Summit Financial, a Parsippany, N.J.–based registered investment advisor, and its backer Merchant Investment Management, have taken a significant stake in the wealth management arm of Meeder Investment Management. Over the last several years, Summit has taken minority, non-controlling stakes in RIAs, but this is the largest equity stake they've taken to date. Meeder Investment Management will remain independently owned.
Meeder’s wealth management team, located in Dublin, Ohio, has been in place for nearly 50 years, and manages $400 million in assets under management.
Meeder’s branding and team will remain intact. That includes Jason Click, president, wealth management; Mike Saraullo, vice president, wealth management; Mike Miller, senior wealth advisor; Ryan Johnson, senior wealth advisor; Tricia McDermott, senior wealth coordinator; and Sara Story, wealth coordinator.
Summit Financial has built a turnkey platform for independent advisors, providing a range of services via five entities under the Summit umbrella. The firm currently oversees $14 billion in assets under advisement. Advisors who join the partnership must come under Summit’s ADV, although they remain independent contractors.
In addition to getting the services of the RIA, advisors also have access to Summit’s financial planning company, with attorneys on staff who can handle trusts, estates, legacy planning, business succession planning, tax planning, etc. The firm’s investment management arm takes care of everything needed to manage money for clients, including research, analysis, stress testing, portfolio generation, rebalancing and trading. Summit also has an insurance general agency via MassMutual, so it offers full-service insurance support.
The firm provides a technology stack through SummitVantage, an advisor dashboard that’s fully integrated with single sign-on functionality and electronic signature capabilities, powered by Salesforce, eMoney Advisor and Addepar.
Advisors also have access to Summit’s human resources company, which manages all of their personnel needs, from insurance and health benefits to staffing and 401(k) services.
