Summit Financial, a Parsippany, NJ-based registered investment advisor backed by Merchant Investment Management, announced that advisors from BFG Wealth and Canon Capital Wealth Management have joined Summit after making strategic investments in both firms.
The deals are part of RIA's Summit Growth Partners initiative and represent its 12th and 13th strategic investments this year.
BFG serves high net worth individuals in and around the Oklahoma City metropolitan area and manages $190 million in assets. The firm, led by founder and CEO Ralph Burnett, offers financial planning services ranging from retirement, estate and business planning to private market investments. Its executive leadership and broader team remain in place following this transaction.
“Partnering with Summit will empower BFG to accelerate our growth trajectory and improve customer service,” Burnett said in a statement. “With access to Summit's expanded network and resources in areas such as private markets, we can take advantage of unique investment opportunities and provide our clients with customized financial solutions that we would not otherwise be able to.
Canon Capital, meanwhile, manages more than $280 million in assets and serves high net worth individuals in the Southeastern and Central Pennsylvania area. The firm's services include estate planning, financial planning, investments, insurance and business consulting to meet the diverse needs of clients. It is led by the founder Dr. Peter Ronald.
The Canon team will remain on-site after the transaction.
The summit offers breakaway and independent advisors like BFG and Canon an opportunity to connect with the firm as partners. Affiliate firms 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.
In addition, BFG and Canon gain access to Summit's professional strategy team, which consists of in-house attorneys, tax specialists, financial planning experts and investment management strategists.
It is the latest in one SERIES of investments from the Summit. last month, 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 $14 billion in assets under advisement. Advisors joining the partnership must be under Summit ADV, although they remain independent contractors.