Parsippany, NJ-based Summit Financial Holdings has recruited a team of advisors managing $1.9 billion in client assets in Pasadena, California. The team, led by managing partner and private wealth advisor Richard McWhorter, has created SRM Private Wealth and is joined by Merrill Lynch.
SRM is the 11th team to join the Summit so far this year and has chosen Goldman Sachs as its custody provider. Summit added Goldman as a custody option earlier this year, with Kyros Private Estate being the first team to choose the firm.
McWhorter is joined by partner and director of client services Sandra Parracino and client associate Kyle Szesnat. The team serves high net worth and ultra high net worth individuals, including executives in the sports and entertainment industries.
SRM expands Summit's West Coast presence and brings the RIA platform to more than $5 billion in total assets added by 2024.
“Throughout the due diligence process, it became clear that Summit's open-architecture approach to investment opportunities, combined with Goldman Sachs' custodial solution, was exactly what my team needed to succeed,” McWhorter said in a statement.
The team joins the RIA platform under Summit Growth Partners, an acquisition model that provides cash, equity and partnership benefits in exchange for a small number of independently run firms seeking growth or continuation capital.
presented more than three years ago in collaboration with Commercial Investment Managementunder the SGP model, firms are added to Summit's ADV and gain access to an integrated technology platform and a menu of resources that includes exclusive services such as certain alternative investments, tax attorneys, an in-house planning department and growth capital.
Firms retain full management of their businesses and qualified advisors can become partners in SGP.
Summit Financial Holdings includes five different businesses, its RIA and investment management divisions, along with financial planning, insurance and technology, and an advisory services arm that handles things like marketing, practice management and exit planning. pension for partner firms. The brokerage is offered through a partnership with Purshe Kaplan Sterling and represents just under a third of total assets. It currently has approximately $13 billion in assets under management.