Creative Planning has announced the acquisition of Kowal Investment Group, a registered investment advisor (RIA) managing $1.3 billion in assets, marking the firm’s tenth acquisition in two years. The Overland Park, Kansas-based powerhouse continues its aggressive expansion strategy by deepening its footprint in Wisconsin through this latest deal.
Based in Brookfield, a Milwaukee suburb, Kowal Investment Group brings over 37 years of experience serving individual and family clients. Creative Planning President and CEO Peter Mallouk highlighted the strategic significance of the acquisition, noting that while his firm already has several offices in Wisconsin, this addition strengthens its presence in Milwaukee, the state's largest market.
“This significantly enhances our greater Milwaukee presence,” Mallouk told Barron’s Advisor, underscoring the importance of the region in Creative Planning’s broader growth strategy.
A Cultural and Service Alignment
Mallouk emphasized that Kowal’s client-first approach aligns seamlessly with Creative Planning’s mission.
“Their reputation for fostering lasting client relationships through personalized financial guidance mirrors our own philosophy,” Mallouk said in a statement. “This cultural alignment and shared commitment to client success make Kowal Investment Group an ideal addition to our team.”
Kowal Investment Group President Aaron Kowal echoed this sentiment, pointing to Creative Planning’s robust wealth management platform as a key factor in the decision to merge.
“Our clients will gain access to expanded capabilities and resources while continuing to receive the personalized attention they value,” Kowal said. “Creative Planning’s comprehensive approach to wealth management resonated with our core values.”
Kowal’s client base consists almost entirely of retail clients—individuals and families—rather than institutional accounts, according to the firm’s most recent Form ADV filing. The firm offers a full range of financial planning services and charges fees either as a fixed amount or as a percentage of assets under management (AUM), in line with industry trends for high-touch RIAs.
Expansion Strategy and Competitive Position The transaction closed on December 21, with 20 Kowal employees transitioning to Creative Planning. This addition bolsters Creative Planning’s growing network and affirms its position as one of the nation’s most acquisitive RIAs.
Creative Planning and its affiliates, including United Capital Financial Advisors, manage or advise on more than $345 billion in assets as of the end of September 2024. The firm’s ability to integrate new practices while maintaining service quality has been a cornerstone of its success.
A Leader in RIA Mergers and Acquisitions Creative Planning has been at the forefront of RIA consolidation, completing a series of high-profile acquisitions in recent years. In 2023 alone, the firm announced seven acquisitions, according to data from DeVoe & Co., an investment bank and consultancy specializing in RIA mergers and acquisitions. Only four firms completed more deals that year.
In 2022, Creative Planning completed 12 transactions, trailing only Mercer Advisors (19) and Wealth Enhancement Group (13). Mallouk attributes this consistent deal flow to Creative Planning’s ability to identify culturally aligned firms and offer resources that enhance client service.
“Our focus isn’t just on growth for the sake of numbers,” Mallouk said. “It’s about finding firms that complement our mission and can benefit from our resources.”
Building for the Future
Creative Planning enters 2025 with an active acquisition pipeline. Mallouk indicated that the firm expects to complete 10 to 15 additional acquisitions this year, continuing its aggressive but strategic growth approach.
“This year’s opportunities are plentiful, and we’re prepared to act when the right firms come along,” Mallouk noted.
For RIAs considering potential partnerships, Creative Planning’s growth story underscores key themes in today’s RIA market—scale, specialization, and enhanced client experience. By acquiring firms like Kowal Investment Group, Creative Planning continues to demonstrate the value of building a national footprint while maintaining the personalized service that clients expect.
As competition intensifies among large RIA platforms, wealth advisors seeking to stay competitive must evaluate how to expand their service offerings and improve operational efficiencies. Creative Planning’s success illustrates how well-structured M&A strategies can provide a blueprint for sustainable growth in an evolving industry.
