Ep 065: Building A True One-Stop Shop Advisory Firm To Drive Organic Growth with Peter Mallouk
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 27 March 2018
⏱️ 90 minutes
🧾️ Download transcript
Summary
Today’s guest has been able to grow his firm from under $100 million to nearly $35 billion in AUM in just 15 years—without relying on mergers and acquisitions. Peter Mallouk is the president of Creative Planning, one of the largest independent RIAs in the country, and he’s built an organic growth machine through a combination of strategic partnerships and creating a one-stop shop with enough size and scale to deliver the kind of comprehensive value that really makes clients refer.
In this episode, Peter shares what led to his firm’s tremendous growth, as well as why Creative Planning includes not only financial planning and investment services, but also divisions for tax preparation, estate planning, and trust services. He also talks about the broader trends in the advisory industry, how the marketplace is shifting, and the competitive threats that advisory firm owners are going to have to navigate in the coming years.
For show notes and more visit: https://www.kitces.com/65
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with |
| 0:07.1 | financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading |
| 0:12.4 | financial advisors navigated the inevitable challenges that arise on the path to success |
| 0:17.4 | and get insight from leading industry consultants about how to break through to the next |
| 0:22.2 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:28.4 | Welcome to the 65th episode of the Financial Advisor Success podcast. My guest on today's podcast is |
| 0:34.3 | Peter Malook. Peter is the president of creative planning, one of the largest |
| 0:37.9 | independent RAs in the country with nearly 35 billion in assets on our management for more than 20,000 |
| 0:43.2 | clients spanning 12 states and 21 office locations. What's unique about Peter, though, is that he's been |
| 0:48.8 | able to grow the firm from under 100 million to nearly 35 billion in AUM in just 15 years and without relying on mergers |
| 0:57.7 | and acquisitions. Instead, building an organic growth machine through a combination of strategic |
| 1:03.4 | partnerships and trying to build a one-stop shop with enough size and scale to deliver the kind |
| 1:08.8 | of comprehensive value that really makes clients refer. In this episode, we talk in depth about how Peter's firm includes not only financial |
| 1:16.3 | planning and investment management services, but also divisions for tax preparation, estate planning, |
| 1:20.8 | and trust services stemming from his own early days as an estate planning attorney before becoming an |
| 1:25.6 | advisor. Why Peter felt it was necessary to expand |
| 1:28.8 | and deepen the services of the firm to provide real value to clients. And why even at 35 billion in |
| 1:34.3 | AUM, Peter still views his firm as a small boutique in the marketplace, even as the size of the firm is |
| 1:40.3 | allowing them to attract more and more affluent, ultra-high net worth clientele. |
| 1:48.7 | We also talk about the broader trends in the advisory industry, how the consumer marketplace is splitting into pursuing either the highest value or the lowest cost and why that's a threat |
| 1:53.4 | to most advisors in between, why both wirehouses and even the retail divisions of RA |
| 1:58.3 | custodians are simultaneously moving away from selling products |
... |
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