ROCKFORD, Ill. (June 13, 2023) – Savant Wealth Management, a nationally recognized, fee-only registered investment advisor (RIA), ranked number one on Accounting Today’s annual list of Billion-Dollar Wealth Magnets, announced June 6. The publication’s 17th annual ranking of integrated CPA and wealth management firms by assets under management (AUM) received submissions from more than 200 firms. Savant did not pay to participate in the ranking. Last year, Savant ranked number two on the list.
In determining the rankings, Accounting Today found that even in a time of market volatility and economic uncertainty, firms were more concerned about what it termed, the “war for talent.” According to the Controllers Council, the alignment between the supply of, and demand for, accountants peaked in 2019, with the total number of corporate finance workers, CPAs, and accountants plummeting by 17% in 2021. Factors contributing to the labor shortage in the accounting profession reportedly include individuals retiring or choosing to leave the workforce while demand continues to increase.
“At Savant, a key part of our growth strategy involves attracting partner firms with top accounting and advisory talent,” said Brent Brodeski, CPA, CFP®, CFA®, MBA, CEO of Savant Wealth Management. “With demand at peak levels, we are not only recruiting aggressively but are also actively seeking both accounting and wealth management firms through our mergers and acquisitions process with experienced teams to support and enhance the work we’re already doing for our clients. Our having built the largest integrated tax and wealth management business is a key differentiator for Savant in the marketplace” he said.
In a related article in Accounting Today, Savant’s assistant controller, Ray Herber, discussed the importance of managing growth to maintain long-term success. “The key challenges we face at Savant relate to growth and organizational change management, which are good issues to have but must be addressed thoughtfully,” Herber told Accounting Today. “With growth comes an increasing expectation from clients for expanded service offerings such as tax, accounting, and estate planning to suit their evolving needs in a dynamic marketplace,” he added.
Over the last year, Savant has acquired two major CPA firms that contributed to its ranking on Accounting Today’s Billion-Dollar Wealth Magnet list. In October 2022, Savant added Iowa-based Terry Lockridge & Dunn, which provided tax, accounting, payroll, business valuation and other consulting services. In May 2023, Lancaster, PA-based Domani Wealth, a $1.5 billion AUM RIA CPA-led firm joined Savant, bringing Savant’s AUM to $19.5 billion. Savant also expects to add several additional new accounting and wealth management partners in the coming months.
About Savant Wealth Management
Savant Wealth Management is a leading independent, nationally recognized, fee-only firm serving clients for over 30 years with approximately $20 billion in assets under management and assets under advisement (as of 6/7/2023). As a trusted advisor, Savant Wealth Management offers investment management, financial planning, retirement plan and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting, and estate planning document preparation and other legal services through its affiliated law firm, Savant Legal LLP.
2023 Accounting Today Billion-Dollar Wealth Magnet: This annual ranking published in June 2023 includes the top CPA financial planners that have a wealth management/financial planning practice based on assets under management. Savant did not pay a fee to be included in this ranking. Please review detailed report here.
Savant is a registered Investment advisor. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Neither rankings and/or recognitions by unaffiliated rating services, publications, media, or other organizations, nor the achievement of any professional designation, certification, degree, or license, or any amount of prior experience or success, should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Savant is engaged, or continues to be engaged, to provide investment advisory services. Please read our Important Disclosures at savantwealth.com.
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