Savant Wealth Management expands into Florida with acquisition of $440M firm
Fee-only RIA completed its 11th deal of 2023 at the end of December.
The end of 2023 saw the completion of another expansion for fee-only RIA Savant Wealth Management.
It completed the acquisition of $440 million AUM independent RIA FirstWave Financial based in Satellite Beach, Florida, marking its 11th acquisition of the year and adding a new state to its growing national footprint that now includes 39 offices in 15 states.
“Florida is a key strategic area for Savant, since many of our clients spend their winters there,” said Brent Brodeski, Savant’s CEO. “We now have a highly qualified team in Florida helping clients plan for, and live, their ideal futures.”
FirstWave has 14 employees who joined Savant on January 1, 2024, including four who became member-owners of Savant alongside Laura Chiesman, president of FirstWave Financial.
For Chiesman, the decision to join Savant was driven by her recognition of the importance of succession planning. She is co-author of the boo, “‘It’s a Journey: The MUST-HAVE Roadmap to Successful Succession Planning.”
“To continue to serve our clients and team well into the future at the high level we are committed to, we knew we would need a growth engine that not only offers comprehensive services, such as tax and estate planning, but that also has the important technology resources necessary to compete effectively,” said Chiesman. “Savant’s reputation for excellence in these areas, as well as its aligned culture and vision, made it an attractive partner for FirstWave.”
SAVANT GROWTH
The strong year for acquisitions took Savant’s AUM to almost $25 billion by the end of 2023.
As well as the FirstWave deal, three other transactions closed on Nov. 30: Clinton, South Carolina-based Peay & Associates and SwaimBrown Wealth Management, and Alabama-based Bridgeworth Wealth Management.
Other acquisitions included Basil Financial Group in Chicago; Capital Directions in Atlanta; Domani Wealth in Lancaster, Pennsylvania; Paragon Financial Advisors in Columbia, South Carolina; The Relaxing Retirement Coach in Wellesley, Massachusetts; and R.F. Book & Associates and Wealth Management Group in Dover, Delaware.
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