On the day Donald Trump’s reciprocal tariffs for a slew of countries went into effect, Aug. 7, we reached local financial advisor Bruce Baron to get his perspective on how recent economic developments could rock the boat in his world.
That’s because the company he founded and brought to Los Gatos—Parkworth Wealth Management—was just acquired by Rockford, Ill.–based Savant Wealth Management on July 31.
“The tariffs are a headwind in the economy,” he said, in a telephone interview, adding the optimistic AI news has helped to temper this: “The silent productivity gains are offsetting it.”
Savant announced it had scooped up Barton’s tech-focused registered investment advisor Aug. 5, making it only the second California location as it rolls out a strategy of targeting niche industries and working to serve customers in particular phases of life.
The terms of the deal were not disclosed.
“Savant is a larger firm and has the ability to execute on some strategies that we may not be able to do,” Barton said. “We have really good alignment on our service model.”
Barton started the firm in 2003, which was based in North San Jose for many years.
They started at zero and grew their outfit to one with $216 million of assets under management.
“I moved over to Los Gatos just so I could be closer to home, frankly,” he said.
Plus, he adds, they love the dining scene.
Over the years, for example, they’ve treated clients to Zona Rosa and Telefèric Barcelona.
“We were at Chez Philippe, last night,” he said, noting Savant officials picked up the tab this time. “They had live music.”
That was the same day that Trump announced he would institute a 100% tariff on semiconductor imports, a topic of concern amongst many of their clients.
But, he notes, it’s really hard for companies to tell what the real impact of the various duties—particularly since the will-he-or-won’t-he drama starring the president has been playing out for months now.
“What happened was—and everybody did this—everybody went out and bought stuff ahead of the tariffs,” Barton said. “Next quarter, people stopped buying things.”
So, the decision-makers at the companies haven’t been sure what to make of the various statements coming from the White House.
“They’re not sure how long it’s going to last,” he said. “They’re not making big structural changes to how they’re getting their supply chain organized yet.”
Some are even challenging the legality of some tariffs in court.
“I think there’s a lot of uncertainty,” he said.
Parkworth is no stranger to uncertainty.
But that comes with the territory when you’ve signed up to serve Silicon Valley folks.
The company began right after the dot-com crash and had to navigate the Great Recession.
“Markets were way down,” he said. “It’s a volatile industry, and it’s particularly volatile for people that work in tech.”
Now he’s seeing interesting things afoot with the rise of AI.
“We have clients that work directly in the AI companies, and also in the supporting areas,” he said. “Of course, we see it in our own lives too. I’m a frequent user of generative AI.”
Barton says, given their background, they’re well-positioned to help clients navigate whatever happens next in Silicon Valley.
He even wrote a book titled Personal Finance for Tech Professionals.
“Lately we’ve had just big growth,” he said, pointing to the success employees for companies like NVIDIA, Apple and Google have experienced. “Those people wind up doing great with their personal finances, too.”
Becoming part of a larger business will offer economies of scale, Barton says.
“It was basically a perfect fit,” he said of Savant, adding the move will even take some duties off his plate. “I personally won’t have to do compliance anymore, which I’m really looking forward to.”
And, he adds, his employees now have new growth opportunities that didn’t exist before.
“We’re also going to be able to do tax preparation now,” he said.
