A Rockford, Illinois wealth management company has acquired Lancaster-based Domani Wealth.
Domani Wealth, an independent, fee-only registered investment advisor (RIA) operating in the central Pennsylvania region for more than 25 years, joined Savant Wealth Management, effective Tuesday.
Savant, founded in 1986, is an employee-owned RIA with footprints in Arizona, Georgia, Illinois, Indiana, Iowa, Michigan, New Mexico, Pennsylvania, South Carolina, Virginia and Wisconsin.
Domani will maintain its four offices in Hanover, Lancaster, Wyomissing and York, as well as its existing leadership and 23 team members in the transition. The terms of the deal were not released.
“Our decision to join Savant provides the opportunity for enhanced client services, continued growth of local offices with expanded staff and resources and upholding our commitment to supporting our communities with our leadership and volunteerism,” said Thomas Williams, Domani’s CEO and one of its founders.
“Our purpose to create opportunity for a better tomorrow directly complements Savant’s vision to build ideal futures for their clients, team and communities,” said Angie Stephenson, Domani’s COO.
Stephenson said Domani sought out a firm with similar emphasis on financial planning and an independence and fee-only, fiduciary focus.
“The additional tools, access and richness of resources partnering with Savant provides will optimize benefits for clients, create advantages for other professional services in our region and introduce more opportunities for our team members,” Stephenson said.
Williams and Stephenson will become owners and managing directors with Savant, overseeing the local practices. Both remain involved with clients.
Angela Berkosky, Domani’s chief investment officer, has also been named a director in Savant’s investment leadership group, working on Savant’s firmwide portfolio efforts.
Matthew M. Gavel, a senior portfolio manager with Domani Wealth, became an owner in Savant at closing.
All other equity partners of Domani Wealth will become owners in Savant.
The purchase is the fourth for Savant this year and is part of an intentional strategy to follow an accelerated pace of mergers and acquisitions. The addition of Domani’s $1.53 billion in assets under management brings Savant’s assets under management to $19.5 billion, Savant said.
“Domani Wealth is well-known in Central Pennsylvania, with deep roots in its communities and a reputation for technical expertise and a team approach,” said Brent R. Brodeski, founder and CEO of Savant. “Domani’s culture directly aligns with Savant’s focus on excellence, integrity, lifelong learning and respect. As we continue to expand our footprint in the Mid-Atlantic region, we found this partnership to be a natural fit with Domani leading growth in this geographic area.”