Savvy Launches Investment Management Arm for Wealthy Clients
The advisor tech company and RIA, which ended 2023 with a recruiting push, has launched Savvy Wealth Investment Management.
Advisor technology platform Savvy Wealth has launched its own in-house investment management arm.
Savvy Wealth, the parent company of New York RIA Savvy Advisors, said that its solution, Savvy Wealth Investment Management, is designed to offer personalized investment portfolios for high net worth clients.
‘Introducing Savvy Wealth Investment Management equips advisors with sophisticated investment tools to help maximize client outcomes, complemented by internal portfolio management support and solutions to help enrich the client experience,’ stated Ritik Malhotra, co-founder and chief executive of Savvy Wealth.
Savvy said it boosted its own advisor headcount to a dozen during 2023. This included last month’s hire of a former Empower advisor who led a $425m team and the November hire of a former Charles Schwab advisor. Savvy advises high net worth clients, including those with held-away assets in 401(k)s, according to its latest Form ADV brochure filed with the Securities and Exchange Commission.
The company, which raised $11m in a Series A-1 funding round in late 2022, also rolled out a direct indexing solution last year.
The new investment management platform offers portfolios and quantitative modeling managed by Savvy’s investment team. To meet rising client interest in alternative investments, the tool also offers advisors the option to build portfolios that include private investments and illiquid securities, the company said.
Savvy, which launched in 2021, offers advisors a W-2 employee and a 1099 contractor affilation model, according to its website. The firm promotes itself as a tech-driven advisory firm.
‘Everything that we do at Savvy is centered around providing clients with more personalized solutions,’ stated Nathan Wallace, founding principal wealth manager at Savvy. ‘Savvy Wealth Investment Management allows me to provide a cohesive portfolio management experience that takes into account my clients’ full financial picture, ultimately helping me to provide more impactful advice and service.’
