Registered investment advisor Savant Wealth Management acquired PrairieView Partners, a St. Paul, Minnesota-based, CPA-led RIA, effective Aug. 31.
Terms of the deal were not disclosed. M&A advisory firm Alaris Acquisitions facilitated the transaction.
Matt Weier, PrairieView partner and director of investments, said he and his partners were looking to merge their firm with a larger RIA to achieve more operational and growth resources for their team and to add services for their clients, particularly in wealth transfer.
“We were attracted to Savant because we share Midwestern roots, have a similar, evidence-based investment philosophy, and have a mutual commitment to comprehensive wealth management that includes a strategic tax focus,” Weier said in a statement. “But even more important to us is Savant’s ownership structure. We are excited to join a majority employee-owned firm where we, our team, and clients can benefit from a long-term vision.”
PrairieView was founded in 2008 and offers integrated wealth planning services to individuals, trusts, retirement plans, estates, charitable organizations and small businesses. Its five partners, plus one senior wealth manager, join Savant as member-owners. Of its 19 employees, 15 will join Savant’s wealth management business and four will join Savant Tax & Consulting.
This is Savant’s fourth acquisition this year and its first acquisition in Minnesota. In June, Savant added Brent Kalka, which it said added approximately $111 million in assets under management. In August, it added Parkworth Wealth Management, a $216 million boutique RIA based in Silicon Valley. In May, it added Rhode Island-based Corrigan Financial.
Savant is based in Rockford, Illinois, and has over 17,000 clients, with approximately $32.9 billion in assets under management and $1.3 billion in assets under advisement. The firm has 629 employees, and 201 of those are member owners.
“PrairieView is a CPA-led firm that will enhance both our advisory and tax teams, and help us improve our client experience long-term,” Brent Brodeski, founder and CEO of Savant, said in a statement. “As the accounting profession contracts nationally, we remain committed to expanding our capabilities in this critical area. Being ranked by Accounting Today as the nation’s No. 1 CPA financial planning firm for the third year in a row underscores our focus on growth and leadership in this specialty.”
