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Thursday, February 22, 2024

Savant Wealth Buys Set of SC Companies in 2nd Combo Deal of 2023

Northern Illinois-based Savant Wealth Administration closed a deal on Thursday to purchase tax and accounting agency Peay & Associates and its related RIA, SwaimBrown Wealth Administration, in central South Carolina.

Each entities had been based and principally owned by Jay Peay. He’s becoming a member of Savant as a accomplice, together with Ashley Tate, who held a minority stake within the accounting enterprise. 5 extra staff of the mixed companies will develop into staff at Savant.

The second pair of tax and advisory companies Savant has acquired this yr, and the sixth CPA in its historical past, the deal provides tax expertise and $146 million in managed property, whereas increasing the agency’s nationwide footprint to 38 workplaces in 14 states.

CEO Brent Brodeski stated the deal with tax practices helps Savant differentiate itself from different wealth administration suppliers, including {that a} nationwide scarcity of CPA professionals means having these companies out there in-house places the agency in a stronger place.

Peay stated he was in search of a partnership to enable his firms to broaden companies regionally and famous Savant already has a presence in Columbia, S.C., an hour and a half away from their Clinton workplaces.  

Along with the combo deal to purchase Delaware-based CPA agency R.F. E book and its affiliated RIA, introduced in July, Savant has additionally picked up Basil Monetary Group in Chicago, Capital Instructions in Atlanta, Domani Wealth in Lancaster, Penn., Paragon Monetary Advisors in Columbia, S.C., and The Stress-free Retirement Coach in Wellesley, Mass, this yr. The acquisition of $2.2 billion AUM Bridgeworth Wealth Administration, introduced earlier this month, is predicted to shut in December.

These additions symbolize greater than $8 billion in acquired property in 2023, bringing Savant to almost $24 billion in whole AUM.

Established greater than three many years in the past, Savant presents funding administration, monetary planning, retirement plan and household workplace companies for people and establishments, in addition to company accounting, tax preparation, payroll and consulting via affiliated Savant Tax & Consulting. Property planning doc preparation and different authorized companies can be found via its affiliated legislation agency, Savant Authorized.

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