Fee-only registered investment advisor (RIA) Savant Wealth Management has purchased Capital Directions, an Atlanta-based RIA that manages $3.3 billion in client assets. The deal is Savant’s first of 2023, its largest to date, and brings its assets under management to nearly $18 billion. 

In addition to its advisory business, Capital Directions offers a turnkey asset management platform to CPA firms who also operate as RIAs. 

“Capital Directions presented us with a unique opportunity to not only to serve traditional wealth management clients, but also to help other financial advisory firms and CPA firms offer best-in-class services to their clients, supporting our vision of improving a million lives,” said Brent Brodeski, Savant’s CEO. 

Members of Capital Directions’ ownership team include CEO Dennis Covington, managing director Terry Hartigan, CIO John McMillen, and director of financial planning Richard O’Donnell, who will each become “significant” equity owners in Savant, according to the firm. 

The deal expands the Rockford, IL-based Savant’s footprint to 26 offices in 10 states and is its first acquisition since adding Patrick Lawlor to its team as head of M&A earlier this month. Lawlor was former president and head of M&A at The Mather Group. 

Savant is majority-owned by Brodeski. Private equity firms Kelso & Co. and The Cynosure Group have a minority stake in the company.