Creative Planning, Goldman Sachs Strike Multi-Billion-Dollar Custody Deal
Registered investment advisor (RIA) giant Creative Planning has struck a multi-billion-dollar custody deal with the Goldman Sachs Group Inc.’s advisor solutions platform.
Starting this quarter, the relationship with the Goldman Sachs Advisor Solutions (GSAS) will give the $210 billion RIA, who is minority-backed by General Atlantic, access to middle and back office for alternative investments, an electronic lending platform, advanced analytics, and various product offerings.
“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,” said Peter Mallouk, President and CEO of Creative Planning.
The collaboration will not replace custodian relationships Overland Park, KS-based Creative Planning has with Charles Schwab Corp. and TD Ameritrade, which was acquired by Schwab earlier this year.
Following the 2020 acquisition of Folio Investments Inc., Goldman has been expanding its custodial services for RIAs in recent years as it attempts to expand its business beyond institutional investors. Legacy custodians like as Schwab/TD Ameritrade, Fidelity Investments, and LPL Financial Holdings Inc. compete with the New York-based business.
Since May, five billion-dollar-plus RIAs, including $5.7 billion NewEdge Wealth and $2 billion Ashton Thomas Private Wealth, have acknowledged linked with Goldman.
Creative Planning has been building through acquisition in recent years, with two purchases in 2023. The RIA acquired $2.5 billion advisory BerganKDV in June, and $1 billion Telarray Advisors in March.
