Summit Monetary has reached $10 billion in belongings after including associates in December and January representing a mixed $725 million.
Garrett, Perkins & Horton Advisory Companions and Brad Werner & Firm joined the registered funding advisory platform beneath Summit Development Companions, an acquisitive mannequin providing money, fairness and partnership perks in return for a minority piece of independently run corporations in search of progress capital or succession.
In Birmingham, Ala., GPH made the leap from Ameriprise Monetary final month. The 11-person crew led by founding companions Stephen Garrett Sr., Mark Perkins and Brandon Horton oversaw $530 million in belongings, offering tax and property planning, insurance coverage recommendation and philanthropic assist alongside monetary planning and asset administration.
Citing the platform’s “complete suite of instruments” and tradition of collaboration,” Garrett mentioned in a press release Monday that the partnership “transforms” the extent of companies the agency is ready to supply.
On the finish of final 12 months, Summit added Werner—a husband and spouse crew with workplaces in northern Indiana and southwest Florida. Beforehand with Securities America, Brad and Carmen Werner oversee about $195 million in belongings, with Brad serving up the recommendation and Carmen overseeing operations.
Each army veterans, the pair has a distinct segment apply serving credit score unions and their members.
Brad Werner
Launched somewhat greater than three years in the past in collaboration with Service provider Funding Administration, corporations that be a part of beneath the SGP mannequin are added to Summit’s ADV and achieve entry to an built-in expertise platform and a menu of assets that consists of unique companies reminiscent of sure different investments, tax attorneys, an in-house planning division and progress capital.
Corporations preserve full possession of their companies and certified advisors might develop into companions in SGP.
Summit Monetary Holdings contains 5 distinct companies, its RIA and funding administration divisions, together with monetary planning, insurance coverage and expertise, and an advisor companies arm that handles issues like advertising, apply administration and retirement plans for associate corporations. Brokerage is offered through a partnership with Purshe Kaplan Sterling and represents rather less than a 3rd of complete belongings.
The agency has grown by 500% since 2017. CEO Stan Gregor attributes this to an alternate investments platform he believes is “second-to-none,” an “extraordinarily broad” product catalog, and groups of in-house specialists dedicated solely to serving to Summit advisors develop pockets share. About half of the roughly 30 Summit companions moved from the wirehouse channel, whereas the opposite half already owned their apply or got here from one other RIA platform.
Gregor and Ed Friedman, director of enterprise improvement and progress, have mentioned the agency’s prospect pipeline in 2024 is unmatched in its historical past. After doing 9 offers final 12 months, Gregor advised WealthManagment.com final month that “a handful” are anticipated to shut by the top of March, together with at the very least one full acquisition.
“We’re now at roughly $10 billion in AUA,” mentioned Friedman. “And rising.”
Within the second quarter, Gregor expects to formally announce the addition of Goldman Sachs Advisor Options as custodian alongside Constancy, Schwab and Pershing.
“That’s transferring alongside very properly,” he mentioned. “We have already got a lot of groups dedicated to utilizing Goldman.”
