Creative Planning is Set to Enhance its Foothold in the Retirement Sector

The Wealth Advisor Contributor
November 2, 2023

A leading national RIA, Creative Planning, is set to enhance its foothold in the retirement sector with the strategic acquisition of Mesirow Financial's $13 billion corporate retirement advisory division.

Already a powerhouse with an established retirement advisory operation, Creative Planning, headquartered in Overland Park, Kansas, delivers services to an extensive range of plan sponsors. Their current Retirement Services Practice oversees in excess of $137 billion in client assets.

CEO Peter Mallouk praised the retirement team at Mesirow for their dedication to socially responsible investment strategies—a principle embedded in the fabric of the Chicago-based firm since its inception in 1937.

"Their unwavering commitment to bespoke financial solutions and a dedication to social responsibility is in perfect harmony with our principles," Mallouk commented. "They possess the precise expertise to fulfill the retirement requirements of plan sponsors and participants, investors, as well as nonqualified plans."

The retirement division at Mesirow, under the stewardship of David Dermenjian, has recognized Creative Planning as an ideal partner, poised to offer the expanded services and capabilities that come with belonging to a top-tier RIA.

"Our growing business necessitated access to broader scale and capabilities," Dermenjian observed. "Affiliating with Creative Planning empowers us to extend a broader suite of products, services, and technological advancements to our current and prospective clientele."

The leadership team at Mesirow, including Chris Pohlman, Vince Allegra, and Chuck Lawless, collectively manages over 350 retirement plans. Although transitioning its retirement advisory segment, Mesirow will continue to operate its global financial services enterprise, providing investment banking, management, and advisory services, with several RIA entities registered with the SEC.

This acquisition marks another assertive move by Creative Planning, which boasts over $245 billion in AUM and advisement. It follows their bold August announcement of an agreement to acquire Goldman Sachs' Personal Financial Management group, a division established from United Capital, a maneuver signaling Goldman Sachs’ strategic exit from the mass-affluent advisory segment.

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