Client Referrals Drive Growth

In this episode of the RIA Edge Podcast, host David Armstrong interviews Peter Mallouk, president and CEO of Creative Planning, about his journey from leading a small company with 30 clients to becoming one of the largest independent wealth management firms in the United States. 

He talks about how that growth was fueled by a focus on consistent, repeatable workplace processes, turning clients into vocal advocates for the firm, and how his acquisition strategy is largely guided by where he sees unmet demand for fiduciary advice growing quickly. 

Peter, who will be a keynote speaker at Wealth Management EDGE in June, also explores his unique leadership decisions, what he has learned from hosting his own podcast interviewing financial service executives, and how developments in artificial intelligence will “rattle our space in a way that I don’t think anybody’s ready for, including us.”

Key takeaways:

• How he grew Creative Planning to $40 billion in AUM within 15 years—entirely organically—and how those years established the foundation for future success in the M&A market.
• Why he still spends 75% of his time working directly with clients and prospects.
• The single most critical metric he uses to assess the quality of an RIA.
• The rationale behind last year’s acquisition of SageView Advisory Group and his perspective on the convergence of workplace retirement plans and wealth management.
• How Creative Planning’s international expansion strategy mirrors its domestic one: target regions where there is unmet demand for fiduciary advice.
• How AI may soon manage over half of the operational tasks within an RIA.

Resources:

• Listen to the RIA Edge Podcast on Wealth Management
• Listen and Subscribe to the RIA Edge Podcast on Apple Podcasts
• Listen and Subscribe to the RIA Edge Podcast on Spotify

Connect With David Armstrong:

• Wealth Management
• LinkedIn: Wealth Management
• LinkedIn: David Armstrong
• Twitter: David Armstrong
• LinkedIn: Informa

Connect With Peter Mallouk:

• LinkedIn: Peter Mallouk
• LinkedIn: Creative Planning
• Website: Creative Planning

About Our Guest:

Peter Mallouk is the President of Creative Planning and its affiliated companies. Peter’s companies provide comprehensive wealth management services to their clients, including investment management, financial planning, charitable planning, retirement plan consulting, tax planning and estate planning services. 

Peter graduated from the University of Kansas in 1993 with four majors, including degrees in business administration and economics. He went on to earn a law degree and a Master of Business Administration degree in 1996, also at the University of Kansas. Peter is a recipient of the University of Kansas School of Business Distinguished Alumni Award, becoming the second-youngest recipient to receive the award. 

Peter is the founder, a current executive board member and a former five-year Chairman of KC CAN!, an organization of volunteers dedicated to improving the quality of life for children in Kansas City. He’s also the founder and a current executive board member of Pathway Financial Education, an organization dedicated to providing teenagers, adults and business owners in under-resourced communities with actionable financial education. 

Peter and his wife Veronica, are recipients of the Giving the Basics Human Dignity Award for their contributions toward helping those less fortunate meet basic needs. They’re also recipients of the Variety Presidential Citation Award for their work supporting those with special needs. The Mallouks funded the Kansas chapter of Give Back, a program that identifies high-achieving high school students who have faced challenges and provides them with not only college tuition but also coaching, counseling and volunteer mentors. To date, 300 Kansas students have been awarded scholarships. Peter and Veronica have three children — Michael, JP, and Gabby.