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Industry Spotlight > RIAs

Creative Planning to Buy $110B Retirement Unit

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What You Need to Know

  • The new business will be known as Lockton Retirement Services, an Offering of Creative Planning.
  • As part of the arrangement, Lockton will take a minority interest in Creative Planning.
  • Terms of the deal, which is expected to close before year-end, were not disclosed.

Creative Planning and Lockton Companies have announced a new partnership to provide advisory services to corporate retirement plans and their participants.

Creative Planning will buy Lockton’s retirement services unit, according to a company spokesperson. Terms of the deal between the Kansas City, Missouri-based private companies were not disclosed, though the firms said they expected the transaction to close by year-end.

The business will be called Lockton Retirement Services, an Offering of Creative Planning. As part of the arrangement, Lockton will take an equity position in Creative Planning “to underscore the firms’ mutual commitment,” according to a joint announcement.

The new partnership will bring $110 billion in assets under advisement to Creative Planning, which recently said it had reached $100 billion in assets under management, according to CEO Peter Mallouk.

“Our mutual clients are looking for a more robust retirement offering,” Mallouk said Thursday in a statement about the Lockton deal. “The Lockton-Creative Planning partnership will help our clients create more value for their people through personal retirement, estate planning, legal, tax and other advice resources, which they would otherwise not have access to. It also broadens the range of organizational advisory services available to them.”

The partnership should also create more career growth opportunities for the employees of both firms.

“Our cultural values around client service and caring for people are in perfect alignment,” according to Lockton Chairman Ron Lockton. “The synergy between our cultures will undoubtedly provide fertile soil for continued innovation and a best-in-class service platform.”


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