Savvy Advisors crosses $1B milestone to close 2024

Savvy Advisors, a technology powered RIA firm, is starting the new year strong with a significant milestone, surpassing $1 billion in assets under management in 2024.

Bạn đang xem: Savvy Advisors crosses $1B milestone to close 2024

The affiliated RIA of Savvy Wealth, the digital-first, multi-custodial tech platform for financial advisors, revealed Thursday that it had tripled its AUM and advisor count over the past year.

That record was driven home by the addition of four experienced advisors in December, which pushed it over the billion-dollar line and brought its advisor headcount to 40.

Xem thêm : 10 key stories on AI and wealth management in 2024

Ritik Malhotra, founder and CEO of Savvy Wealth, credited the firm’s achievement to its focus on integrating human-centric financial advice with advanced technology.

“Savvy Advisors’ rapid growth is a testament to our belief in the value of human financial advice,” Malhotra said in a statement Thursday morning. “As we onboard more advisors to the Savvy Wealth platform, we continue to learn more ways we can modernize wealth management.”

The RIA’s growth far outpaced industry averages reported in Schwab’s 2024 RIA Benchmarking Study, which noted total AUM growth of 18 percent across the industry, counting market performance. Focusing on organic growth only, the study found firms at the median achieved roughly 5 percent growth, while top-performing firms posted around 12 percent growth.

Savvy’s technology platform uses artificial intelligence to streamline financial planning and operations, enabling advisors to concentrate on client relationships. Along those lines, Cindy Alvarez and Janelle Van Meel, who joined the firm in December, plan to leverage Savvy Wealth’s collaborative Advisory Teams feature.

Xem thêm : Lerner College and Charles Schwab to Launch Financial Planning Center at UD this fall – Milford LIVE!

The other new hires at Savvy Advisors include Erin Niehaus, a veteran wealth manager from J.P. Morgan Private Bank specializing in executive and private equity clients; and Samuel Saleh, a former Merrill advisor who focuses on retirement, succession, and legacy planning for retirees and business owners.

“With over 40 wealth managers serving clients across the wealth spectrum, Savvy Advisors has become a welcome home for independent advisors looking to scale their practice on their terms,” Malhotra said.

These developments follow the completion of Savvy Wealth’s $26.5 million Series A funding round in August.

“By providing innovative technology and solutions coveted by advisors, we help them deliver unforgettable client experiences,” said Malhotra.