Rockford, Illinois-based Savant Wealth Management has acquired a pair of Iowa financial firms.
The deals, marking Savant’s second and third of the year, involve World Trend Financial and Terry Lockridge & Dunn, both of which are based in Cedar Rapids with offices in Iowa City.
World Trend comes with $730 million in client assets, adding to Savant’s $12.4 billion. Terry Lockridge is described as a provider of tax, accounting, payroll, business valuation and other consulting services, and will join Savant’s tax and consulting affiliate.
Savant announced the deals as part of its “five-year strategic growth initiative,” which it introduced earlier this year.
“We’re excited to expand our already robust Midwest presence into Iowa and are thrilled to add this talented team to our roster,” Brent Brodeski, Savant’s founder and chief executive, said in a statement.
“A key part of our growth strategy includes attracting strong firms with top-tier talent that can help add value immediately,” Brodeski added. “World Trend Financial is a key wealth management player in Iowa, and Terry Lockridge & Dunn will immediately help to strengthen our tax and consulting offering to our wealth and business owner clients.”
Both of the acquired firms acknowledged the benefits of scale as driving forces behind the transactions, illustrating the continuation of a trend sweeping across the financial services industry.
“As we considered how best to serve our clients in the future, we were attracted to Savant’s breadth of services, including tax planning and estate planning, as well as its commitment to developing a world-class client experience,” Tory Meiborg, president and partner at World Trend Financial, said in the statement.
“We share that forward-thinking mindset and believe our clients will benefit from working with a team of specialists all under one roof,” he added.
“In a labor market where seasoned tax professionals are in short supply, we look forward to joining Savant’s tax and consulting arm and helping clients pursue their goals,” said Paula Rogers, president and partner at Terry Lockridge & Dunn.
The purchase of the two firms brings Savant 37 additional employees, 13 of whom will become member-owners.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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.
