth, and we wish the team success in this next chapter,” Rosenbaum said.

The transaction is expected to close following regulatory approvals. Financial terms were not disclosed.