Savant Wealth Management acquires two Iowa-based financial firms

The deals push Savant's assets to $12.4 billion while moving it forward on its five-year growth plan.

Rockford, Illinois-based Savant Wealth Management has acquired a pair of Iowa financial firms.

The deals, marking Savant’s second and third of the year, involve World Trend Financial and Terry Lockridge & Dunn, both of which are based in Cedar Rapids with offices in Iowa City.

World Trend comes with $730 million in client assets, adding to Savant’s $12.4 billion. Terry Lockridge is described as a provider of tax, accounting, payroll, business valuation and other consulting services, and will join Savant’s tax and consulting affiliate.

Savant announced the deals as part of its “five-year strategic growth initiative,” which it introduced earlier this year.

“We’re excited to expand our already robust Midwest presence into Iowa and are thrilled to add this talented team to our roster,” Brent Brodeski, Savant’s founder and chief executive, said in a statement.

“A key part of our growth strategy includes attracting strong firms with top-tier talent that can help add value immediately,” Brodeski added. “World Trend Financial is a key wealth management player in Iowa, and Terry Lockridge & Dunn will immediately help to strengthen our tax and consulting offering to our wealth and business owner clients.”

Both of the acquired firms acknowledged the benefits of scale as driving forces behind the transactions, illustrating the continuation of a trend sweeping across the financial services industry.

“As we considered how best to serve our clients in the future, we were attracted to Savant’s breadth of services, including tax planning and estate planning, as well as its commitment to developing a world-class client experience,” Tory Meiborg, president and partner at World Trend Financial, said in the statement.

“We share that forward-thinking mindset and believe our clients will benefit from working with a team of specialists all under one roof,” he added.

“In a labor market where seasoned tax professionals are in short supply, we look forward to joining Savant’s tax and consulting arm and helping clients pursue their goals,” said Paula Rogers, president and partner at Terry Lockridge & Dunn.

The purchase of the two firms brings Savant 37 additional employees, 13 of whom will become member-owners.