Lois Basil and her daughter Hannah Basil Bryant have turned a family-run registered investment advisory firm into a thriving practice within Savant Wealth Management. Their journey offers a case study in how advisors can navigate the complexities of working with relatives while building a sustainable business.
Lois Basil began her career in accounting, owning a Chicago-based firm for 13 years before converting it into a fee-only comprehensive financial planning practice. In 2011, she founded Basil Financial Group in Chicago's Northcenter neighborhood, a women-owned, fee-only RIA. The impetus came after she and her husband struggled to find a fee-only planner who met their needs.
Hannah Basil Bryant joined her mother at Basil Financial Group in August 2015, following stints in commercial lending and at a technology startup. She earned her Certified Financial Planner designation in 2017 and became a partner in 2021. In April 2023, Basil Financial Group, which then managed $75.5 million in assets and employed three people, was acquired by Savant Wealth Management, becoming Savant's 13th Illinois office. Lois Basil became a member-owner at Savant as part of the transaction.
The duo credits their success to complementary skill sets. Lois brought deep expertise in accounting, cash flow management, and decades of client relationships. Hannah contributed fresh energy, a drive to systematize operations, and a focus on modernizing services for younger clients. But they emphasize that complementary skills alone were insufficient. They engaged a business coach early on to improve communication and tackle strategic initiatives as equal partners.
A key tactic was maintaining clear boundaries between family and work. Hannah called her mother "Lois" in the office and "Mom" at home, a simple practice that helped them maintain professionalism. They also made it a priority to keep family and work as separate as possible, which proved critical during stressful periods.
One of their biggest challenges came in 2018, a year that piled personal and professional pressures simultaneously. Hannah was planning her wedding while the firm experienced explosive growth after she earned her CFP designation. The boundaries between personal life and business blurred, leading to heightened emotions and expectations. They proactively brought in a family business therapist, who helped them reset expectations and move forward with renewed partnership.
Lois Basil notes that working with her daughter gave her a deep appreciation for the strengths of a younger generation. She learned to embrace new ways of thinking and problem-solving, while sharing generational wisdom in a collaborative rather than directive manner. Hannah, in turn, says she became a better advisor by watching her mother's bravery, advocacy for clients, and culture of care.
The pair advises other advisors considering a family business to ensure they can maintain open, honest, and consistent communication, even when it is uncomfortable. Any hesitation will surface quickly under the strain of a shared business, they warn, and the cost to the relationship can be high. Their experience underscores the importance of external support, whether from a coach or therapist, to navigate the unique dynamics of a family-run advisory practice.
For advisors looking to build multigenerational teams, the Basil-Bryant story highlights the value of intentionality, humility, and a willingness to adapt. As the wealth management industry grapples with succession planning and attracting younger talent, their model offers a replicable blueprint. The rise of direct indexing and other modern investment strategies further underscores the need for advisors to blend traditional expertise with fresh perspectives.
Ultimately, the mother-daughter team's success at Savant Wealth Management demonstrates that family businesses can thrive when built on a foundation of mutual respect, clear communication, and a shared commitment to client service. Their story is a reminder that the best partnerships often combine experience with innovation, and that the hardest conversations can yield the strongest bonds.
