Savant Wealth Management Expands Presence with Strategic Acquisition of Clinton-Based South Carolina Firms
December 2, 2023
Savant Wealth Management, based in Northern Illinois, has recently completed its second combination deal of 2023, marking another significant step in the firm’s strategic expansion.
The latest acquisition involves the purchase of tax and accounting firm Peay & Associates and its associated Registered Investment Advisor (RIA), SwaimBrown Wealth Management, both located in Clinton, South Carolina. This move follows Savant’s ongoing commitment to bolster its national footprint and enhance its capabilities in tax services.
Founded and primarily owned by Jay Peay, both Peay & Associates and SwaimBrown Wealth Management are well-established entities in their respective fields. The deal sees Jay Peay and Ashley Tate, who held a minority stake in the accounting business, joining Savant as partners. Additionally, five other employees from the combined firms will now become part of Savant’s growing team.
This acquisition represents the second pairing of tax and advisory firms by Savant in 2023 and the sixth Certified Public Accountant (CPA) firm in the company’s history. The transaction brings not only valuable tax expertise but also $146 million in managed assets, contributing to Savant’s impressive total assets under management (AUM) of nearly $24 billion.
CEO Brent Brodeski highlighted the strategic importance of focusing on tax practices, emphasizing that it sets Savant apart from other wealth management providers. In a landscape facing a national shortage of CPA professionals, having these services available in-house strengthens Savant’s position and enhances its ability to meet the diverse needs of clients.
Jay Peay expressed his desire for a partnership that would facilitate the expansion of services at the local level. Notably, Savant already has a presence in Columbia, South Carolina.
This acquisition adds to Savant’s remarkable series of deals in 2023, including the purchase of R.F. Book in Delaware, Basil Financial Group in Chicago, Capital Directions in Atlanta, Domani Wealth in Lancaster, Penn., Paragon Financial Advisors in Columbia, S.C., and The Relaxing Retirement Coach in Wellesley, Mass. The pending acquisition of Bridgeworth Wealth Management, with $2.2 billion in assets under management, is expected to close in December.
These collective additions amount to over $8 billion in acquired assets in 2023 alone, reinforcing Savant’s position as a major player in the wealth management industry. Established over three decades ago, Savant offers a comprehensive range of services, including investment management, financial planning, retirement planning, family office services, corporate accounting, tax preparation, payroll, and consulting through its affiliated entities.
As Savant continues to grow strategically, these acquisitions not only expand its geographical reach but also enhance its service offerings, ensuring it remains at the forefront of the evolving wealth management landscape.
