Creative Planning Buys $2.2B Wealth Manager in Texas

Creative Planning says it has acquired Maxwell Locke & Ritter Wealth Management, a $2.2 billion wealth management firm with offices in Austin and Round Rock, Texas.

ML&R Wealth Management has been advising individuals, families, businesses and non-profits for more than 25 years. The deal closed on April 1, with 18 ML&R employees joining Creative Planning.

With the latest purchase and six big deals struck in 2023, Creative Planning’s combined assets under management and advisement now surpass $300 billion.

Peter Mallouk, CEO of Creative Planning, said ML&R stands out for its strong reputation in the region and for “constantly engaging with businesses and individuals with a breadth of insights and solutions to plan for a financially sound future.”

ML&R Wealth Management’s methodology, according to Creative Planning, involves a holistic approach across investment management, financial planning and risk mitigation — allowing the firm to create tailored strategies that align with client’s needs and aspirations.

Mallouk said the acquisition is meant to expand Creative Planning’s presence in Texas and further the firm’s mission to have local advisors in every major metropolitan market.

Stuart Smith, lead partner at ML&R Wealth Management, said joining forces with Creative Planning will bring cutting edge technology and deeper service capabilities to its advisors.

“We’re thrilled to offer these services to the more than 3,000 client accounts that we manage, as well as our expertise and services into Creative Planning’s broader ecosystem,” Smith said.

Pictured: Peter Mallouk