Corporate Roundup: Creative Planning Buys $1.3B RIA, New Board Chair Joins IRIC

Amanda Umpierrez

8 hours ago

Corporate Roundup: Creative Planning Buys $1.3B RIA, New Board Chair Joins IRIC

This week, Creative Planning acquires Kowal Investment Group, an RIA with $1.3 billion in AUM, IRIC names a new chair for their board of directors, Voya announces an incoming CEO for their Workplace Solutions division, and more.

Creative Planning Buys $1.3B RIA

Registered investment advisor (RIA) Creative Planning is acquiring Brookfield, Wisconsin-based Kowal Investment Group, an RIA with $1.3 billion in assets under management (AUM).

Kowal Investment Group has been advising individuals and families on their financial needs for more than 37 years. The deal closed on December 21, 2024, with 20 employees at Kowal Investment Group formally joining Creative Planning.

“We’re pleased to welcome Kowal Investment Group to Creative Planning,” said Peter Mallouk, CEO of Creative Planning. “Their reputation for building lasting client relationships through personalized financial guidance mirrors our own philosophy. This cultural alignment and shared dedication to client success makes them an ideal addition to our team.”

“What drew us to Creative Planning was their comprehensive approach to wealth management and their dedication to maintaining personal client relationships,” explained Aaron Kowal, President of Kowal Investment Group. “This partnership helps ensure our clients benefit from expanded capabilities while maintaining the personalized attention they’ve always valued.”

This transaction with Kowal Investment Group represents Creative Planning’s tenth acquisition in two years. Houlihan Lokey served as the exclusive financial advisor to Kowal Investment Group.

IRIC Names Board of Directors Chair

The Institutional Retirement Income Council (IRIC), a non-profit think tank for the defined contribution retirement industry, has named Michael Kreps as chair of its board of directors. Kreps, principal, and chair of Groom Law Group’s Retirement Services group, succeeds Martha Tejera, who served as IRIC’s board chair since October 2023.

Kreps joined IRIC’s Board in 2023. At Groom Law Group, he works with clients on retirement and health plan issues.

“Michael brings a wealth of retirement services expertise and dedication to this important role,” said Kevin Crain, IRIC’s executive director. “His firsthand experience with the legislative and regulatory process gives him a perspective that is often instrumental in helping plan sponsors develop and implement effective retirement plan strategies. All of us at IRIC look forward to working with Michael and his guidance in shaping the future of our organization and furthering its mission.”

“On behalf of the IRIC board, I want to express our heartfelt gratitude to Martha for serving as Board chair,” said Kreps. “Under her exemplary leadership, IRIC has achieved remarkable milestones for advancing in-plan retirement income adoption in Defined Contribution plans. Martha will continue to make invaluable contributions as a member of the Board.”

Voya Announces Workplace Solutions CEO

Voya Financial, Inc. announced that Jay Kaduson will join the company on Jan. 16, 2025, as chief executive officer (CEO) of Workplace Solutions.

Kaduson will oversee all aspects of the Health Solutions and Wealth Solutions businesses, including the execution of the company’s workplace strategy. He will report to Heather Lavallee, chief executive officer of Voya Financial, and will join the company’s Executive Committee.

“We are delighted to welcome Jay to Voya,” said Lavallee. “He has deep industry operating experience and a track record of achieving profitable growth and fostering strategic partnerships. With his ability to drive innovation, nurture talent, and enhance customer experience, he is the right person to lead Workplace Solutions into its next chapter of growth as a comprehensive and integrated workplace benefits provider. We know Jay’s strengths well from his role as a strategic advisor to Voya over the years, and he will be a tremendous asset to our team as a colleague as we continue to execute and refine our workplace strategy.”

Kaduson has over 26 years of leadership experience in the financial services industry, most recently at global consulting firm PwC, which serves Fortune Global 500 companies. At PwC, Kaduson led the firm’s growth business along with oversight of the insurance, retirement, and wealth practices, including acting as lead client partner for Voya. In his roles at PwC, Kaduson has also spent time focused on building high-performing teams with individuals from within the firm and across the industry to enhance performance and provide a focus on risk management, asset management, value creation and technology.

Prior to PwC, Kaduson spent 16 years at MetLife, ultimately serving as MetLife’s global head of enterprise relationship management.

“My hands-on experience with workplace benefits businesses and years of market intelligence have given me great insight into the importance of earning trust and recognition from employers through innovation and service,” said Kaduson. “I look forward to contributing to the team’s continued success.”

Reporting to Kaduson will be Amy Vaillancourt, president of Wealth Solutions, Andrew Frend, president, Health Solutions, as well as Courtney Kunzelmann, chief marketing officer, Workplace Solutions.

Kaduson holds a bachelor’s degree from Muhlenberg College and a Juris Doctor degree from New England School of Law.

Prio Merges with Cerity Partners

Cerity Partners is merging with Prio Wealth, a Boston-based wealth management firm, to expand Cerity’s suite of wealth advisory services across generational wealth planning, financial and retirement planning, and investment management services.

Prio Wealth will add $4.1 billion in AUM to Cerity Partners and will operate under the Cerity Partners name.

“Partnering with Prio Wealth reinforces our commitment to delivering integrated, personalized, and diversified wealth advisory solutions that address every aspect of our clients’ financial needs,” said Claire O’Keefe, partner and head of Partner Development at Cerity Partners. “Prio’s highly credentialed and experienced team will allow us to continue providing exceptional services, while building our presence in Boston, a market that continues seeing strong demand for best-in-class wealth management capabilities. We’re delighted to welcome our new partners and colleagues to our partnership.”

“For over three decades, we’ve remained steadfast in our mission of helping clients gain confidence and control of their financial lives by not only focusing on what they’re invested in, but what they’re investing for,” said John Bratschi from Prio Wealth. “Merging with Cerity Partners will allow us to continue building on our mission, while providing clients with expanded access to financial advisory solutions and strategies to bring their money and life into sync.”

Echelon Partners served as the exclusive financial advisor to Prio Wealth, and Buchalter provided legal counsel.

Ameriprise Welcomes 25-Year Veteran with $140M in Assets

Financial advisor Ben Fogarty recently joined the branch channel of Ameriprise Financial, Inc. from LPL Financial with nearly $140 million in assets.

The 25-year industry veteran, based in Omaha, Nebraska, cited the firm’s technology platform, online client experience, and its supportive, client-focused culture as key reasons for his move.

“The technology, products and resources at Ameriprise will allow me to deliver even greater value to clients,” said Fogarty. “I’m particularly excited to offer a more personalized, comprehensive financial planning experience to clients, especially as many of them approach retirement.”

Fogarty is joined by registered client service associate Karla O’Fallon. They are supported locally by Ameriprise Complex Director Christopher Knust.

KWP Growth Partners Brings in Strategic Growth Head

KWP Growth Partners recently named Lisa Kottler partner of strategic growth and innovation. Kottler’s role is new to the firm as they rebrand and look to expand services for new and existing clients.

Before joining KWP Growth Partners, Kottler was responsible for building NFP’s retirement division, taking it to one of the country’s leading distributors. She also spearheaded the development and distribution of one of the first digital 401(k) PEPs tailored for startup plans. Her career also includes sales roles at Voya, CIGNA, Schwab, and U.S. Global Investors.

“In my two decades in this industry, I’ve rarely encountered someone with Lisa’s breadth of experience across both Fortune 500 companies and startups. This distinctive perspective allows her to see opportunities others miss, making her an exceptional asset for clients looking to accelerate growth and innovation,” said Will Prest, managing partner of KWP Growth Partners.

Kottler has previously chaired the National Association of Plan Advisors’ Government Affairs Committee. Outside of the office, Kottler serves as board chair for Junior Achievement of Central Texas.

Savvy Advisors Adds New Advisors

Savvy Advisors Inc. has surpassed $1 billion in client assets under management (AUM), as it added four more financial advisors in December.

“Savvy Advisors’ rapid growth is a testament to our belief in the value of human financial advice,” said Ritik Malhotra, founder and CEO of Savvy Wealth. “As we onboard more advisors to the Savvy Wealth platform, we continue to learn more ways we can modernize wealth management. By providing innovative technology and solutions coveted by advisors, we help them deliver unforgettable client experiences.”

The new hires include:

Cindy Alvarez and Janelle Van Meel, based in Evergreen and Littleton, CO, plan to leverage Savvy Wealth’s new Advisory Teams feature.
Erin Niehaus, based in San Francisco, is a 30-year veteran of wealth management and private equity, serving executive women, healthcare professionals and tech ecosystem leaders. Niehaus was formerly with J.P. Morgan Private Bank.
Samuel Saleh, based inNewport Beach, CA is a financial advisor specializing in retirement, business succession and legacy planning for retirees and business owners. Saleh was previously with Bank of America Merrill Lynch.

Wedbush Securities Adds Financial Consultant

Wedbush Securities, an independent financial services provider, has announced that Alex Froloff is joining the firm as a financial consultant in Wealth Management.

Joining from Merrill Lynch, Froloff brings over 25 years of experience designing, implementing, and consulting on retirement plans for executives and business owners. Throughout his career, Froloff has worked to establish customized wealth management and investment strategies for his clientele with a focus on their goals and current financial circumstances.

“There is a wealth of resources and products at Wedbush that will enable me to fully support the needs of business owners so they can ease their financial burdens and focus on growing their pensions and retirement plans. Wedbush’s entrepreneurial spirit is a match for my personality and the potential for growth here is very clear,” Froloff said.

“We are thrilled that Alex has joined our growing Wealth Management team in Pasadena. His extensive experience and expertise will play a key role as we continue to expand our Los Angeles area presence and enhance our client offerings,” adds EVP, head of Wealth Management, Chris Mone.

Froloff is a long-time resident of Southern California and holds a bachelor’s degree from the University of California, Santa Barbara.

Merit Acquires Zimmermann

Merit Financial Advisors, a Georgia-based financial advisory firm that specializes in financial planning and wealth management solutions for high-net-worth individuals and families and those navigating life transitions, has acquired Zimmermann Investment Management & Planning. This acquisition will expand Merit’s presence with a fourth office in Pennsylvania and increase its assets by $739 million.

Based in New Cumberland, Pennsylvania, Zimmermann specializes in serving state employees and retirees in the region with a focus on investment management, retirement, and estate planning. As a result of the partnership, Zimmermann will expand its infrastructure and grow its marketing, technology, and investment teams. The firm’s President and Investment Advisor Representative, Curt H. Zimmermann, will transition to a new role as partner and wealth manager at Merit and will be joined by the rest of his team.

“I am thrilled to be taking Zimmermann to the next level of growth by partnering with Merit,” said Curt. “We are proud to join a firm that aligns with our mission of putting the client first, enabling our team to focus on their responsibilities while expanding how we serve our clients.”

This is Merit’s thirty-first acquisition since taking a minority investment in December 2020 from Wealth Partners Capital Group (WPCG) and a group of strategic investors led by HGGC’s Aspire Holdings platform. In late December, Merit announced its acquisition of Roth Asset Management, which added approximately $773 million in assets and expanded Merit’s presence in the Pacific Northwest.

“We’re thrilled to expand Merit’s presence in Pennsylvania and add a fourth office in the region,” said Tyler Vernon, managing principal at Merit. “Partnering with Zimmermann opens the door to a new niche market, and we’re thrilled to welcome Curt and his talented team to Merit.”

The merger was finalized on December 20, 2024. Financial and legal terms of the deal were not disclosed.

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