Creative Planning concludes its first 2021 agreement and opens a non-profit organization
What would you like to know
- Creative Planning has acquired Castle Wealth Advisors, a family office with $ 320 million in assets.
- The company and its CEO have founded a nonprofit organization to provide free financial education to children and adults.
- Pathway Financial Education aims to tackle racial injustice and inequity in underserved areas, Mallouk says.
Creative Planning has announced its first acquisition for 2021, following a buying frenzy that has swept through 13 companies in the past two years.
The Overland Park, Kansas-based RIA, with more than $ 76 billion in assets, has acquired Castle Wealth Advisors, a family office based in Indianapolis, Indiana, with $ 320 million in assets. Castle Wealth provides comprehensive personal and business financial services, including business valuation services. Terms of the acquisition were not disclosed.
âCastle is a well-established company with an innovative approach that aligns perfectly with our values ââand vision,â Peter Mallouk, CEO of Creative Planning, said in a statement.
The acquisition follows Creative Planning’s purchase of Iron Financial’s $ 6 billion retirement division, which was made public in February but actually closed late last year.
Castle was founded in 1973 by Gary Pittsford, the first president of the National Association of Personal Financial Advisors (NAPFA) and is Indiana’s oldest paid-for financial consulting firm.
âWe are now able to serve our customers in ways that we simply couldn’t before,â said Pittsford, President and CEO of Castle. âCreative planning has the scale and expertise to make sure we can over-deliver to our clients.â
Free financial education in underserved areas
In separate news, Creative Planning and Mallouk established a nonprofit organization that provides free financial education and training to small business owners and others in underfunded communities, starting with the Historic Jazz District on the corner of 18th and Vine in Kansas City. .