Creative Planning's rapid expansion to $640 billion in client assets, fueled by its recent acquisition of SageView, has reignited discussion about the future of large independent RIAs in the public markets. According to InvestmentNews, CEO Peter Mallouk suggested that for firms of Creative Planning's size, going public may eventually become unavoidable.

Mallouk pointed out that no fully integrated RIA has yet gone public, noting that Focus Financial Partners, returned to private ownership in 2023, five years after its IPO.

He also speculated that institutional investors could create alternative ownership structures to keep large RIAs private longer. "I can see a world where a Canadian pension fund coupled with a Middle Eastern sovereign wealth fund, coupled with an American private equity fund, just keeps it in a different kind of vehicle for a decade," Mallouk said.

According to InvestmentNews, Creative Planning reportedly received a $16 billion valuation in September 2024 when private equity firm TPG Capital acquired a minority equity stake. Mallouk referenced similar valuation challenges faced by other large firms, such as Edelman Financial Engines, whose private equity investors recently ended their sale process.

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