"You spend the first 20 years of being rich accumulating all of this stuff. And then you'll spend the next 20 years trying to get out of one thing after another to simplify your life." — Peter MalloukPeter Mallouk (@PeterMallouk) is the President of Creative Planning, one of the largest independent wealth management firms in America.Creative Planning provides wealth management services to clients, manages over $36 billion for clients in all 50 states and abroad, and has been featured as the number one independent wealth management firm in America by Barron's (2017).Peter is featured in Worth magazine's Power 100, featuring the most powerful men and women in global finance, the only financial planner on the list (2017 and 2018). Creative Planning was featured in Forbes in 2016 as the number one RIA for growth over the last 10 years.Peter is the co-author (with Tony Robbins) of Unshakeable: Your Financial Freedom Playbook.Please enjoy!Click here for the show notes for this episode.This podcast is brought to you by 99designs, the global creative platform that makes it easy for designers and clients to work together create designs they love. Its creative process has become the go-to solution for businesses, agencies, and individuals, and I have used it for years to help with display advertising and illustrations and to rapid prototype the cover for The Tao of Seneca. Whether your business needs a logo, website design, business card, or anything you can imagine, check out 99designs.You can work with multiple designers at once to get a bunch of different ideas, or hire the perfect designer for your project based based on their style and industry specialization. It's simple to review concepts and leave feedback so you'll end up with a design that you're happy with. Click this link and get a free $99 upgrade.This episode is also brought to you by LegalZoom. I've used this service for many of my businesses, as have quite a few of the icons on this podcast, such as Automattic CEO Matt Mullenweg of WordPress fame.LegalZoom is a reliable resource that more than a million people have already trusted for everything from setting up wills, proper trademark searches, forming LLCs, setting up non-profits, or finding simple cease-and-desist letter templates.LegalZoom is not a law firm, but it does have a network of independent attorneys available in most states who can give you advice on the best way to get started, provide contract reviews, and otherwise help you run your business with complete transparency and up-front pricing. Check out LegalZoom.com and enter promo code TIM at checkout today for special savings and see how the fine folks there can make life easier for you and your business.
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
Episode 201: Peter Mallouk - #1 Financial Advisor In America: Tony Robbins Business Partner Subscribe on iTunes or Stitcher Radio The Learning Leader Show "I was not the greatest student, but I loved learning." - Peter Mallouk on why he earned 4 undergrad degrees, an MBA, a JD, and a CFP In This Episode, You Will Learn: Common themes of leaders who sustain excellence: Realize there is a recipe: Like baking a cake Bring incremental value Energy Discipline to do it over and over and over Why start his business? Was uncomfortable just doing Estate planning and working with unethical people Key to success Great early hires helped propel Creative Planning Time management tips Focuses on doing what he enjoys most - Spending time with clients and employees, not pointless meetings "My #1 job is to be the best option for our clients as an advisor. I spend 99% of my time with clients and employees." "I loathe meetings and seminars" Key to all of the awards? "Money follows value" -- In 2008/2009, people started looking for another financial advisor "We are very good at taking someone good and help make them great" Interview process: They receive over 100 job applications per week Resume screen all Pick the 5 best and do a phone screen Bring the best of those 100 (1 person typically) for an in person interview Meet with 6 different people Within the first 30 days, it still feels like an interview "We throw the ball and they better catch it, it's hard." Qualities needed: Education Ability to be detail oriented Great communicator Must be task oriented ("We can't make them be this, they need to have it") Make sure they can meet the clients needs How the Tony Robbins relationship started -- Peter informed Tony that he didn't fully understand what he was talking about (in regards to money) "Tony got pissed off and wrote Money: Master The Game..." What to look for in a business? "Find something that is idiot proof because at some point an idiot will be running the company" The keys to look for in a financial advisor Independent - Gets paid the same on every investment no matter what What response has Peter received from other financial advisors? "It has been negative. I'm okay if they don't like me. I'm competing against them, I don't expect us to all get along." Continue Learning: Follow Peter on Twitter: @PeterMallouk Read: Unshakeable - Your Financial Freedom Playbook Connect with me on LinkedIn Join our Facebook Group: The Learning Leader Community To Follow Me on Twitter: @RyanHawk12 You may also like these episodes: Episode 078: Kat Cole – From Hooters Waitress To President of Cinnabon Episode 071: Nate Boyer - Green Beret, Texas Football, The NFL Episode 179: How To Sustain Excellence - The Best Answers From 178 Questions Episode 107: Simon Sinek – Leadership: It Starts With Why Did you enjoy the podcast? If you enjoyed hearing Peter Mallouk on the show, please don’t hesitate to send me a note on Twitter or email me. Episode edited by the great J Scott Donnell The Learning Leader Show is supported by Rhone. Use the code "Hawk" for 15% off. Rhone... premium activewear engineered with principle, performance and progress for the modern man. Rhone builds clothing around 3 main tenants: Cutting-edge Performance, Premium Comfort, and Simplistic Style.