Creative Planning has made a second acquisition, adding a 401(k) provider to boost its retirement plan business, the company says.
The firm, named America’s Best 401k, is led by founder and president Tom Zgainer, who will remain in his role, according to a press release from Creative Planning.
Creative Planning had already been working with America’s Best 401k as its 3(38) investment fiduciary and RIA, Creative Planning says. The companies didn’t disclose the financial terms of the deal.
In March, Creative Planning made its first-ever acquisition, adding the Johnston Group, a Minneapolis-based RIA overseeing $500 million.
"We entered the acquisition market earlier this year with the acquisition of the Johnston Group and we’re excited to continue down this growth path," Peter Mallouk, Creative Planning’s CEO, says in the press release. "We’ve been lucky to work with some of the best in the industry and partner with firms that share our values and vision. The retirement business is ripe for growth; and acquiring America’s Best 401k will allow us to stay at the forefront of the 401(k) industry."
Creative Planning has grown its assets under management from $34 million in 2004 to more than $43 billion today, the company says.
It now has more than 650 employees serving clients in all 50 states, according to the company.
Creative Planning made headlines in May following its split with the self-help guru Tony Robbins following allegations of sexual misconduct against him.
Robbins had been working with Creative Planning for close to a decade, Ajay Gupta, the RIA’s former head, told FA-IQ in 2016, when the motivational speaker was named Creative Planning’s chief of investor psychology.
Mallouk told RIABiz this May that Robbins’ separation from the firm had been the result of months of negotiations.