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Savant Wealth Management, a nationally recognized, fee-only registered investment adviser (RIA), announced it has acquired Atlanta-based Capital Directions, an RIA firm whose clients include individuals and families, pensions, and corporations. In addition, Capital Directions offers a turnkey asset management platform (TAMP) to CPA firms that includes: CIO and portfolio management; dedicated back-office administration; technology services; practice management resources and training; and professional prospecting assistance. Savant did not disclose terms of the deal.
With approximately 25 employees and $3.3 billion in AUM, Capital Directions represents Savant's largest acquisition to date and its first of 2023. It also expands Savant's U.S. footprint to 10 states and 26 offices. After the closing, Savant's AUM totals nearly $18 billion.
"Capital Directions presented us with a unique opportunity to not only to serve traditional wealth management clients, but also to help other financial advisory firms and CPA firms offer best-in-class services to their clients, supporting our vision of improving a million lives," said Brent Brodeski, Savant's CEO. "We will also benefit from Capital Directions' Retirement Plan Services program, which will help strengthen Savant's differentiated offering in that area."
"We have been successful growing our business and could have chosen to stay the course," said Dennis Covington, CEO of Capital Directions. "However, by partnering with Savant, we can enhance the client experience, expand opportunities for our team including equity opportunities, and grow faster all while remaining independent. In addition, by combining Capital Directions' and Savant's TAMP and retirement plan businesses, it will create scale benefits and enhance the capabilities we offer clients."
Members of Capital Directions' ownership team, including Covington, Managing Director Terry Hartigan, Chief Investment Officer John McMillen, and Director of Financial Planning Richard O'Donnell will each become significant equity owners in Savant, along with Relationship Manager Michael Bork, and Wealth Advisor Miriam Falaki.