Kansas-based RIA Creative Planning has acquired the retirement division of Illinois-based IRON Financial that oversees $6bn in assets.
Financial terms of the deal were not revealed.
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Creative, which specialises in financial planning focused investment management approach, also offers estate planning, trust services, tax advice and family office services to individuals and institutions.
Similar to IRON Financial’s retirement plan business, the company is said to serve as a fiduciary, third-party administrator and mainly work with direct-write plans.
The purchase of the unit is said to expand the client base for Creative.
Creative Planning CEO Peter Mallouk said: “We are excited to bring the IRON Financial retirement division into our fold.
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By GlobalData“IRON Financial is a well-established firm with an innovative approach that aligns perfectly with our values and vision.”
IRON Financial head of corporate retirement services Richard Friedman said: “We have built one of the premier fiduciary services in the country and knew it was time to expand our scale and offering.
“When it comes to a best-in-class, industry-leading fiduciary offering, Creative Planning stood as the clear choice for us. This helps us serve our clients and team better by providing a broader investment policy and research team, expanded technology, greater scale and more services.”
Creative’s continuing growth trajectory
The latest deal continues Creative Planning’s acquisition spree.
Last September, the company snapped up Atlanta, Georgia-based peer TrueWealth, marking its largest acquisition till then.
The other acquisitions made by the firm include Miller Financial Management and Lenox Wealth Management, Thun Financial Advisors, Starfire Investment Advisers, Sunrise Advisors, and Coe Financial Services.
Last February, private equity firm General Atlantic picked a minority stake in Creative Planning.
