Creative Planning today unveiled a new multi-billion-dollar strategic custody relationship with Goldman Sachs Advisor Solutions (GSAS) that will enable the Overland Park, Kan.-based registered investment advisor (RIA) to provide institutional grade custody solutions to their clients.
“By deepening our partnership with Goldman Sachs, our custody relationship allows us to benefit from an expanded set of capabilities and access to their unique products, services, and intellectual capital.”
Creative Planning’s Peter Mallouk
As a result of the deal, Creative Planning, an independent wealth management firm that is one of the largest RIAs in the country, will have access to Goldman Sachs’ expansive range of capabilities. This includes GSAS’ digitized middle and back office for alternative investments, fully electronic lending platform, advanced analytics, and product offerings from across the firm.
“This important engagement with Goldman Sachs comes at a pivotal moment as we continue to elevate Creative’s offering to meet our clients’ complex financial needs,” said Peter Mallouk, President and CEO of Creative Planning. “By deepening our partnership with Goldman Sachs, our custody relationship allows us to benefit from an expanded set of capabilities and access to their unique products, services, and intellectual capital.”
New York-based Goldman Sachs Advisor Solutions is a brand of Folio Investments, Inc., doing business as Goldman Sachs Custody Solutions (GSCS) and Goldman Sachs & Co. LLC (GS&Co.), which are subsidiaries of The Goldman Sachs Group, Inc.
“We share the same vision of an elevated wealth management experience in an environment where client expectations continue to grow,” said John Waldron, President and Chief Operating Officer of The Goldman Sachs Group, Inc. “Our partnership brings together Creative Planning’s differentiated and comprehensive approach to financial planning with Goldman Sachs’ institutional product access and thought leadership through our One Goldman Sachs model.”
Creative Planning has more than $210 billion in combined assets under management and advisement as of December 2022, with continued plans for growth throughout 2023. The past year has been one of significant growth at Creative Planning, with several acquisitions including two in recent months.
In June, BerganKDV, led by CEO Dave Hinnenkamp, joined forces with Creative Planning to become Creative Planning for Business. The deal brought 600 new employees into the Creative Planning fold. In March, Creative Planning announced the acquisition of fee-only fiduciary Telarray Advisors, which brought $1 billion in AUM and 18 new employees to the company.
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• Creative Planning Continues Its Acquisition Spree