Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, has taken minority stakes in Parsons Broach Monetary Companies, a Montgomery, Ala. agency with greater than $250 million in consumer belongings, and Grandview Sq. Monetary, an Edina, Minn. crew with $313 million in belongings. They be part of Summit from Raymond James Monetary Companies, the agency’s unbiased contractor division, and Northwestern Mutual, respectively.
Each offers are a part of the RIA’s Summit Development Companions initiative. Summit has taken minority, non-controlling stakes within the corporations, which is able to retain their management and core groups.
Parsons Broach was based in 2011 and is led by founding companions and wealth advisors Todd Parsons and Robbie Broach. Their agency supplies monetary planning, funding administration, retirement planning, property planning, danger administration and charitable giving methods.
“Becoming a member of Summit is a strategic transfer that permits us to supply much more sources, know-how and help to reinforce the extent of service we offer our shoppers,” Broach mentioned in a press release.
Grandview Sq. was based in 2001 by John Rusciano. It’s now led by Rusciano, together with Companions Austin Hebig and AJ Robbel. Koren Rusciano, John’s spouse, serves as chief working officer. Three different workers members be part of them. The agency has an identical focus to Parsons Broach.
Stan Gregor, chairman and CEO of Summit Monetary Holdings, mentioned that since Could 2024, the agency has added 27 accomplice corporations and now has near $20 billion in complete belongings. The group employs near 400 folks, together with 150 advisors and 250 workers. Summit has greater than tripled its belongings within the final 4 years.
“When you might have it structured as a partnership strategy, when everybody’s rowing in the identical course, you get the proper sources, help, the proper steering and doubtless as vital, the proper capital construction to go do offers intelligently and never be beholden to the individual writing a verify to you, which many instances is the place folks get in hassle,” Gregor mentioned. “They take capital, and that capital is extraordinarily punitive and costly, and restrictive, frankly.”
Summit affords breakaway and unbiased advisors a possibility to align with the agency as companions. Affiliate corporations acquire entry to Summit’s multi-family office-style companies, together with know-how, monetary planning, funding administration, insurance coverage and operational help.
Advisors becoming a member of Summit preserve full possession of their companies, and those that meet sure standards are invited to affix Summit Development Companions. Moreover, these advisors can select from a number of custodial suppliers, together with Constancy, Schwab, Goldman Sachs, Pershing and SEI.
Summit has been minority-backed by Service provider Funding Administration since 2019. The agency just lately disclosed in its Kind ADV that Service provider now owns a controlling stake within the agency.
