Savvy Advisors, the registered investment advisor arm of platform provider Savvy Wealth, has added an advisor group managing $270 million in client assets in a first push toward bringing on larger teams alongside the solo practitioners that have fueled its growth.
Perspective 6 Wealth Advisors joins Savvy with $270 million in AUM and a team of eight, including advisors Matt Nelson, managing partner, Matthew Finley, senior partner and wealth manager, and Jacob LaRue, partner and wealth manager. The Minneapolis-based firm is leaving the Focus Financial Network, a Minnesota-based network of about 100 advisors.
At the same time, the RIA arm of Savvy has recently added 12 solo advisors from various states.
“This shows that we can bring on both the solo advisors, but also larger-scale teams,” said founder and CEO Ritik Malhotra. “We’ve been intentional about developing the platform to be able to service both.”
From a volume perspective, Malhotra said Savvy will continue to see solo practitioner additions similar to the 12 new advisors announced this week.
Those advisors came from a variety of practices, including RIAs, independent broker/dealers such as Cambridge Investment Research, and wirehouses such as Merrill Lynch. Malhotra said Savvy doesn’t seek out advisors based on their practice type but on how they practice.
“We are looking for advisors who already work in the style that supports an independent practice,” he said. “We think about whether someone is working in a fee-for-service model, not just outsourcing to a number of other folks, or if they have a particular cadence of working with individuals.”
New York-based Savvy’s advisor headcount is now 68 people overseeing over $2.2 billion in assets under management, more than double its asset count from January, when it first exceeded $1 billion.
The firm, which was founded by Malhotra in 2021 and added its own RIA in early 2022, positions itself as offering an AI-driven, tech-forward wealth management platform with a backdrop of independence and freedom from archaic systems and paperwork.
The most recent advisor additions were underway before Savvy announced a $72 million Series B fundraising round earlier this month, according to Malhotra. That funding does not go to acquisitions, he noted, but does fuel the marketing and outreach that can lead to advisors joining the RIA platform.
Malhotra said advisors usually hear about Savvy via referrals and word of mouth from other advisors, but the firm also works to be present “wherever the advisors are” with their message, including social media and marketing campaigns.
Perspective 6 Wealth specializes in working with clients in the medical technology and device industry, including clients in Minnesota, Wisconsin, California and Florida.
Nelson said in a statement that Perspective 6 joined Savvy for its infrastructure, marketing support, and “long-term vision for where financial advice is headed.”
Malhotra said Savvy appreciated the firm’s sector specialization, saying it’s important for an advisory to have a “clear focus area and articulation on who you serve and how you serve them.”
“They have really honed in on the pain points for [medical technology and device professionals] and specific services and ways of working that help them earn the trust from the group of people,” he said.
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