Summit Financial, a Parsippany, N.J.-based registered investment adviser backed by Merchant Investment Management, said advisers from Southeast Financial Group, Radiance Private Wealth and Silvertree Retirement Planning joined Summit after making strategic investments in the firm.
The deals are part of RIA's Summit Growth Partners initiative and bring the RIA to 16 strategic investments this year. Summit has taken minority, non-controlling stakes in the firms, which will retain their leadership and core teams.
Raleigh, NC-based SEFG was founded in 2001 by Ed Secrest, who said the merger with Summit allows the firm to expand and scale efficiently.
Radiance Private Wealth is led by founding partners and private wealth advisors Gautam Chhada and Randi Engelbrecht. Until recently, both were with Brown Advisory, which was originally Alex's investment management arm. Coffee. Radiance provides estate planning, financial planning, investment, insurance and business consulting to high net worth clients in Connecticut and New Jersey.
Stevens Point, Wis.-based Silvertree Retirement Planning. was co-founded by CEO Jason Gilsczynski in 2018, according to his LinkedIn profile, and serves the manufacturing industry. The firm uses Brookstone Capital Management as its RIA.
The Summit offers detached and independent advisors an opportunity to connect with the firm as partners. Affiliate companies gain access to Summit's multifamily office-style services, including technology, financial planning, investment management, insurance and operational support.
Advisors who join the Summit retain full ownership of their businesses, and those who meet certain criteria are invited to join the SGP. Additionally, these counselors can choose from multiple guardianship providers.
Advisors also gain access to Summit's professional strategy team, which consists of in-house attorneys, tax specialists, financial planning experts and investment management strategists.
These are the latest in one SERIES of investments from the Summit. In September, the firm announced strategic investments in BFG Wealth and Canon Capital Wealth Managementwith a combined fortune of $470 million. In August, Summit invested in the wealth management arm of Dublin, Ohio-based Meeder Investment Management, which manages $400 million in assets, and has exceeded 10 billion dollars in wealth in early 2024.
Summit Financial has built a platform for independent advisors, offering a range of services through five entities under the Summit umbrella. The firm currently oversees more than $15 billion in assets under advisement. Advisors joining the partnership must be under Summit ADV, although they remain independent contractors.