Savant Capital Management and The Monitor Group, two independent fee-only RIAs, announced that they have finalized the merger of their firms to officially become Savant Capital LLC.
The new, multi-state advisory firm manages nearly $2.7 billion in assets, and becomes one of the 50 largest registered investment advisors in the industry. The deal was announced in April and surprised many industry pundits.
Savant Capital LLC will be based in Rockford, Ill. with offices in Illinois, Wisconsin and Virginia.
Both Savant and the Monitor Group are nationally recognized fee-only financial planning and investment management firms that share a fiduciary approach to wealth management.
The board of managers for Savant Capital, LLC, consists of Thomas Muldowney, chairman and principal; Brent Brodeski, CEO and principal; Richard Bennett, COO and principal; and Glenn Kautt, vice chairman and principal. Kautt was president and chairman of the Monitor Group and, prior to the merger, Muldowney, Brodeski and Bennett were orincipals at Savant Capital Management.
(Read Kautt's column from Financial Planning magazine where he examines Succession Planning Success and)
"This is an exciting day as we have created one dynamic, national firm that will provide additional services and efficiencies to our clients for many generations to come," Muldowney said. "The combined years of experience and expertise of our advisors brings a greater array of resources and intellectual capital to the table."
"Our goal has always been – and will continue to be – to focus on our clients' well-being and long-term goals," Kautt said. "Our combined firm represents a sustainable business model which can live well on into the future. Few, if any, privately held firms can maintain such a long-term, client-oriented business model."
The new Savant gains strategic advantages by combining The Monitor Group's estate planning and tax preparation strengths with Savant Capital Management's divisions, which serve investors who have $50,000 or more in assets. Savant Capital Management also has an institutional division which provides advisory services to 401(k) and company retirement plans, endowments, foundations, and private trusts.