Savant Wealth Management has notched its fourth deal of 2023 with the acquisition of Domani Wealth, a $1.53 billion RIA based in Lancaster, Pennsylvania.
Domani is a 25-year-old advisory firm with 25 employees and four offices in central Pennsylvania.
The deal brings Savant’s total assets under management to $19.3 billion. The firm's footprint includes 32 offices in 11 states, including five offices in Pennsylvania.
“Domani Wealth is well-known in central Pennsylvania, with deep roots in its communities and a reputation for technical expertise and a team approach,” Savant founder and Chief Executive Brent Brodeski said in a statement.
“As we continue to expand our footprint in the Mid-Atlantic region, we found this partnership to be a natural fit,” he added.
Details of the transaction were not disclosed, but Brodeski said the purchase is “part of an intentional strategy by Savant to follow an accelerated pace of acquisitions over the next few years.
“We believe our firm’s ideal future lies at the intersection of growth and excellence, and we are eagerly making strides to achieve our goals in both areas,” he explained.
Domani Wealth’s eight partners became equity owners in Savant when the deal closed Tuesday.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
