Mother's Day Special! Here's how a mother daughter RIA team thrives together

Lois Basil and her daughter Hannah Basil Bryant are financial advisors at Savant Wealth Management's Chicago Northcenter office. They understand the nuances, benefits, and challenges of making work a family affair.

And they not have only lived to tell their story, but they relish recounting it.

Lois Basil began her career in accounting, owning a Chicago-based accounting firm for 13 years before transforming it into a fee-only comprehensive financial planning practice. In 2011, she founded Basil Financial Group in Chicago's Northcenter neighborhood, a women-owned, fee-only RIA, after she and her husband found themselves unable to hire a fee-only planner who could meet their own needs.

Hannah Basil Bryant joined her mother at Basil Financial Group in August 2015 after working in commercial lending and at a technology startup. She earned her CFP designation in 2017 and became a partner at the firm in 2021.

In April 2023, Basil Financial Group, with $75.5 million in AUM and three employees, was acquired by Savant Wealth Management, becoming Savant's 13th Illinois office. Lois became a member-owner at Savant as part of the transaction.

InvestmentNews caught up with both mother and daughter to learn how they make the family business thrive.

InvestmentNews: What is it really like to build a business with a family member?

Hannah Basil Bryant: Building a business with my mother has been one of the most rewarding and demanding experiences of my professional life. We had a genuinely good run together because our skills were complementary. Lois brought deep expertise in accounting, cash flow management, and client relationships cultivated over decades, while I came in with fresh energy, a drive to systematize operations, and a focus on modernizing our services for the next generation.

But complementary skills alone don't make a partnership work. It also required real humility on my part as the younger advisor and genuine openness to change from Lois as the founder. We were intentional about this dynamic from day one, bringing in a business coach to help us communicate effectively and work through strategic initiatives as true partners. We also made it a non-negotiable to keep family and work as separate as possible. I called her "Lois" at the office and "Mom" at home, which sounds simple but made an enormous difference in how we showed up for each other professionally. When the time came to pursue an external merger, we knew the right partner had to be one that would protect our clients and our team and honor the foundation we had built together as a family.

Lois Basil: Building a business with a family member is both deeply meaningful and uniquely rewarding. For me, it has been extraordinary to work alongside my daughter to create something of real value—something that genuinely impacts people’s lives. There is a shared sense of purpose that goes beyond typical business partnerships, rooted in trust and a long-standing relationship. It also gave us the opportunity to approach the wealth management industry differently, blending innovation with our shared values. Of course, the lines between personal and professional can blur, but the ability to grow something together has made it incredibly worthwhile.

InvestmentNews: What have you learned about each other through working together?

Hannah Basil Bryant: Working alongside my mother has confirmed things I always suspected about her and revealed depths I hadn't fully appreciated until I saw her in the professional arena every day. Lois is brave. She uses her voice, advocates for what she believes in, and never lets discomfort stop her from doing the right thing for a client or a colleague. She cares deeply about her team and her clients in a way that is rare and genuine. She forged a culture of care, excellence, and innovation at Basil Financial Group that didn't evaporate when we joined Savant. It carried into our Northcenter office and continues to define how we operate. Watching her mentor younger advisors and staff has been very satisfying.

She is also exceptionally skilled at accounting, cash flow analysis, and the empathetic relationship building that comprehensive financial planning demands. I am a better advisor because I grew up in this profession with her as my model.

Lois Basil: Working together has given me a deep appreciation for the strengths that come with a younger generation. I’ve learned to embrace different skill sets, new ways of thinking, and a fresh perspective on problem-solving and communication. At the same time, it has created space for me to share generational wisdom and experience in a way that feels collaborative rather than directive. We’ve both grown by learning when to lead and when to listen. That mutual respect has strengthened not only our business relationship but also our personal one.

InvestmentNews: What have been the biggest challenges working together? And when would you advise against it?

Hannah Basil Bryant: Our most significant challenge came in 2018, a year that stacked personal and professional pressure simultaneously. I was planning my wedding, which naturally consumed emotional bandwidth and personal time, while our firm was experiencing explosive growth following my earning my CFP designation. I had finally reached the point where I could meaningfully expand my own client base. The boundaries between personal life and business obligations began to blur in ways that were hard to manage, and the weight of expectations and emotions became too much. At that point, we made the proactive decision to bring in a family business therapist, who was instrumental in helping us work through those specific challenges, reset expectations, and move forward with clarity and renewed partnership.

I would advise against going into business with a family member if you have any real doubt about whether you could maintain open, honest, and consistent communication with that person, even when it's uncomfortable. If there's any hesitation, the strain of a shared business will surface it quickly, and the cost to the relationship can be high.

Lois Basil: The biggest challenge has been maintaining consistent, honest, and open communication, especially when conversations are difficult. For us, having both a business coach and a family therapist was instrumental in building a strong foundation, allowing us to scale the business and ultimately sell it successfully.

I would advise against working with a family member if either party is not open to candid feedback around performance, communication, or compensation. Another ongoing challenge is separating work from family life. It’s easy for those boundaries to blur. Being intentional about keeping business discussions at work and preserving family time is critical, not just for the partnership but for everyone around you. And at the end of the day, no matter what happens in business, she will always be my daughter. That perspective matters.