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About SRG

Succession Resource Group is a boutique succession consulting firm based in the Pacific Northwest, serving clients across the country. SRG was founded by David Grau Jr., MBA in 2012 after nearly a decade of helping advisors with valuation and succession planning. SRG's team of experts leverage their industry expertise, combined with best-in-class resources, to help advisors, agents, and accountants manage the equity in their businesses...

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3 min read

Succession Resource Group Announces Sale of Coe Financial Services to Creative Planning

Apr 9, 2020 1:25:27 PM

Portland, Ore. (April 9, 2020) - Succession Resource Group (SRG) is excited to announce the sale of Kansas based Registered Investment Advisor ("RIA") Coe Financial Services, Inc. to Creative Planning, LLC, one of the nation's largest and fastest growing RIAs led by Peter Mallouk. This sale represents over $126 million in assets under management (AUM), and is the fifth acquisition for Creative Planning in the last year.

Richard Coe began working with SRG in 2016 to value his RIA, and remained a client of SRG until late 2019 when he was ready to sell his business. Coe had informally had conversations with numerous parties about selling, initially feeling out the market before partnering with SRG to represent him with the sale. Having built a successful business and served his local community since 1983, Coe tasked SRG with finding a team who had a CFP®, that would retain his key staff, had a local presence, and would allow him to complete a quick close while maximizing the value of his practice.

With Coe's goals for the perfect successor in mind, SRG identified 55 qualified RIAs. After SRG's rigorous screening process and careful consideration from Coe, SRG received three offers above asking, Coe passed on the highest offer, instead selecting who he felt had the most synergies and best fit in Peter Mallouk's Creative Planning.

Kristen Grau, Executive Vice President of SRG, said, "Richard knew what he wanted and was uncompromising in his expectation for a high-quality successor. The sudden market decline and COVID-19 pandemic threw an unexpected curve ball. But, both Creative Planning and Richard felt the deal was right. We are thrilled Richard selected Creative Planning given their infrastructure and ability to create a smooth transition and client experience Coe's clients have come to expect."

Coe shared, "I've had the privilege of serving wonderful clients for almost 40 years. I am ready for the next chapter. I needed confidence that our clients would have a great experience with the successor. I am grateful for the process meticulously executed by SRG which resulted in my choice of Creative Planning. This is a great outcome for our clients, and I am smiling."

According to SRG, while most consolidators are buying smaller RIAs well below market values, Creative Planning provided a competitive offer despite current market conditions, providing 96% of the price as a down payment while still offering 8.00% above asking. Peter Mallouk added, "We remain committed to growth and completing the right deals, regardless of short-term setbacks in the markets. Richard spent a career building a truly first-class practice. With Creative Planning headquartered here in Overland Park, Kansas, the addition of Coe Financial Services in Wichita helps us expand our footprint in a community we are already committed to serving. We are delighted to have Richard and his clients join the Creative Planning family."

About Succession Resource Group
Succession Resource Group is an award-winning Portland, Oregon based consulting firm specialized in helping advisors nationwide with valuation, M&A, succession, and practice management solutions. With decades of combined industry experience, SRG brings a unique combination of skills, resources and expertise to help advisors.

About Creative Planning
Creative Planning, Inc. is an independent wealth management firm that provides a financial planning led investment management approach, retirement planning, estate planning, trust services, tax advice and family office services for individuals as well as 401(k) and institutional money management. Creative Planning manages approximately $48 billion in assets across all 50 states.

Succession Resource Group
David Pan – Marketing and Brand Manager

Topics: Press Release
David Pan

Written by David Pan