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.”
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.
From building multigenerational relationships to entering new adult planning areas and building healthy financial habits, higher education can be a gateway for advisors to become trusted partners to families.
The wirehouse-focused aggregator's rollout to more than 100 advisors lands as financial advisors race to add tax and estate planning tools.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
