Summit Financial, a Parsippany, NJ-based registered investment adviser backed by Merchant Investment Management, has taken a minority stake in Gordon Asset Management, a North Carolina-based RIA with $1.3 billion in advisory plan assets and retirement. The agreement represents the 18th strategic investment of the Summit this year.
The deal is part of RIA's Summit Growth Partners initiative and represents its 18th strategic investment this year. Summit has taken a minority, non-controlling stake in Gordon, who will retain leadership and key teams.
Gordon Asset Management was founded in 2003 by Joe Gordon after he sold a predecessor TPA investment and pension advisory and recordkeeping he started in the early 1980s. The firm, which now has offices in Durham and Pinehurst, NC , is also led by Partners Glenn Moore and Todd Zempel. It has approximately $220 million in AUM, as well as $1.1 billion in qualified plan assets, expanding Summit's capabilities in the retirement plan space.
“We see membership in Samit as a strong vote of confidence in the service model we have built. One of the most important factors in our decision was maintaining local operating control and certainty for our clients about who will lead the firm in the next 20-25 years, both Todd and Glenn,” Gordon said in a statement. “Using With Summit's advanced technology and expanded resources, we can further enhance our services, providing even more value to our customers and increasing our ability to scale.We are excited to bring our expertise to market of qualified plans for other Summit advisors and their clients.”
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.
This is the latest in a series of investments from the Summit. Just last week, the firm announced an investment in Midway Wealth Partners, a $550 million Chicago-area firm. in november, Samiti took a minority stake at Southeast Financial Group, Radiance Private Wealth and Silvertree Retirement Planning with a total of $420 million in AUM.
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 $18 billion in assets under advisement. Advisors joining the partnership must be under Summit ADV, although they remain independent contractors.