Savant Wealth Enters Maine in $240.4 Million RIA Deal, Opening 70th Office
Updated
Updated · InvestmentNews · Jul 1
Savant Wealth Enters Maine in $240.4 Million RIA Deal, Opening 70th Office
2 articles · Updated · InvestmentNews · Jul 1
Summary
$240.4 million in assets and a nine-person team moved to Savant through its partnership with Richard Brothers Financial Advisors, giving the firm its first Maine office in South Portland.
The deal keeps the Richard Brothers team in its existing office, with founders Randall and Neal Richard joining as member-owners and the rest of the staff becoming Savant employees.
Savant said the acquisition adds business-transition planning expertise for owners, alongside Richard Brothers' broader wealth, retirement, tax and risk-planning approach.
The Maine expansion lifts Savant to 70 offices in 28 states and extends a rapid acquisition streak that has included four deals since March, following transactions in New Mexico, Oregon, California and Oklahoma.
As of June 30, Savant reported $55.7 billion in assets under management and $1.5 billion under advisement in its 40th year of business.