Lockton and Creative Planning are partnering to create what they call a “best-in-class advisory offering designed to serve corporate retirement plans and the plans’ participants.”
The two privately held Kansas City-based companies will form a business named “Lockton Retirement Services, an Offering of Creative Planning” in recognition of this shared commitment, according to a press release. With this partnership, Creative Planning[i] will advise on over $210 billion in assets this year.
Lockton says it will take an equity position in Creative Planning “to underscore the firms’ mutual commitment and forge an aligned, tangible and differentiated partnership.”
Since its founding in 2000, Lockton’s retirement practice has supported clients seeking to outsource the fiduciary liability of plan management and investment oversight. That business now services 1,500 clients with more than $110 billion in assets under advisement, according to the firm.
Terms of the deal will not be disclosed. Subject to the completion of regulatory approvals and other conditions, the parties expect the deal to close before the end of the year.
[i] Creative Planning, LLC is an independent wealth management firm that 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 $100 billion in assets across all 50 states and 65 countries as of Nov. 3, 2021.