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Insurance broker, wealth manager join forces to create advisory firm

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Insurance firm Lockton Cos. and wealth management firm Creative Planning are forming an advisory offering for U.S. corporate retirement plans and their participants.

The combined partnership of the firms’ retirement practices will be known as Lockton Retirement Services, an Offering of Creative Planning.

To form the partnership, Creative Planning is purchasing Lockton’s U.S. retirement services practice, which has $110 billion in assets under advisement, giving Creative Planning a total of $210 billion in AUA, a spokeswoman said.

Also, Lockton will take an undisclosed equity position in Creative Planning as part of the partnership agreement, which is subject to regulatory approval and is expected to close before the end of the year, she said.

Terms of the deal are not being disclosed.