Among a flurry of deal announcements to cap off the month of March, Savant is marking a M&A milestone with a $6 billion firm based in Oklahoma, while a $1.5 billion acquisition extends Mercer Advisors' reach in New England.
Savant Wealth Management said it has partnered with Exencial Wealth Advisors and Heller Wealth Management, marking the latest steps in its national growth strategy.
Savant hailed Exencial, an Oklahoma-based RIA with $6 billion in assets under management, as its largest deal to date by AUM, topping the partnership with Heritage Financial it announced earlier this month.
Meanwhile, Heller Wealth Management, based in Melville, New York, oversees about $550 million in assets under management. The tie-up adds to Savant’s presence in the New York metro area.
Savant founder and CEO Brent Brodeski said the firm is focused on “aligning with firms that share our fiduciary mindset, culture, and long-term vision.” He called Exencial “a milestone partnership for Savant," while highlighting how Heller “adds depth in an important market.”
Savant said team members from both firms will join Savant, with select partners becoming member-owners and other employees transitioning at closing.
After the additions, Savant will have 66 offices in 26 states. The firm has an estimated $50 billion in assets under management and $1.9 billion in assets under advisement as of March 31.
Mercer Advisors said it has acquired Charter Oak Capital Management, a Portsmouth, New Hampshire-based wealth management firm with more than $1.5 billion in assets under management.
Coming a few weeks after Mercer launched its Women & Wealth unit headed by Executive Managing Partner Laura Combs, the deal adds another dot on Mercer’s New England map, with Charter Oak serving clients across New Hampshire, Massachusetts and Maine.
In the statement, Dave Welling, CEO of Mercer Advisors, described Charter Oak as “the type of high-quality, fiduciary firm” Mercer looks for, and said the acquisition expands Mercer’s reach in what he called “an important New England market.” Welling added that Charter Oak brings “a talented, next-generation team committed to comprehensive planning.”
With a service model that includes investment management, tax and estate planning, Charter Oak was founded in 2002 and is led by a partner group that includes Emma Bean, Todd Cesca, Sarah Serling, Jeffrey Troiano, Lena Wyand and Karen Zaramba.
Troiano, managing partner at Charter Oak, said the firm believed “there was more we could do for our clients,” and that “we could reach that vision faster with the right partner.”
Mercer said Charter Oak clients will gain access to Mercer’s family office services, including tax preparation and estate and trust capabilities, while Charter Oak maintains its boutique identity.
Headquartered in Denver, Mercer oversees $98 billion in client assets across more than 110 locations and more than 1,560 employees. It is majority owned by Oak Hill Capital, Genstar Capital and Altas Partners.
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