Savant Capital Management Inc. is offering technology-savvy investors an online version of the comprehensive investment advice that its financial advisers provide to clients who come into one of its offices.
The Rockford, Ill., firm will charge eSavant customers with smaller asset levels less than what they would pay for traditional service. Those who bring $50,000 to $500,000 in assets will be charged 1%, compared with the 1.5% charged to traditional clients with this size account.
Clients bringing at least $500,000 to eSavant will be charged the same 1% on assets — equivalent to what they pay for the traditional approach.
“We are confident clients will get the same results and quality of experience,” Savant chief executive Brent Brodeski said. “It's a robust integration of investment management, and comprehensive financial planning and tax advice.”
Savant is making three of its 30 advisers available to new clients of eSavant, and each new client will be assigned to a specific adviser based on whether he or she is bringing $1 million or more in assets to the firm, $500,000 million to $1 million, or less than $500,000, Mr. Brodeski said.
The model will be ideal for clients who want to conduct business online only and those who live in an area without access to experienced, comprehensive advisers, he said.
ANY LOCATION
The three eSavant advisers are certified financial planners, and they will communicate with clients via e-mail, phone and video chat.
“The client can be anywhere and the adviser can be anywhere,” Mr. Brodeski said. “The idea is to provide full-blown adviser relationships to remote markets.”
eSavant has its own web interface and software, and the processes are different than for traditional clients, but the investment products are the same and the results comparable, Mr. Brodeski said.
eSavant clients must be comfortable with technology, he said.
Last year, Savant bought InvestSimply LLC, an Internet-based registered investment adviser with about 10 clients so that it could better serve its own clients remotely.
