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.
Advisors previously with UBS, Edward Jones head for new firms.
Principal Financial Group’s Teresa Hassara shares data showing account balances rising and Roth adoption accelerating.
Trevor Uhls was charged with wire fraud and money laundering in a criminal complaint filed in U.S. District Court for the Western District of Missouri.
The multigenerational Cedar Rapids firm is joining through a key OSJ as recruiting competition heats up across the wealth space.
New Treasury guidance sets fee caps, defines index-tracking rules, and bars ESG-linked funds from the tax-deferred accounts for minors
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
