Creative Planning LLC: What Investors Need to Know

Creative Planning LLC is one of the largest independent investment advisory and wealth management firms in the United States. Overseeing tens of billions in assets across the country, the company serves a diverse client base, from individuals to institutions. Nevertheless, both Creative Planning and certain advisors have encountered investor disputes, regulatory disclosures, and legal actions that current and prospective clients should consider.

What Is Creative Planning LLC?

Creative Planning, LLC is a Kansas-based SEC-registered investment advisor offering wealth management, financial, retirement, estate, and tax planning, as well as related services to clients nationwide. The firm upholds a fiduciary standard of care, requiring it toact in clients’ best interests when delivering investment advice.

Despite its size and positive reputation, Creative Planning has been named in several investor disputes and legal claims alleging significant financial harm related to investment strategies and potential breaches of fiduciary duty.

Allegations Involving Options and Risky Strategies

Public reports and filings show that some clients have lost significant amounts due to complex option trading strategies within Creative Planning accounts. In a notable instance, a client filed suit against Creative Planning and its custodian for negligent and reckless options trading, resulting in about $9.5 million in losses on Boeing stock. The complaint alleges that the firm breached its fiduciary duties and failed to adequately advise the client about associated risks.

Other legal resources and attorney investigations report similar allegations that risky strategies, including certain options transactions, were implemented for clients without sufficient disclosure or suitability, resulting in significant losses.

Complaints Against Individual Advisors

In addition to firm-level claims, individual advisors affiliated with Creative Planning have faced investor complaints citing negligence, breach of fiduciary duty, and substantial financial damages:

Phillip Atteberry: Multiple customer complaints reportedly seek over $14 million in collective damages for negligence, breach of fiduciary duty, and alleged misrepresentations, including those involving option strategies and the sale of certain investments.

Rollan Dizon: Some investors have raised concerns about possible misconduct by this representative. Attorneys recommend that current and former Creative Planning clients review their account activity and performance.

Christopher R. Weeks: A pending arbitration claim breaches fiduciary duty and negligence in options trading, with the investor seeking about $800,000 in damages. This arbitration remains unresolved and has not been decided in court.

Brandon Wesley Hanna: Several customer arbitrations have alleged breaches of fiduciary duty, negligence, and misrepresentation arising from investment recommendations, including options strategies, with damages claimed in the millions. In one case, an arbitration panel awarded approximately $1.59 million to the claimant. Additional arbitrations seeking significant compensation remain unresolved and have not been decided in court.

It is important to note that allegations in complaints and arbitrations do not constitute admissions of wrongdoing.

What This Means for Investors

Creative Planning’s size and fiduciary structure do not make it immune to disputes or complaints. Investors should be aware of the following:

• Complaints and lawsuits have involved investment losses related to complex trading strategies, including options, which may not be suitable for all clients.
• Individual advisors have been named in significant claims asserting breach of duty or negligence, though none of these represent final judicial findings.
• Regulatory disclosures are available and should be reviewed when evaluating the firm or specific advisors.

Questions Current or Former Clients Should Ask

If you have worked with Creative Planning or one of its advisors and are reviewing your investment results, consider the following:

• Did your account experience significant losses related to complex strategies you did not fully understand or approve of?
• Were you adequately informed about the risks of options or other speculative trades?
• Does your account history show unauthorized or discretionary trades that you did not explicitly approve of?
• Have you compared your account performance and communications to the firm’s fiduciary obligations?

Know Your Rights

Investors may have legal rights if they believe they suffered financial harm due to negligence, breach of fiduciary duty, misrepresentation, or unsuitable investments. Such claims can be pursued through arbitration or civil litigation, depending on the circumstances and the agreements governing the advisory relationship.

Reviewing your account documents, advisor disclosures, and regulatory histories, and consulting with an attorney experienced in investment advisor disputes can help you determine your options.

Important: Creative Planning and its advisors have not been found guilty of wrongdoing solely on the basis of complaints or arbitrations. The allegations cited here reflect investor claims and public filings, which the firm often contests.

Contact an Attorney

Consult with a securities and investment fraud attorney. A lawyer can evaluate the case and help pursue recovery of the losses.

Levin Papantonio’s securities fraud lawyers are currently investigating potential claims related to Creative Planning. They are examining whether Creative Planning or other parties can be held responsible for these losses.