Savant Capital Management and Huber Financial Complete Merger
Savant is One of Chicagoland’s Largest RIAs After Closing 5th Partnership
– Savant now employs nearly 70 Chicagoland employees; more than 210 total employees across the country
– Firm grows to $3.1 billion AUM in Chicago region; $8.5 billion nationally
– Savant is now one of the nation’s largest independent and privately owned fee-only firms
Savant Capital Management, a nationally recognized, fee-only wealth management firm, and Huber Financial Advisors, an independent wealth management firm headquartered in Lincolnshire, today announced their merger has finalized. This partnership is the latest in a string of Chicago-based deals completed by Savant since 2013.
Huber Financial will assume the Savant Capital Management name and branding. The combined firms are now one of the largest independent Registered Investment Advisory (RIA) firms in Chicagoland, managing $3.1 billion in assets under management (AUM) in Chicagoland and $8.5 billion nationally. Its total number of employees has increased to approximately 210 with nearly 70 employees located in the Chicago market.
The partnership with Huber Financial enhances Savant’s footprint to 19 offices nationwide. Savant’s Chicagoland presence increases to nine regional offices – seven through merger and acquisition activities. In addition to Huber Financial, since 2013, Savant has acquired/merged with the following Chicagoland firms:
- D3 Financial Advisors, 2018
- Green, Plagge & Shaw, 2014
- Orion Capital Management, 2014
- Paragon Advisors, 2013
As a result, Savant has increased its presence in downtown Chicago to three locations, in addition to locations in Downers Grove, Hoffman Estates, Lincolnshire, Naperville, St. Charles, and Wilmette.
“We’re thrilled regarding the completion of this merger and look forward to the opportunities our expanded footprint in the Chicagoland market offers clients and employees,” said Brent Brodeski, CEO, Savant Capital Management. “We will continue to look at opportunities to grow in the Chicago market by aligning with RIAs, like Huber Financial, which match our culture and philosophy to engage with and assist clients.”
The merger with Huber Financial allows Savant to focus on each organization’s best practices by enhancing and expanding its list of service offerings. Through this latest partnership, Savant will ensure long-term business continuity and secure its ongoing commitment to a client-first approach.
Savant and Huber Financial initially announced the pending merger, and since that time have worked to finalize details which include:
- Former owners of Huber Financial Advisors transitioned their equity into Savant; several will increase their stake over time.
- Eleven members of the former-Huber Financial team members became Savant employee owners at closing. Savant now has 68 employee owners and remains both employee-led and controlled. The firm has a broader employee ownership than nearly any other advisory firm in the industry.
- Members of the Huber Financial Advisors team have transitioned to advisory or leadership roles with Savant. David Huber, CFP®, founder of Huber Financial Advisors, now has an advisory role to Savant’s board of directors; Rob Morrison, CFP®, has become a member of Savant’s executive team as the chief strategy and innovation officer; and Phil Huber, CFA, CFP® is now Savant’s chief investment officer.
“I started Huber Financial more than 30 years ago when the RIA movement was just beginning. We built quite a team over the years and I’m proud of what we accomplished,” said David Huber. “Now we’re starting a new chapter as Savant Capital and I’m excited to see what we’ll create as a combined firm for our clients and the planning industry.”
The merger continues Savant’s growth in the Chicago market while helping meet the larger organizational goal of improving more than 1 million lives within the next 25 years financially, professionally, educationally, philanthropically, and a myriad other ways. Savant has the potential to improve lives directly (clients and team members), indirectly (participants of retirement plans managed by Savant), or tangentially (beneficiaries of the good work done by non-profits that Savant, Savant’s clients, and Savant team members support).