Summit Financial, a Parsippany, N.J.-based registered investment advisor backed by Merchant Investment Management, said advisors from Southeast Financial Group, Radiance Private Wealth and Silvertree Retirement Planning joined Summit after it made strategic investments in the firms.
The deals are part of the RIA’s Summit Growth Partners initiative and bring the RIA to 16 strategic investments this year. Summit has taken minority, non-controlling stakes in the firms, which will retain their leadership and core teams.
Raleigh, N.C.-based SEFG was founded in 2001 by Ed Secrest, who said joining Summit allows the firm to expand and scale efficiently.
Radiance Private Wealth is led by founding partners and private wealth advisors Gautam Chhada and Randi Engelbrecht. Up until recently, the two were with Brown Advisory, which was originally the investment management arm of Alex. Brown. Radiance provides estate planning, financial planning, investments, insurance and business consulting to high-net-worth clients in Connecticut and New Jersey.
Stevens Point, Wis.-based Silvertree Retirement Planning was co-founded by CEO Jason Gilsczynski in 2018, according to his LinkedIn profile, and serves the manufacturing industry. The firm uses Brookstone Capital Management as its RIA.
Summit offers breakaway and independent advisors an opportunity to align with the firm as partners. Affiliate companies 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.
Advisors also gain access to Summit’s professional strategy team, which is comprised of in-house attorneys, tax specialists, financial planning experts and investment management strategists.
These are the latest in a series of investments from Summit. In September, the firm announced strategic investments in BFG Wealth and Canon Capital Wealth Management, with a combined $470 million in assets. In August, 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 $15 billion in assets under advisement. Advisors who join the partnership must come under Summit’s ADV, although they remain independent contractors.
