Savant Capital Management and The Monitor Group To Combine, Forming $2.7B AUM National RIA
Savant Capital, LLC will operate 10 offices in four states (IL, WI, VA, FL)
Client-centricity, economies of scale, syncing of investment approach and philosophy were key drivers
New growth strategy formally launched with this announcement, indicative of changing RIA landscape
Combined firm will employ over 90 individuals, promoting shared intellectual capital and best practices
Savant Capital Management and The Monitor Group, two independent fee-only RIAs, today announced the strategic combination of their firms. The combined firm will be called Savant Capital, LLC, and will manage more than $2.7 Billion in assets. The firm will have 10 offices in four states (Illinois, Wisconsin, Virginia and Florida) with the continued capabilities to service clients worldwide. Corporate headquarters will be in Rockford, IL.
The board of managers will consist of Thomas Muldowney, Savant Capital Management Chairman and Principal; Glenn Kautt, President and Chairman of The Monitor Group; Brent Brodeski, CEO and Principal of Savant Capital Management; and Richard Bennett, Savant Capital Management Principal and COO.
Both organizations are members of the Zero Alpha Group (ZAG), an international network of independent investment advisory firms. The principals discovered a shared investment approach and philosophy during the course of interacting over the years as members of the ZAG.
"We have known each other for several years and have had ongoing mutual respect for each other" said Thomas Muldowney, Chairman of Savant Capital Management. "Each firm has successfully grown organically - one client at a time - during the course of the past several years; joining forces provides a new avenue for growth for both organizations, and we will continue to keep our strategic growth options open."
Additionally, the combination of the two firms allows them to utilize the best practices of each organization to expand service offerings, which ensures long-term business continuity and ongoing emphasis on a client-first approach.
"We are excited about this opportunity because it aligns two firms with similar investment philosophies and corporate values," said Glenn Kautt, President and Chairman of The Monitor Group. "Our combination is the culmination of a multi-year strategy to develop into a firm that will remain in existence for many years while maintaining its cutting-edge approach to wealth management."
Brent Brodeski, CEO of Savant Capital Management, said, "In combining forces we are focusing on continuous enhancement of the experience of three groups of constituents: our clients, our teams and our communities. This is a continuity model that will continue to provide exceptional advice for clients for generations to come."
The deal was managed by strategic advisor Advisor Growth Strategies, LLC, based in Phoenix, AZ and M&A advisor Advice Dynamics Partners, LLC, based in San Francisco, CA. The M&A and Strategic advisors involved with the combination of the two firms point to a shift in the advisory landscape which has made this type of union a very appealing growth alternative for advisors with the right mind-set and capabilities.
John Furey, Principal at Advisor Growth Strategies, LLC, said, "This combination is indicative of a new era in value creation that has planted roots in our industry and is growing rapidly. Beneficiaries include the clients, the team members of the firm and advisors in transition who are looking for a good home."
"This has the potential to be the largest RIA/RIA combination of 2012," said David Selig, CEO of Advice Dynamics Partners. "The days when transactions of this type were only possible for the large acquirers are in the rear-view mirror. Exceptional wealth managers like Savant and Monitor have realized that joining forces is not only possible, it is an excellent part of a well thought out growth strategy."
The firms expect to finalize details of the integration this summer.