Savant Wealth Management, a Rockford, Ill.-based registered investment adviser with ambitious plans for growth, announced it has acquired World Trend Financial and Terry Lockridge & Dunn, both headquartered in Cedar Rapids, Iowa, with offices in Iowa City, Iowa.
An RIA with $730 million in assets under management as of July 15, 2022, World Trend Financial shares a founder and office space with Terry Lockridge & Dunn, a separate company providing tax, accounting, payroll, business valuation and other consulting services. The latter will join Savant’s tax and consulting affiliate.
The new partnerships are part of Savant’s plan to grow by five times in as many years, which kicked off in earnest last spring following a minority investment by middle-market private investment firm Kelso & Company. They represent the firm’s second and third acquisitions of 2022, as well as the largest, bringing Savant to around $13.1 billion in client assets.
“We’re excited to expand our already robust Midwest presence into Iowa, and are thrilled to add this talented team to our roster,” said Savant CEO Brent Brodeski. “A key part of our growth strategy includes attracting strong firms with top-tier talent that can help add value immediately. World Trend Financial is a key wealth management player in Iowa, and Terry Lockridge & Dunn will immediately help to strengthen our tax and consulting offering to our wealth and business owner clients.”
“As we considered how best to serve our clients in the future, we were attracted to Savant’s breadth of services, including tax planning and estate planning, as well as its commitment to developing a world-class client experience,” said Tory Meiborg, president and partner at World Trend. “We share that forward-thinking mindset and believe our clients will benefit from working with a team of specialists all under one roof.”
“Our tax team is experienced at working with businesses and individuals to maximize their wealth through consulting and tax planning,” said Paula Rogers, president and partner at TLD. “In a labor market where seasoned tax professionals are in short supply, we look forward to joining Savant’s tax and consulting arm and helping clients pursue their goals.”
Established more than 30 years ago, Savant offers investment management, financial planning, retirement plan and family office services to individuals and institutions, as well as corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.
World Trend Financial and Terry Lockridge & Dunn add a total of 37 employees to Savant, including 13 who will receive equity, bringing Savant’s total number of employees to 318 and vested employees to approximately 112.
“We are always looking for partners who have a desire to grow, address their succession-planning needs, obtain liquidity, and enhance their value proposition,” said Brodeski. “World Trend and TLD are a perfect fit for our long-term growth strategy.”