Savant Wealth Management, a fee-only registered investment advisor, has completed its acquisition of Richard Brothers Financial Advisors, a move that gives the firm its first office in Maine. The transaction, announced Tuesday, adds approximately $240.4 million in client assets under management and a nine-person team based in South Portland.
The acquisition expands Savant's footprint to 70 offices across 28 states. It marks the firm's fourth deal since March, continuing a brisk pace of consolidation that has positioned Savant as one of the more active buyers in the wealth management industry this year.
Richard Brothers Financial Advisors was founded in 1996 by brothers Randall Richard and Neal Richard. The firm built its practice around a "Whole Picture Planning" approach, integrating investment management, retirement and tax planning, risk management, and long-term goal setting into a single strategy. Its client base includes business owners navigating a sale or transition, as well as families, executives, and retirees across Maine.
Randall Richard, who served as president and chief compliance officer, and Neal Richard, who was principal and chief operating officer, will join Savant as member-owners. Zachary Lauzon, director of Client Relations, and Laura Linscott, director of Internal Operations, also join in member-owner roles. The remaining Richard Brothers team members will become Savant employees, and the office will continue operating from its existing South Portland location.
Brent Brodeski, founder and CEO of Savant Wealth Management, said the Richard Brothers team's planning philosophy is "a natural complement to how Savant serves clients." He highlighted the Maine group's "specialty in guiding business owners through transition" as a capability that can "add real depth to our capabilities in the region."
Randall Richard said the firm evaluated the partnership using the same comprehensive approach it uses with clients. "We evaluated this decision the same way we help our clients evaluate theirs, by looking at the full picture," he said. "Savant stood out because of its alignment with our values, its planning-driven philosophy, and the breadth of resources it can help bring to our clients." Neal Richard added that clients will continue working with the same team from the same office with the same focus on long-term goals.
The Maine acquisition extends a string of deals that began in late March with the partnership with Exencial Wealth Advisors, an Oklahoma-based firm with $6 billion in AUM, which was Savant's largest transaction to date by assets. In late May, Savant closed on Meridian Wealth Advisors in Albuquerque, New Mexico, adding advisor Scott Floersheim and his roughly $168 million book, along with the affiliated Meridian Tax Advisors. That gave Savant a second New Mexico office alongside its existing Santa Fe location.
In April, Savant closed two partnerships on the same day: North Ridge Wealth Advisors in Beaverton, Oregon, founded by Brian Lawrence, and Desmond Wealth Management in Walnut Creek, California, a firm with a focus on integrated wealth and tax planning. The firm's acquisition strategy reflects a broader trend of consolidation among RIAs seeking scale and expanded capabilities.
For context on recent M&A activity in the RIA space, see EP Wealth Advisors Acquires Opes Wealth Management, Adding $900M in AUM and Modera Wealth Acquires NorthStar Financial, Adding $311.6M in Florida Assets. For insights on multi-generational advisory teams, see Father-Son Advisory Teams at Savant Share Insights on Collaboration and Conflict.
