Savant Wealth Management Adds $542M Firm, Expanding New York Footprint
Savant Wealth Management has added Socha Financial Group, a Corning, N.Y., registered investment adviser with approximately $542 million in assets under management, Savant said Tuesday.
The partnership closed Aug. 31, and financial terms were not disclosed. The deal marks Savant’s third office in New York and brings the fee-only RIA’s footprint to 71 offices across 28 states.
Socha Financial Group was founded in 1983 by Nancy Socha and has built a client base of employees and retirees in the Corning region, including longstanding relationships with workers at Corning Incorporated. The eight-person team offers financial planning, investment management, and tax planning and preparation.
Michelle Socha Vang, managing partner and chief operating officer, and Jolie McCarthy, managing partner, are joining Savant as member-owners and employees. The rest of the Socha team is joining as Savant employees. Michael Socha, chief executive officer and chief investment officer, is joining as a Savant member-owner but will not be an employee of the firm.
“Socha’s commitment to helping clients navigate every aspect of their financial lives aligns closely with Savant’s planning-driven approach,” Brent Brodeski, founder and chief executive officer of Savant Wealth Management, said. “We are especially impressed by the culture they have created and the longstanding client relationships they have supported over the years.”
Socha Vang said the partnership will let the firm keep its personalized service model while adding Savant’s resources and technology.
“As our firm has grown, we recognized the need for additional resources, technology, and specialized expertise to continue providing high-quality service to clients,” Socha Vang said. “Savant provides those resources while preserving the values and culture that have defined our firm for more than 40 years.”
The Socha deal continues an active run of RIA partnerships for Savant this year. In April, the firm added Oklahoma City-based Exencial Wealth Advisors and its $6 billion in AUM, which the firm called its largest acquisition to date and which expanded Savant into Connecticut, North Carolina, Oklahoma, Ohio, and Texas.
Savant, now in its 40th year, is an independent, fee-only firm with approximately $56.5 billion in AUM and $1.5 billion in assets under advisement as of June 30, according to the company.
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