Creative Planning Adds Goldman as Custodian

By Jeff Berman

News July 24, 2023 at 02:13 PM

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Creative Planning on Monday announced a new, "multibillion-dollar" strategic custody relationship with Goldman Sachs Advisor Solutions (GSAS).

The relationship will give the Overland Park, Kansas-based registered investment advisor access to capabilities that include digitized middle and back office for alternative investments, a fully electronic lending platform, advanced analytics, and product offerings from across Goldman Sachs, the firms said.

The deal follows a year of major growth for Creative Planning that included two recent acquisitions.

Creative Planning acquired BerganKDV, a professional services firm with about $2.5 billion in assets under management and about 600 employees, it said in June.

In March, Creative Planning said it acquired Memphis, Tennessee-based Telarray Advisors, an RIA firm managing $1 billion in client assets.

"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," Peter Mallouk, Creative Planning CEO and president, said in a statement. "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."

The firms "share the same vision of an elevated wealth management experience in an environment where client expectations continue to grow," according to John Waldron, president and chief operating officer of The Goldman Sachs Group.

Creative Planning had over $210 billion in combined AUM and assets under advisement as of Dec. 31 and has continued plans for growth throughout 2023, it said.

Pictured: Peter Mallouk

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