Savvy Advisors adds $270 million Perspective 6 team with medical technology niche

Perspective 6 Wealth Advisors, a Minneapolis-based firm managing about $270 million in client assets, has departed Focus Financial Network to join Savvy Advisors. Savvy Advisors, the New York-based RIA, expands to 68 total advisors and more than $2 billion AUM.

Savvy Advisors launched in 2022 as the SEC-registered RIA affiliate of Savvy Wealth, the wealth tech firm that raised $72 million in a Series B funding round earlier this month. Perspective 6 specializes in serving professionals from the medical technology and medical device industries. The firm was founded by Matt Nelson in 2006 and spent the last 19 years being affiliated with the SEC-registered Focus Financial Network in Minnesota.

“A group like Perspective 6, they're not looking to sell their business right now, and plenty of advisors and teams are not looking for an M&A option at this point,” Savvy Wealth founder and CEO Ritik Malhotra told InvestmentNews. “So when we approach, it's really in the context of aligning interest in terms of solving pain points and alleviating them from time spent in middle and back office, so they are able to reinvest that in spending with their existing clients and grow their business.”

Perspective 6 will retain its consumer-facing brand and have its entire eight-person team move over to Savvy Advisors. Nelson is a managing partner at Perspective 6, alongside fellow partners Matthew J. Finley and Jacob LaRue. Savvy Advisors also announced it has added 12 solo advisors from eight states including California, Rhode Island, Wisconsin, South Carolina, and Indiana. 

“Perspective 6 made the decision to move their team to Savvy and establish Savvy as their new home, while continuing to own their individual books of business. That’s why we refer to it as an addition rather than an acquisition,” Savvy said in a statement. “We didn’t purchase their firm or acquire their client base — they chose to join our platform. Like all advisors who join Savvy, the Perspective 6 team receives equity in the company, aligning everyone around our long-term growth and shared success.”

Niche-focused

Savvy Wealth’s AI-enabled software offers sales and marketing automation tools to advisors as well as estate plan modeling, tax preparation, alternative investments and insurance. Advisory teams such as Perspective 6 who target industry-specific clients are especially attractive fits for Savvy. 

“We've actually found that the best advisory teams and solo advisors have figured out a niche that they work well with,” said Malhotra. “From a prospective client's perspective, they have a number of different options they can choose from, but a firm that works directly with med tech and medical professionals, that resonates a lot more because there's certain tailored services that Perspective 6 are offering for that unique client and household profile.”

Former LPL Financial CEO and chairman Mark Casady joined the Savvy Wealth board earlier this month as his VC firm Vestigo Ventures invested in the company. Joshua Kushner’s Thrive Capital is also an investor in Savvy Wealth, which has raised over $100 million since 2021 and hired former Pathstone general counsel Lisandra Wilmott in April to lead its compliance program.