In this episode of "Growth Leaders of Wealth Management," we explore the ambitious mission of Savant Wealth Management to 10x their business, transform the lives of 1 million people and create 2,500 millionaire employees by 2028. Spearheaded by visionary Founder and CEO Brent Brodeski, Savant's journey is marked by a commitment to excellence and innovation in everything they do, and a willingness to think outside the box.
Brodeski sees four types of businesses in the financial industry: founder-led, family-owned, PE-backed and publicly traded. While Savant is founder-led, Brodeski sees pros and cons in each type of business and tries to incorporate and leverage the benefits of the other types as much as he can. For instance, while he tries to avoid the dysfunction that often accompanies family-owned businesses, he likes the unique approach to long-term investments these firms can take.
Later, Brodeski shares his philosophy on private equity. When he first started Savant, he didn’t want anything to do with PE partners. Now Savant has two: The Cynosure Group and Kelso & Co. But he’s not looking to work with just anybody. Brodeski and his team developed a list of 10 key factors that must be present for Savant to partner with someone. Bill Frayer, Managing Director of Kelso, talks about how Brodeski’s list of requirements for PE partners was exactly the kind of thing that attracted them to him in the first place.
One of the core topics we cover in this episode is how Savant has balanced organic and inorganic strategies for growth. Whether it’s brand-building, M&A, partnerships or embedded optimization teams with new partner firms, Brodeski and his team are living proof of the value of a comprehensive growth strategy. Their unique capital structure maintains majority employee ownership while making room for minority PE partners and also keeping 100% of voting power within Savant’s control.
From there, we go on to discuss digital transformation, talent acquisition, Brodeski’s evolution as a leader, the company’s long-term goals and much more. You’re sure to come away with a detailed look at how Savant Wealth Management is revolutionizing the industry – and a deeper understanding of what it takes to be a growth leader of wealth management!
Key Takeaways:
- You need clear vision to execute at a high level. Documents like their “10 Guiding Principles” and their “11 Differentiators” spell out what sets Savant apart, and helps the business operate at peak performance. It can be worthwhile and inspiring to write out the strategy and culture of your business.
- Forget the norms when it comes to organizational structure. The employees at Savant own 100% of the voting stock and control a supermajority of the board. PE investors are minority investors. That’s really unusual. And to find the right partners, Savant created a list of 10 non-negotiables, which spelled out exactly what sort of partnerships they wanted.
- Digital marketing can transform your business. Savant is spending $10 million per year on digital marketing and they were surprised to find that ultra high net worth investors are actually using search engines to find an advisor. In a Ficomm study, only 29% of consumers said they require a referral to hire a financial advisor. Digital discoverability is absolutely key.
Connect with us:
- Meg Carpenter on LinkedIn
- Brent Brodeski on Linkedin
- Patrick Lawlor on Linkedin
- Robert Morrison on Linkedin
- Bill Frayer on Linkedin
- Keith Taylor on Linkedin
