Creative Planning, the Overland Park, Kan.-based registered investment advisor with more than $370 billion in assets under management and advisement, has agreed to acquire SageView Advisory Group, a retirement-focused RIA which had $235 billion in AUM and AUA as of the end of 2024, according to sources close to the firms.
SageView has been majority owned by Aquiline Capital Partners, a financial services and tech-focused private equity firm, since early 2021. Citywire.com reported in May that Aquiline was exploring a sale of the retirement plan-focused RIA.
SageView was founded in 1989 by Randy Long, who now serves as chairman. In 2023, the firm hired John Longley, a former SVB Private president, to replace Long as CEO.
When asked about the transaction, Long declined to comment. Creative Planning CEO Peter Mallouk did not return requests for comment prior to publication.
SageView is one of the original retirement plan advisor aggregators, alongside Captrust and what is now Hub. Captrust was one of the firms in the running for SageView, sources said.
“There is a sense of urgency to capitalize on the convergence of retirement and wealth,” said Matthew Eickman, managing partner, Fiduciary Law Center, who was not involved with the deal. “Although one needs to know the terms of a deal—and have a crystal ball—to be able to fully evaluate it, this one makes a lot of sense, particularly against the backdrop of that urgency.”
Since Aquiline took ownership, SageView has been actively working to add wealth management capabilities alongside its retirement business. The firm has targeted wealth and retirement practices in geographically strategic areas where it can expand those services.
Just last month, SageView announced its acquisition of CAP STRAT, an Oakbrook Terrace, Ill.-based institutional retirement plan consulting and wealth management firm. CAP STRAT brings $25 billion in assets, including $750 million in wealth business and more than $24 billion in institutional assets under administration.
Meanwhile, Creative Planning has been quickly building up a significant retirement plan advisor business over the last several years, buying IRON Financial’s retirement division, Lockton’s $110 billion retirement plan business and Mesirow’s corporate retirement advisory services business. Its retirement plan business now encompasses over $210 billion in AUM and AUA, with more than 6,000 plans under its advisement, according to Creative Planning’s website.
Eickman called Mallouk “one of the industry’s strongest and forward-looking leaders,” and noted Creative Planning’s focus on the retirement space.
However, Eickman continued, “We also know from retirement M&A activity across the country that it’s not as simple as counting the number of dollars or participants in a retirement plan practice. To succeed with a convergence strategy, a firm needs a participant focus and experience working with participants, mixed in with technology and a sound strategy.”
He said SageView is bringing more than just retirement assets with a deal, as it has also built out participant education and wellness programs. Eickman, who works with firm founder Jason Roberts, said the two spend “an increasing amount of time” working with clients on convergence strategies as the industry seeks to work with participants for both in-plan and out-of-plan assets.