PROVIDENCE – Savant Wealth Management, a national wealth management firm with an office in Middletown, has partnered with Massachusetts-based Heritage Financial Services in a deal that adds $3.9 billion in assets under management and three Bay State offices to its footprint.
The transaction, Savant Wealth's largest acquisition to date which closed Feb. 27, expands the firm's presence in New England and deepens its regional scale at a time when independent registered investment advisers continue to consolidate. Financial terms were not immediately disclosed.
For Rhode Island clients, the deal further strengthens Savant’s regional bench of advisors and expands the firm’s service offerings across southern New England.
Savant, headquartered in Rockford, Ill., now operates 50 offices across 21 states, including four in Massachusetts.
The acquisition comes as the firm marks its 40th anniversary. Founder and CEO Brent Brodeski said the transaction reflects Savant’s strategy of partnering with culturally aligned firms while preserving client service models.
"As we celebrate 40 years in business, it’s especially meaningful to mark this milestone with our largest partnership to date," said Brodeski. "I’m thrilled to welcome such a talented team to Savant."
Heritage, headquartered in Westwood, Mass., with additional offices in Woburn and Rockland, employs 47 people.
Fifteen team members — including Founder and Chairman Charles “Chuck” Bean III and President and CEO Sammy Azzouz — joined Savant as member-owners at closing. The remaining employees became Savant staff, it said.
"We believe Savant is a great home for our team, and we’re excited for our team’s ability to grow and specialize," Azzouz said. "As a majority employee-owned firm ourselves, we were pleased to find another RIA with this unique business model that shared our values and had a similar culture."
Both firms operate as majority employee-owned, fee-only registered investment advisers, a structure leadership from both organizations highlighted as a key point of alignment.
Founded in 1995, Heritage cited expanded capabilities as a driver of the partnership, including access to tax preparation, trustee services, enhanced estate planning and family office solutions available through Savant’s affiliated entities.
As of Feb. 28, Savant reported approximately $42.3 billion in assets under management and $1.7 billion in assets under advisement.
The deal was facilitated by Turkey Hill Management.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
