Creative Planning LLC, a registered investment advisor (RIA) headquartered in Overland Park, Kan., has acquired Macon, Ga.-based Rosen Capital Management, a family-owned business with $114 million in client assets, the companies announced.
“Creative Planning is excited to bring on the Rosen Capital Management team who will help us break deeper into the Georgia market,” Creative Planning CEO Peter Mallouk said in the news release. “From our first conversations with the Rosen team, we knew that the fit would be perfect due to their work ethic, dedication to clients, and overall core values.”
Rosen Capital Management is a third-generation family business established in 1948 as a life and health insurance agency. Over the years, the company added financial planning and wealth management services to the business, while continuing to offer clients insurance products tailored to their individual needs. The company also provides estate planning and tax minimization strategies.
Under terms of the deal, Rosen Capital Management CEO Glenn Rosen and wealth manager Don Stringfield have joined Creative Planning as employees. Rosen couldn’t be happier with the outcome, according to his prepared statement.
“We are excited to join the Creative Planning team and utilize their expanded resources and talent to better serve our clients,” Rosen said in the news release. “Rosen Capital Management is a family business, and we are excited to join Creative Planning and have our family grow with Peter and the rest of the team!”
In a separate email, Rosen discussed the genesis of his family’s insurance agency into a financial advice and wealth management practice, which he said was a natural outgrowth of needs-based selling to prospective clients.
“Being successful in the insurance business had its basis in developing financial plans for prospective clients,” he said in the email. “We had to convince the prospect they needed what we recommended.”
Rosen said that by preparing a financial plan with a prospective client, his family built a level of trust that made it easier to offer additional services as part of it, particularly since the prospect has confided all their personal information in the person preparing a financial plan for them.
“One reason I love this business so much is that I’m fascinated at what makes people tick,” Rosen said. “Everyone has a different story. I’ve never been bored at work, even after almost 37 years.”
Asked what advisors considering the addition of insurance and tax preparation services to their practice should know in advance, Rosen said that it takes “a ton of capital and critical mass” to be able to offer such a wide range of services to prospects and clients under one umbrella.