California-based Monterey Private Wealth has joined registered investment advisor (RIA) Creative Planning, in a move that’s expected to grow the latter’s west coast presence while expanding the former’s suite of services.
Monterey Private Wealth currently manages over $1 billion in client assets and offers financial services to high-net-worth families, independent women, retirees, business owners, executives, and nonprofit organizations throughout California’s central coast, according to a release announcing the acquisition.
“The Monterey Private Wealth team exemplifies the relationship-focused approach that has been the primary driver of Creative Planning’s success, and we’re thrilled to welcome them to the team,” said Peter Mallouk, president and CEO of Creative Planning, in a statement. “Their established reputation for client-centered financial guidance and their deep community connections perfectly complement our approach to comprehensive wealth management.”
Monterey Private Wealth says it decided to join Creative Planning for its shared standards on fiduciary rules. As part of the acquisition, Monterey Private Wealth will continue to work with their team from their Monterey office.
“Joining Creative Planning represents an exciting milestone for our practice and our clients and is a natural next step for our firm,” said Cris Cabanillas, President and CEO of Monterey Private Wealth. “We’ve always prioritized building meaningful relationships and providing customized financial guidance. This partnership enhances our ability to deliver an even more robust suite of services to our clients while maintaining the trusted personalized attention they have come to expect.”
ECHELON Partners served as the sell-side financial advisor to Monterey Private Wealth.
Creative Planning, an independent wealth management firm with services in financial planning, retirement planning, estate planning, tax planning, and family office, has over $354 billion in combined assets under management (AUM) and advisement (AUA) as of December 31, 2024.
It’s acquisition of Monterey Private Wealth marks the firm’s third deal in 2025. Creative Planning bought Maxwell Wealth Strategies, a $290 million firm with financial advisory and wealth management services, in February. A month earlier in January, the firm acquired Kowal Investment Group, an RIA managing $1.3 billion in AUM.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.