Creative Planning is extending its 2020 buying spree and just struck its biggest to date — buying the $6 billion retirement division of Iron Financial, which is based in Northbrook, Illinois, and has 15 employees.
“We are excited to bring the Iron Financial retirement division into our fold,” Creative Planning CEO Peter Mallouk said in a statement. “Iron Financial is a well-established firm with an innovative approach that aligns perfectly with our values and vision.”
Terms of the deal were not disclosed.
“Creative Planning stood as the clear choice for us,” said Richard Friedman, head of corporate retirement services at Iron Financial, in a statement. He cited its “best-in-class, industry-leading fiduciary offering.”
The deal will help “expand the scale and offering” of those services, providing “a broader investment policy and research team, expanded technology, greater scale and more services,” Friedman added.
The latest acquisition follows about 10 other deals announced by Creative Planning last year. With the Iron purchase, Creative Planning — based in Overland Park, Kansas — has close to $70 billion in assets under management.
Mallouk told ThinkAdvisor the firm will continue to look for more acquisitions, ones that strengthen its presence in major markets, include new offices in secondary markets and with firms that share its culture, investment approach and focus on financial planning.