Creative Planning Adds Goldman Custody Platform

Creative Planning LLC, the retirement plan advisory and wealth manager, announced Monday it has started a multi-billion-dollar strategic custody relationship with the Goldman Sachs Group Inc.’s adviser solutions platform.

Creative Planning advisers, with more than $210 billion in assets under management and advisement, will have access to Goldman Sachs Adviser Solutions “institutional grade” custody solutions, according to the announcement. Those services will include GSAS’ middle and back office for alternative investments, electronic lending platform, advanced analytics and other product offerings.

“Goldman offers robust capabilities related to alternative investments, lending, and research,” Jim Williams, chief investment officer at Creative Planning, wrote in an emailed response. “In addition, Goldman built the platform with a technology-focused mindset integrating a digital-first infrastructure resulting in operational efficiency. In combination, Goldman offers a unique set of platform tools built on best-in-class technology, creating operational efficiency, and expanding our potential solutions to meet clients’ goals.”

The relationship with Goldman will not replace custodian relationships Creative Planning has with Charles Schwab Corp. and TD Ameritrade, which was acquired by Schwab earlier this year.

“The Goldman platform will be evaluated based on what is in the best interest of our clients when determining where to hold each client’s account,” Williams wrote. “We’re adding Goldman Sachs as a custodian since they bring unique capabilities for our clients as they continue to grow their personal wealth [practice.]”

In comparison to other custody solution providers, Goldman also offered Creative Planning a platform that was “built from the ground up using today’s technology, [versus] trying to upgrade a platform built on legacy software,” Williams wrote.

Goldman has been building its custodial services for RIAs in recent years after the 2020 acquisition of Folio Investments Inc., as it seeks to build business beyond institutional investors. The New York-based firm is competing with legacy custodians such as Schwab/TD Ameritrade, Fidelity Investments and LPL Financial Holdings Inc.

Creative Planning, with headquarters in Overland Park, Kansas, has been building through acquisition in recent years, with two purchases in 2023 and “continued plans for growth throughout 2023,” according to the announcement. The RIA acquired advisory BerganKDV, with $2.5 billion in assets under management, in June, and Telarray Advisors, with $1 billion in AUM, in March.