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June 3, 2022

Savant Wealth backs Australian fintech firm Lumiant

Savant Wealth Management has invested $3m in Sydney-headquartered fintech firm Lumiant , which provides an advice and ​client engagement platform.

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The investment will support Lumiant to accelerate its expansion into the $52.9bn financial planning and advice and the $142B accountancy services markets in the US.

The firm, which officially kicked off its US operation last month, aims to use the fresh capital to bankroll rapid expansion across the country.

As part of the investment, Savant will be taking a minority stake in Lumiant’s US business.

Lumiant CEO and co-founder Santiago Burridge said: “We couldn’t ask for a better strategic partner than Savant.

“Savant’s approach, values, and interests align with ours. We look forward to working with them to ensure our platform drives referrals, retention and revenue for firms in the United States, as well as helping more people live their best possible lives.”

Savant is a fee-only firm offering investment management, financial planning, retirement planning, accounting and family office services, with $13.5bn in assets under management.

As part of the tie-up, Savant will leverage Lumiant platform to align assets, decisions, and strategies with client priorities and values.

Commenting on the partnership, Savant CEO and founder Brent Brodeski said: “We wanted a tool that would enable us to deliver advice in a more understandable, tangible, measurable and efficient manner, no matter the financial literacy of our clients.

“We found what we were looking for in Lumiant and are lucky to have the opportunity to invest in the company’s future. Its advice engagement platform is a perfect fit for Savant as we look to support our employee-owners and others to enhance the outstanding value and service we deliver to clients.”

Following the strategic partnership, Brodeski will join Lumiant board to help the company in establishing its US goals.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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