Creative Planning Acquires Commercial Insurance Firm
Creative Planning, an Overland Park, Kan.-based registered investment advisor with about $710 billion in assets under management and advisement, has acquired Lovell Insurance Group, a Lee’s Summit, Mo.-based commercial insurance brokerage, specializing in complex commercial insurance, surety and risk management.
Lovell Insurance Group was founded in 2017 by John Lovell, who has joined the Creative Planning team as director of sales, commercial insurance, along with Mike Pernice, director of operations, and Georgia Williams, director of property casualty. The company has grown by serving upper middle-market businesses locally in Kansas City and across the country.
The acquisition strengthens Creative Planning’s commercial insurance capabilities, and allows the RIA to bring its business advisory services, including accounting, tax, legal, M&A, technology, payroll, retirement and wealth management, to Lovell clients.
“Our clients—both current and future—benefit from insurance and risk management expertise seamlessly integrated with wealth management, tax planning, estate planning, retirement plan consulting and investment advisory services,” Lovell said in a statement. “This powerful combination creates truly comprehensive strategies that can provide strong asset protection and lasting peace of mind for business owners and their families.”
The move is part of Creative Planning’s larger effort to expand specialized business services.
This follows news last month that the RIA acquired MarkhamNorton Accountants+Advisors, an accounting and advisory firm serving the Southwest Florida region for more than four decades.
Creative Planning CEO Peter Mallouk recently spoke at Wealth Management EDGE last month, stressing that he had no interest in taking the company public.
“We’ve got equity, more and more every year, moving among the thousand employee partners that we have,” he said. “That’s been a model for the last 10 years, and I’d like to stretch that out to infinity, if possible.”
In addition to going public, Mallouk discussed a range of issues facing his firm and the industry, including the impact of private equity and Creative Planning’s growing international footprint.
