Lockton and Creative Planning announce agreement to join forces creating a market leading retirement practice

Innovative partnership creates best in class offering in the retirement advisory industry   

Lockton and Creative Planning today announced that the two privately held Kansas City-based companies are partnering to create a best-in-class advisory offering designed to serve corporate retirement plans and the plans’ participants. The business itself will be named “Lockton Retirement Services, an Offering of Creative Planning” in recognition of this shared commitment. 

In the spirit of partnership and shared vision, Lockton will take an equity position in Creative Planning to underscore the firms’ mutual commitment and forge an aligned, tangible and differentiated partnership.

“Our mutual clients are looking for a more robust retirement offering,” said Peter Mallouk, Creative Planning. “Given today’s war for talent, employers looking to stand out must meet the holistic retirement and financial advice needs of their staff.  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.”

Leveraging the strengths of each firm, the partnership is designed to deliver unparalleled value for companies and their employees, meet current and future client needs, and create more career growth opportunities for the firms’ people. With this partnership, Creative Planning will advise on over $210 billion in assets this year.

We have long admired what Peter Mallouk has built at Creative Planning and feel the opportunity to partner with his firm is consistent with our goal to be the best and not the biggest,” said Ron Lockton, Chairman of Lockton. “Importantly, our cultural values around client service and caring for people are in perfect alignment. The synergy between our cultures will undoubtedly provide fertile soil for continued innovation and a best-in-class service platform.”

Since its founding in 2000, Lockton’s retirement practice has been a valued service for clients seeking to outsource the fiduciary liability of plan management and investment oversight. That business has rapidly grown and now services 1,500 clients with more than $110 billion in assets under advisement.

“This alliance is something only our two firms together could do,” said Peter Clune, Lockton CEO. “Each firm brings a complementary best-in-class service offering to create an end-to-end solution for companies seeking to provide deeper resources to their people. This approach accelerates the speed to market of our differentiated offering and will fuel growth for each firm, creating immediate value for our mutual clients.”

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.

About Lockton

What makes Lockton stand apart is also what makes us better: independence. Lockton's private ownership empowers its 8,000 Associates doing business in over 125 countries to focus solely on clients' risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. 

For 13 consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." Lockton was named among the 2021 Best Managed Companies by Deloitte and the Wall Street Journal, a program that recognizes excellence and honors private companies for their strategy, execution, culture, and financials.

About Creative Planning

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 November 3, 2021.

Categories: