Savant Wealth Management has significantly expanded its operations in New England with the acquisition of Heritage Financial, a registered investment advisory firm with three offices in Massachusetts and $3.9 billion in assets under management. The deal, which was announced Tuesday, closed Feb. 27.
Heritage, founded in 1995 and based in the Boston suburb of Westwood, has a staff of 47 employees, 15 of whom have joined Savant as equity holders. Heritage employees, like Savant’s, together own a majority stake in the firm.
Charles Bean, founder and chairman of Heritage, says he got to know the Savant team through various industry events over the years. “Through our collaborations, we determined that partnering with Savant would enable us to expand the services we can offer clients, such as tax and estate planning, and family office services,” he says.
The acquisition is the largest Savant has made and its first deal of 2026. Savant, based in Rockford, Ill., says it had $42.3 billion in assets under management as of the end of February.
In addition to the main office in Westwood, Heritage also maintains branches in Woburn and Rockland, Boston suburbs to the north and south, respectively, of the city.
Heritage caters to an almost exclusively retail clientele. Most of its clients are high-net-worth, including individuals and families whose wealth numbers in the single millions to clients with tens or, increasingly, hundreds of millions of dollars. The firm reported four institutional clients—three businesses and one charity—on its most recent Form ADV regulatory filing.
Savant now has four offices in Massachusetts, including the established branch in Wellesley, another Boston suburb. Savant says it maintains 50 offices in 21 states.
Bean has been registered with Heritage for his entire career as an investment advisor, according to regulatory records. Sammy Azzouz, Heritage’s president and CEO and now one of the equity owners of Savant, broke into the industry with Cantella & Co. in 2003 and had stints with B&D Advisors and Manning & Napier Advisors before landing at Heritage in 2013.
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