What You Need to Know
- Creative Planning acquired Castle Wealth Advisors, a family office with $320 million in assets.
- The firm and its CEO have founded a nonprofit organization to provide free financial education to kids and adults.
- Pathway Financial Education is intended to address racial injustice and inequity in underserved areas, Mallouk says.
Creative Planning has announced its first acquisition for 2021, following a buying spree that swept up 13 firms over the past two years.
The Overland Park, Kansas-based RIA with over $76 billion in assets acquired Castle Wealth Advisors, a family office based in Indianapolis, Indiana, with $320 million in assets. Castle Wealth provides comprehensive personal and business financial services, including business valuation services. Terms of the acquisition were not disclosed.
“Castle is a well-established firm with an innovative approach that aligns perfectly with our values and vision,” said Peter Mallouk, Creative Planning CEO, in a statement.
The acquisition follows Creative Planning’s purchase of the $6 billion retirement division of Iron Financial, which was publicly reported in February but actually closed late last year.
Castle was founded in 1973 by Gary Pittsford, the first president of the National Association of Personal Financial Advisors (NAPFA) and is the oldest fee-only financial advisory firm in Indiana.
”We are now able to serve our clients in ways we simply couldn’t before,” said Pittsford, Castle’s president and CEO. “Creative Planning has the scale and expertise to make sure we can over-deliver to our clients.”
Free Financial Education in Underserved Areas
In separate news, Creative Planning and Mallouk have established a nonprofit organization that provides free financial education and training to small-business owners and other individuals in under-resourced communities, starting with the historic jazz district at the corner of 18th and Vine in Kansas City.