Saturday, September 23, 2023

Savant acquires $376 million Delaware CPA/RIA business -Dlight News

Savant Wealth Management acquires Raymond F. Book & Associates and associated fee-based RIA.

Post-acquisition, Savant, a fee firm with approximately $20.3 billion in assets under management and advice, will have an accounting and tax team of nearly 100 professionals (Raymond F. Book’s RIA has approximately $376 million in assets under management).

According to Savant CEO Brent Brodeski, the Dover, Del.-based firm was Raymond F. Book Savant’s third acquisition of businesses that combined RIA and CPA services, as well as fourth accounting firm. Brodeski noted that Savant is unique in its desire to work “with more than just the assets side of the company.”

“Our partnership with these two sister firms further solidifies Savant’s commitment to be the leading integrated wealth management, tax and accounting firm,” he said.

The acquisition comes about a year after Savant took its first steps forward on a five-year “growth plan”.,” The company’s goal is to quintuple its growth during this period. Buoyed by a minority stake from Kelso & Company, Brodeski said four to six deals “per year” is the company’s expected sweet spot.

In February, Savant has lured Patrick Lawlor from his role as President and Head of M&A at Mather Group to become Savant’s new Head of M&A. At the time, Brodeski said the company spent 2021 raising capital to accelerate growth, while in 2022 the company focused on strengthening its “advisory leadership.”

“Now we are increasing our growth engine by significantly expanding our M&A team, accelerating the size and volume of our M&A activity, and developing cutting-edge technology that will differentiate our client experience and contribute to organic growth,” he said.

The dual acquisition of Raymond F. Book’s tax and RIA businesses marks Savant’s sixth and seventh deals of the year. As of early 2023, the company opened offices in Georgia, Massachusetts, Pennsylvania and South Carolina with a total of 35 locations in 13 states.

A total of 26 employees will join Savant as a result of the acquisition, with seven employees becoming “member-owners,” bringing the total number of employee-owners at Savant to 136 out of a total of 439 employees.

Raymond F. Book provides tax and accounting services, business founder and manager advisory, probate and trust services. The company formed its subsidiary RIA in 2001. Ronald Vascik, managing partner of Raymond F. Book, said companies were attracted to Savant because the company was interested in both its tax and advisory services.

“Savant recognizes the importance of integrating tax, financial and investment services to provide clients with a holistic experience,” he said.

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