Creative Planning
| Company type | Private |
|---|---|
| Industry | Wealth management, Financial services |
| Founded | 1983 |
| Founder | Peter Mallouk (owner since 2004) |
| Headquarters | Overland Park , United States |
Area served | United States (all 50 states) |
Key people | Peter Mallouk (President and CEO) |
| Products | Wealth management, Retirement plan administration, Expatriate financial solutions, Tax services, Auditing, Business advisory |
Number of employees | 2,100 (2024) |
| Website | creativeplanning |
Creative Planning, LLC operates as an independent wealth management company and a registered investment advisor, predominantly owned by American financial advisor Peter Mallouk. Founded in 1983, its main office is located in Overland Park, Kansas.
Founding and Development
Creative Planning was launched in 1983 in Overland Park, Kansas, initially functioning as a small segment within a larger financial services organization. Peter Mallouk joined the team in 1999, bringing his expertise as an estate planner and attorney. He acquired ownership of the firm in 2004 when it oversaw $34 million in assets and served roughly 30 clients.
Mallouk concentrated on steady internal expansion, growing assets under management (AUM) to $591 million by 2007. This growth earned the firm recognition from Barron's as a leading independent financial advisory. By 2011, the company’s AUM had increased to $2 billion with a client base of around 1,200. The firm surpassed $10 billion in AUM by 2014, achieving this milestone without engaging in acquisitions or partnerships with banks or trust institutions. Instead, it relied on strong investment results and comprehensive wealth management solutions.
In 2015, Creative Planning was ranked by Barron’s as the top independent financial advisory firm across the United States. By 2017, AUM had climbed to $26.2 billion, supported by advisors operating in over 30 states and serving clients nationwide.
In 2018, the firm was penalized $200,000 by the U.S. Securities and Exchange Commission for improper use of client testimonials in radio advertisements. This led to a formal censure and a cease-and-desist directive. Mallouk personally incurred a $50,000 fine for failing to disclose investments held by family members. He maintained that he was unaware of the advertisement content at that time.
Growth Through Acquisitions
Creative Planning embarked on its first acquisition in February 2019 by purchasing The Johnston Group, a Minneapolis-based registered investment advisor managing $500 million in assets. This marked a strategic pivot from purely organic growth to expansion via acquisitions. Founder and CEO Peter Mallouk remarked that additional wealth management firms could seamlessly integrate into their model as they continued providing fiduciary advice nationwide.
Later that year, the company acquired America’s Best 401k and OptiFour, further increasing its scale and geographical footprint.
In February 2020, Creative Planning welcomed external investment by selling a minority stake to private equity firm General Atlantic. Subsequent acquisitions included Illinois-based Iron Financial with $6 billion in AUM and Virginia-based Sullivan Bruyette Speros & Blayney managing $5 billion in assets. By November 2020, the firm had completed eleven acquisitions totaling $7.2 billion in assets under management, enhancing its portfolio of services such as retirement plan administration and expatriate financial solutions.
April 2021 saw the launch of Pathway Financial Education, a nonprofit initiative dedicated to improving financial literacy among small business owners and underserved populations. This program received backing from firms including BlackRock and Dimensional Fund Advisors.
By November 2021, Creative Planning’s assets under management exceeded $100 billion, underscoring substantial organizational growth.
In June 2023, the acquisition of BerganKDV—a firm specializing in accounting and wealth management with $2.5 billion in AUM—expanded Creative Planning’s expertise in tax services, auditing, and business advisory functions.
In August 2023, Creative Planning reached an agreement to acquire Goldman Sachs Personal Financial Management, originally established through Goldman’s acquisition of United Capital in 2019. This deal further extended the firm’s global reach and market presence.
Operations
In February 2017, Creative Planning transitioned its main office from Leawood, Kansas to a campus comprising three buildings located along Interstate 435 in Overland Park. By 2024, the company oversees $300 billion in assets and employs a workforce of 2,100 individuals spread throughout all 50 states. Starting in March 2021, Creative Planning introduced equity ownership opportunities to roughly 10% of its employees, fostering alignment between staff incentives and the firm’s growth objectives. True to its role as a registered investment adviser, the company neither promotes proprietary investment products nor earns commissions from investment transactions.
Peter Mallouk holds the position of President and CEO, offering visionary leadership that has been instrumental in the organization’s growth and increased market presence.