Creative Planning Inc., one of the nation’s largest Registered Investment Advisers (RIAs), announced Feb. 4 it has acquired the retirement division of Northbrook, Ill.-based IRON Financial, which has 15 employees and a total of $6 billion in assets under management.
Terms of the deal were not disclosed.
“We are excited to bring the IRON Financial retirement division into our fold,” said Creative Planning Chief Executive Officer Peter Mallouk. “IRON Financial is a well-established firm with an innovative approach that aligns perfectly with our values and vision.”
IRON Financial was founded in 1994 by Aaron Izenstark and Howard Nixon—two former bond traders who set out to create a new paradigm in investment management, with a focus on providing the highest-quality investments at the lowest cost.
“We have built one of the premier fiduciary services in the country and knew it was time to expand our scale and offering,” said Richard Friedman, head of corporate retirement services at IRON Financial. “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.”
The $6 billion acquisition of IRON Financial’s retirement division is the biggest ever for Creative Planning, which in itself is more than the $4.92 billion in assets added through eight different acquisitions in all of 2020.
In fact, no other company acquired more RIA firms in 2020, as DeVoe & Company’s RIA Deal Book’s fourth-quarter 2020 edition lists CI Financial, Hightower Advisors and Creative Planning as all acquiring eight RIAs last year.
“Creative Planning showed its scope with acquisitions ranging in size from $126MM to $1.7B in AUM, and in locations from Georgia to Texas to the Midwest,” the DeVoe RIA Deal Book report notes.
Among Creative Planning’s 2020 RIA firm acquisitions were America’s Best 401(k); Sunrise Advisors in Leawood, Kan., Miller Financial Management in Muncie, Ind.; and Lenox Wealth Management in Cincinnati.
Overland Park, Kan.-based independent wealth management firm Creative Planning provides a financial planning-led investment management approach, retirement planning, estate planning, trust services, tax advice, and family office services for individuals as well as 401(k) and institutional money management. Creative Planning manages over $69 billion in assets across all 50 states.
SEE ALSO:
- Creative Planning’s Peter Mallouk on What’s Right (and Really Wrong) With 401ks
- Scale Takes Center Stage as RIAs Continue to Compete
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
