Summit Financial, a Parsippany, N.J.-based registered investment advisor backed by Merchant Investment Management, announced that advisors from BFG Wealth and Canon Capital Wealth Management joined Summit after it made strategic investments in both firms.
The deals are part of the 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, provides 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 elevate our growth trajectory and enhance client service,” Burnett said in a statement. “With access to Summit’s expansive network and resources in areas like private markets, we can seize unique investment opportunities and deliver bespoke financial solutions to our clients that we otherwise wouldn’t be able to.”
Canon Capital, meanwhile, manages more than $280 million in assets and serves high-net-worth individuals in the Southeast and Central Pennsylvania area. The firm’s services include estate planning, financial planning, investments, insurance and business consulting to meet diverse client needs. It's led by founder Dr. Peter Ronald.
The Canon team will remain in place following the transaction.
Summit offers breakaway and independent advisors like BFG and Canon an opportunity to align with the firm as partners. Affiliate firms gain access to Summit’s multi-family office-style services, including technology, financial planning, investment management, insurance and operational support.
Advisors joining Summit maintain full ownership of their businesses, and those who meet certain criteria are invited to join SGP. Additionally, these advisors can choose from multiple custodial providers.
Additionally, BFG and Canon gain access to Summit’s professional strategy team, which is comprised of in-house attorneys, tax specialists, financial planning experts and investment management strategists.
It’s the latest in a series of investments from Summit. Last month, Summit invested in the wealth management arm of Dublin, Ohio-based Meeder Investment Management, which manages $400 million in assets, and surpassed $10 billion in assets at the beginning of 2024.
Summit Financial has built a platform for independent advisors, providing a range of services via five entities under the Summit umbrella. The firm currently oversees more than $14 billion in assets under advisement. Advisors who join the partnership must come under Summit’s ADV, although they remain independent contractors.
