Savant Wealth Management, a fee-only registered investment adviser (RIA), announced the acquisition of woman-owned Source Financial Advisors – a New York, NY-based boutique RIA with $536 million in assets under management. Savant did not disclose the terms of the deal.
Source Financial Advisors, led by Michelle Smith, CDFA, primarily serves high-net-worth women who have experienced or are navigating divorce. And it also counts business owners and executives among its clientele. The firm provides a financial education program, Wife2CFO, in which divorced or divorcing women receive coaching, guidance, and tools to help them plan their financial futures.
Michelle Smith joins Savant as a managing director, financial advisor, and member-owner. And Lauren Lisbon, a relationship manager and family office services specialist, joins Savant as an associate advisor. Megan Benner, chief compliance officer and client services specialist, is now a Savant client services team member. Sean Smith, marketing director, assumes the role of transition consultant, and AnnMarie Broughton, CPA, director, and forensic accountant, is now an accounting manager at Savant Tax & Consulting.
This deal is consistent with Savant’s strategy to grow the firm’s specialized client offerings. And in November, Savant acquired Louisville, KY-based Sortino Advisory Partners, whose principals specialize in gerontology and help clients manage the financial and emotional issues related to aging.
Source Financial Advisors is Savant’s fourth acquisition of this year, and it marks the firm’s entry into New York state. And the firm now has 43 offices in 18 states.
KEY QUOTES:
“Our goal in acquiring these specialty firms is to provide our clients with best-in-class advice and recommendations that will make a more meaningful difference in their lives. While many advisors are familiar with, and can generally speak to the life-stage issues clients face, they may not have access to the in-depth knowledge and key resources their clients need. At Savant, our business model is designed to enable advisors to draw on specialists who can go beyond the basics and strengthen the client relationship.”
– Brent Brodeski, CPA, CFP, CFA, MBA, founder and CEO of Savant Wealth Management
“Throughout my career, I’ve been committed to helping women understand their financial options as they navigate divorce, and I’m looking forward to helping Savant grow even stronger in this area. When the team at Savant shared the firm’s vision to improve the lives of 1 million people, I knew we shared similar values and goals. I’d love to help a million women, and with the scale Savant can provide, I believe we are well-positioned to grow together.”
– Michelle Smith
