Creative Planning

Creative Planning was founded in 1983{{Cite news|last=Welsch|first=Andrew|date=August 28, 2023|title=Goldman Deal Supercharges Creative Planning’s Growth |url=https://www.barrons.com/advisor/articles/goldman-sachs-sells-united-capital-to-creative-planning-peter-mallouk-cf6fb198 |access-date=September 9, 2024 |work=Barron's |quote=The company was founded in 1983 and Mallouk has led the firm since 2004.}} in Overland Park, Kansas, a suburb of Kansas City, Missouri.{{cite news |title=Long-term care policy preferable |date=July 23, 1995 |work=The Kansas City Star |via=Nexis |quote=This week: Stewart S. Koesten, CFP, Creative Planning Inc., Overland Park.}} The business initially operated as a small division within a larger financial services provider.{{Cite web |last=Paikert |first=Charles |date=October 2, 2023 |title=How Peter Mallouk, the man of the moment, rose to the top |work=Citywire RIA

|url=https://citywire.com/ria/news/how-peter-mallouk-the-man-of-the-moment-rose-to-the-top/a2427124 |access-date=September 9, 2024 |quote=Then another twist of fate: a childhood friend asked Mallouk to meet with his father, Dave Hokinson, who owned a financial services firm that specialized in life and disability insurance for doctors. The firm also had a small division called Creative Planning that helped clients with financial planning and asset management.}} In 1999, Peter Mallouk began working as an estate planner for the firm{{Cite news|url=https://www.forbes.com/sites/saranyakapur/2013/04/10/fastest-growing-ria-creative-planning/|title=Fastest Growing RIA: Creative Planning|last=Kapur|first=Saranya|date=April 10, 2013|work=Forbes|access-date=September 9, 2024|language=en |quote=Mallouk first worked for Creative Planning for five years as an estate planner before buying it in 2004.}} and performing other consulting functions in his capacity as an attorney.{{Cite web |last=Paikert |first=Charles |date=October 2, 2023 |title=How Peter Mallouk, the man of the moment, rose to the top |work=Citywire RIA

|url=https://citywire.com/ria/news/how-peter-mallouk-the-man-of-the-moment-rose-to-the-top/a2427124 |access-date=September 9, 2024 |quote=The team that ran Creative Planning had left and Hokinson asked Mallouk to take a look at the operation, which had about 30 clients. ‘I don’t know why there was a whole team here,’ he told Hokinson. ‘I think I can do this myself.’ Mallouk began a six year stretch spent helping the doctor manage his office and doing portfolio management at Creative Planning using American Funds. At the same time, he was giving tax advice and drawing up estates and trusts for clients of financial advisors in Kansas City as an attorney.}} He acquired Creative Planning in 2004. The division was managing $34 million in assets at the time{{Cite news|url=https://www.nytimes.com/2017/06/21/business/dealbook/a-kansas-investment-firm-spurring-change-on-wall-street.html|title=A Kansas Investment Firm Spurring Change on Wall Street|last=Thomas Jr.|first=Landon|date=June 21, 2017|work=The New York Times|access-date=October 25, 2018|language=en}} and had around 30 clients.

Mallouk focused on growing the firm organically.{{Cite news|last=Welsch|first=Andrew|date=August 28, 2023|title=Goldman Deal Supercharges Creative Planning’s Growth |url=https://www.barrons.com/advisor/articles/goldman-sachs-sells-united-capital-to-creative-planning-peter-mallouk-cf6fb198 |access-date=September 9, 2024 |work=Barron's |quote=In its early years, the firm focused on organic growth.}} By 2007, Creative Planning's assets under management (AUM) had expanded to $591 million and Barron's identified Mallouk as one of the country's top independent financial advisers.{{Cite news |date=August 27, 2007| title=The Top 100|work=Barron's|url=http://online.wsj.com/public/resources/documents/BA_Top100_082707.pdf |format=PDF |access-date=September 9, 2024}} In 2011, Creative Planning reached $2 billion in AUM{{Cite news |last=Dornbrook |first=James |date=April 8, 2011| title=Creative Planning sees client referrals pay off; Leawood-based adviser quadruples assets under management since 2008 |work=Kansas City Business Journal |publisher=American City Business Journals |via=Nexis |quote=Leawood-based Creative Planning Inc. recently topped $2 billion in assets under management, quadrupling in size since 2008.}} with around 1,200 clients.{{Cite news |last=Dornbrook |first=James |date=April 8, 2011| title=Creative Planning sees client referrals pay off; Leawood-based adviser quadruples assets under management since 2008 |work=Kansas City Business Journal |publisher=American City Business Journals |via=Nexis |quote=Mallouk said the firm now has about 1,200 clients. It has gone from six advisers to 20 in the past two to three years and hired seven employees in the past four months.}} In 2014, Creative Planning surpassed $10 billion in AUM.{{Cite news |last=Dornbrook |first=James |date=April 4, 2014| title=Leawood advisory firm tops $10B in assets |work=Kansas City Business Journal |publisher=American City Business Journals |quote=After only 10 years in business, Leawood-based Creative Planning Inc. surpassed $10 billion in assets.}} The Kansas City Business Journal noted that Creative Planning's growth "occurred without making any acquisitions or having an affiliation with a trust company or bank."{{Cite news |last=Dornbrook |first=James |date=April 4, 2014| title=Leawood advisory firm tops $10B in assets |work=Kansas City Business Journal |publisher=American City Business Journals |quote=Creative Planning's growth occurred without making any acquisitions or having an affiliation with a trust company or bank. Instead, its success stems from a focus on investment performance, experienced people and an ability to offer comprehensive wealth management services.}}

In 2015, Barron’s ranked Creative Planning as the country's top independent financial advisor.{{Cite web |last=Barthel |first=Matthew |title=Independent Advisors: 2017's Top 100 |url=https://www.barrons.com/articles/independent-advisors-2017s-top-100-1505531132 |access-date=2022-06-13 |website=www.barrons.com |language=en-US}} By 2017, the company had grown its AUM to $26.2 billion with advisors located in more than 30 states, and clients in all 50 US states.{{Cite news|url=https://www.kansascity.com/news/business/article89332212.html|title=Financial writer Jonathan Clements joins Leawood-based Creative Planning|last=Davis|first=Mark|date=July 13, 2016|work=The Kansas City Star|access-date=October 26, 2018|language=en}}

In 2018, a $200,000 fine by the U.S. Securities and Exchange Commission against the firm was the result of a series of radio advertisements heard in live and pre-recorded broadcasts by a radio show host who was a client of the firm. The host gave testimonials for the firm in violation of the Investment Advisers Act of 1940. In addition to the fine, the firm was censured and agreed to a cease and desist order.{{cite news|last1=Davis|first1=Mark|title=JoCo investment adviser fined $200K for radio ads with forbidden testimonials|url=https://www.kansascity.com/news/business/article218609695.html|accessdate=November 19, 2018|publisher=Kansas City Star|date=September 19, 2018}}{{cite web|title=In the Matter of CREATIVE PLANNING, INC. AND PETER A. MALLOUK, Respondents|url=https://www.sec.gov/litigation/admin/2018/ia-5035.pdf|publisher=U.S. Securities and Exchange Commission|accessdate=November 19, 2018|date=September 18, 2018}} Mallouk stated that he was unaware of the content of the ads. He was also fined $50,000 at the same time, for a failure to report investments by family members in the firm.{{cite news|last1=Mallouk|first1=Peter|title=After settling with the SEC for $250,000 over two compliance issues, Peter Mallouk explains what he quietly and painfully experienced as his RIA grew from $15 billion to $36 billion|url=https://riabiz.com/a/2018/9/17/after-settling-with-the-sec-for-250000-over-two-compliance-issues-peter-mallouk-explains-what-he-quietly-and-painfully-experienced-as-his-ria-grew-from-15-billion-to-36-billion|accessdate=November 19, 2018|publisher=RIABiz|date=September 18, 2018}}

In February 2019, Creative Planning acquired The Johnston Group, a Minneapolis-based registered investment advisor (RIA) that oversaw $500 million.{{Cite news|last=Welsch|first=Andrew|date=August 28, 2023|title=Goldman Deal Supercharges Creative Planning’s Growth |url=https://www.barrons.com/advisor/articles/goldman-sachs-sells-united-capital-to-creative-planning-peter-mallouk-cf6fb198 |access-date=September 9, 2024 |work=Barron's |quote=That strategy shifted in 2019 when Creative Planning made its first acquisition by buying The Johnston Group, a Minneapolis-based RIA that then oversaw $500 million. In a statement at the time of the acquisition, Mallouk said it was clear that there were other wealth management firms “that can fit right into our model as we continue bringing fiduciary advice to Americans from coast to coast.” More acquisitions followed, expanding Creative Planning’s size and geographic reach across the U.S.}} The deal was Creative Planning's first acquisition and represented a pivot from its strictly organic growth strategy.{{Cite web |date=February 26, 2019 |title=Creative Planning makes first acquisition, adding $500 million in AUM |work=InvestmentNews |url=https://www.investmentnews.com/rias/creative-planning-makes-first-acquisition-adding-500-million-in-aum/78348 |access-date=June 11, 2024}} In a statement, Mallouk said that other wealth management firms could "fit right into our model as we continue bringing fiduciary advice to Americans from coast to coast.”

Two more acquisitions followed that same year—America’s Best 401k in September{{Cite news|last=Snel|first=Ross|date=September 24, 2019|title=Creative Planning Buys Low-Fee 401(k) Provider|url=https://www.barrons.com/articles/creative-planning-buys-low-fee-401-k-provider-51569351576 |access-date=September 9, 2024|work=Barron's}} and the McLean, Virginia-based OptiFour in November.{{Cite news|last=Snel|first=Ross|date=November 20, 2019|title=Creative Planning Continues Down Acquisition Road|url=https://www.barrons.com/articles/creative-planning-continues-down-acquisition-road-51574263287 |access-date=November 25, 2019 |work=Barrons}} These deals expanded Creative Planning’s size and geographic reach.

In February 2020, Creative Planning accepted its first outside capital when it sold a minority stake in the firm to General Atlantic, a private equity firm.{{Cite web|last=Snel|first=Ross|date=February 10, 2020|title=Creative Planning Taps Private Equity|url=https://www.barrons.com/articles/creative-planning-taps-private-equity-51581349150|url-status=live|access-date=2021-11-27|website=Barrons|language=en-US|archive-url=https://web.archive.org/web/20200625212041/https://www.barrons.com/articles/creative-planning-taps-private-equity-51581349150 |archive-date=June 25, 2020}} More acquisitions soon followed, including the Illinois-based Iron Financial with $6 billion in AUM and the Virginia-based Sullivan Bruyette Speros & Blayney with $5 billion in AUM.{{Cite news|last=Dornbrook|first=James|date=May 4, 2021|title=Creative Planning's latest acquisition adds $5B in assets |url=https://www.bizjournals.com/kansascity/news/2021/05/04/creative-planning-sbsb-acquisition-mallouk.html |access-date=September 9, 2024}} By November 2020, Creative Planning had completed 11 acquisitions for a total of $7.2 billion in assets.{{Cite web|last=Dornbrook|first=James|date=2020-11-06|title=Creative Planning's Mallouk is a Kansas City guy|url=https://www.bizjournals.com/kansascity/news/2020/11/06/creative-planning-peter-mallouk.html|url-status=live|access-date=2021-11-27|website=Kansas City Business Journal|archive-url=https://web.archive.org/web/20201106130114/https://www.bizjournals.com/kansascity/news/2020/11/06/creative-planning-peter-mallouk.html |archive-date=November 6, 2020}} These deals and acquisitions that soon followed allowed Creative Planning to add or expand service offerings, including retirement plan services{{Cite web |date=November 11, 2021 |title=Creative Planning picks up Lockton's U.S. retirement business |work=InvestmentNews |url=https://www.investmentnews.com/rias/creative-planning-picks-up-locktons-us-retirement-business/214008 |access-date=September 23, 2024}} and expatriate services.{{Cite web |last=Wenik |first=Ian |date=July 14, 2020 |title=Creative Planning buys $600m expat-focused RIA |work=Citywire

|url=https://citywire.com/ria/news/creative-planning-buys-600m-expat-focused-ria/a1380283 |access-date=September 23, 2024}}{{Cite news |date=January 20, 2022 |title=Creative Planning Acquires Reilly Financial With $2B AUM |url=https://www.fa-mag.com/news/creative-planning-acquires-reilly-financial-with--2b-aum-65980.html |access-date=October 1, 2024 |work=Financial Advisor}}

In April 2021, Creative Planning launched Pathway Financial Education, a Kansas City-based nonprofit organization providing financial education to small business owners and under-resourced communities.{{Cite web |title=Creative Planning Strikes Its First 2021 Deal, Opens Nonprofit |url=https://www.thinkadvisor.com/2021/04/27/creative-planning-strikes-its-first-2021-deal-opens-nonprofit/ |access-date=2022-06-13 |website=ThinkAdvisor}}{{Cite web |title=Creative Planning launches nonprofit Pathway Financial Education |url=https://www.bizjournals.com/kansascity/news/2021/04/13/creative-planning-pathway-financial-education.html |access-date=2022-06-13 |website=www.bizjournals.com}} BlackRock, Dimensional Fund Advisors, and other financial advisory firms backed the initiative.{{Cite news|last=Dolan|first=Nicole|date=January 7, 2022|title=Nearly a year after launch, Creative Planning nonprofit digs deeper into financial literacy |url=https://www.bizjournals.com/kansascity/inno/stories/news/2022/01/07/pathway-financial-education-bridges-financial-gap.html |access-date=September 9, 2024}}

In November 2021, the firm announced that it surpassed $100 billion in AUM.{{Cite news|last=Garmhausen|first=Steve|date=November 3, 2021|title=Creative Planning Achieves $100 Billion in Assets—and Aims for Much More|url=https://www.barrons.com/advisor/articles/creative-planning-peter-mallouk-100-billion-51635944258 |access-date=September 9, 2024 |work=Barron's}}

In June 2023, Creative Planning acquired BerganKDV, an accounting and wealth management firm with $2.5 billion in AUM.{{Cite news|last=Welsch|first=Andrew|date=June 5, 2023|title=Creative Planning Buys $2.5B Wealth Management, Accounting Firm |url=https://www.barrons.com/advisor/articles/creative-planning-buys-accounting-firm-bergankdv-58bfe0b3 |access-date=September 9, 2024 |work=Barron's}} Barron's noted that the deal "broadened the firm’s capabilities" with tax, auditing, and business advisory services. In August 2023, Creative Planning agreed to acquire Goldman Sachs Personal Financial Management, which grew out of the investment bank's 2019 United Capital Financial Partners acquisition.{{Cite web |last=Son |first=Hugh |date=August 28, 2023 |title=Goldman Sachs unloads another business acquired under CEO David Solomon |url=https://www.cnbc.com/2023/08/28/goldman-sachs-sells-small-wealth-unit-to-creative-planning.html |website=CNBC}}{{Cite news|last=Welsch|first=Andrew|date=August 28, 2023|title=Goldman Deal Supercharges Creative Planning’s Growth |url=https://www.barrons.com/advisor/articles/goldman-sachs-sells-united-capital-to-creative-planning-peter-mallouk-cf6fb198 |access-date=September 9, 2024 |work=Barron's}}

In February 2017, Creative Planning began plans to move its headquarters from Leawood, Kansas, back to Overland Park.{{Cite news|url=https://www.kansascity.com/news/business/development/article128405779.html|title=Overland Park Council gives early thumbs up to prospective Creative Planning project|last=Vockrodt|first=Steve|date=January 24, 2017|work=The Kansas City Star|access-date=October 26, 2018|language=en}} Since the move, the company has its headquarters located on a three-building campus on Interstate 435.{{Cite web|last=Davis|first=Miranda|date=2019-11-12|title=Creative Planning will add third building to Overland Park campus|url=https://www.bizjournals.com/kansascity/news/2019/11/12/creative-planning-creative-campus-build-to-lease.html|access-date=2021-11-27|website=Kansas City Business Journal}}{{Cite web|last=Friestad|first=Thomas|date=2020-09-08|title=Creative Planning breaks ground on third office building on Overland Park campus|url=https://www.bizjournals.com/kansascity/news/2020/09/08/creative-planning-overland-park-campus-start.html|access-date=2021-11-27|website=Kansas City Business Journal}} As of 2024, the firm manages $300 billion in assets{{cite web |last=Kelly |first=Bruce |date=15 August 2024 |title=Creative Planning hangs "Help Wanted" sign for advisors |url=https://www.investmentnews.com/rias/creative-planning-hangs-help-wanted-sign-for-advisors/256394 |access-date=13 September 2024 |website=Investment News}} and employs 2,100 across its affiliates in all 50 states.{{Cite news |last=Welsch |first=Andrew |date=August 28, 2023 |title=Goldman Deal Supercharges Creative Planning’s Growth |url=https://www.barrons.com/advisor/articles/goldman-sachs-sells-united-capital-to-creative-planning-peter-mallouk-cf6fb198 |access-date=September 9, 2024 |work=Barron's}} In March 2021, Creative Planning began offering equity to approximately 10 percent of its workforce.{{Cite news |last=Dornbrook |first=James |date=March 9, 2021 |title=Creative Planning offers company equity to select employees |url=https://www.bizjournals.com/kansascity/news/2021/03/09/creative-planning-peter-mallouk-equity-offering.html |access-date=September 9, 2024 |work=Kansas City Business Journal}} Like other registered investment advisers, Creative Planning does not offer proprietary investments nor does it receive investment commissions.

Peter Mallouk is the President and CEO of Creative Planning.{{Cite web |title=Form ADV Part 2A Disclosure Brochure |url=https://creativeplanning.com/wp-content/uploads/Creative-Planning-Form-ADV-Part-2A.pdf |access-date=September 9, 2024 |work=Creative Planning |format=PDF}}

{{Reflist}}

• {{Official website|https://creativeplanning.com/}}

Category:Financial services companies established in 1983

Category:Companies based in Overland Park, Kansas

Category:Financial services companies of the United States

Category:1983 establishments in Kansas

Category:American companies established in 1983