Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, introduced that advisors from BFG Wealth and Canon Capital Wealth Administration joined Summit after it made strategic investments in each corporations.
The offers are a part of the RIA’s Summit Progress Companions initiative and symbolize its twelfth and thirteenth strategic investments this yr.
BFG serves high-net-worth people in and across the Oklahoma Metropolis metropolitan space and manages $190 million in belongings. The agency, led by founder and CEO Ralph Burnett, supplies monetary planning providers starting from retirement, property and enterprise planning to personal market investments. Its government management and broader staff stay in place following this transaction.
“Partnering with Summit will empower BFG to raise our development trajectory and improve shopper service,” Burnett mentioned in an announcement. “With entry to Summit’s expansive community and assets in areas like non-public markets, we will seize distinctive funding alternatives and ship bespoke monetary options to our shoppers that we in any other case wouldn’t be capable of.”
Canon Capital, in the meantime, manages greater than $280 million in belongings and serves high-net-worth people within the Southeast and Central Pennsylvania space. The agency’s providers embrace property planning, monetary planning, investments, insurance coverage and enterprise consulting to fulfill numerous shopper wants. It is led by founder Dr. Peter Ronald.
The Canon staff will stay in place following the transaction.
Summit provides breakaway and unbiased advisors like BFG and Canon a possibility to align with the agency as companions. Affiliate corporations acquire entry to Summit’s multi-family office-style providers, together with expertise, monetary planning, funding administration, insurance coverage and operational assist.
Advisors becoming a member of Summit keep full possession of their companies, and people who meet sure standards are invited to hitch SGP. Moreover, these advisors can select from a number of custodial suppliers.
Moreover, BFG and Canon acquire entry to Summit’s skilled technique staff, which is comprised of in-house attorneys, tax specialists, monetary planning consultants and funding administration strategists.
It’s the newest in a collection of investments from Summit. Final month, Summit invested within the wealth administration arm of Dublin, Ohio-based Meeder Funding Administration, which manages $400 million in belongings, and surpassed $10 billion in belongings at first of 2024.
Summit Monetary has constructed a platform for unbiased advisors, offering a variety of providers through 5 entities below the Summit umbrella. The agency at present oversees greater than $14 billion in belongings below advisement. Advisors who be a part of the partnership should come below Summit’s ADV, though they continue to be unbiased contractors.