Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, has taken a minority stake in Gateway Advisory, a New Jersey-based RIA with $830 million in property beneath administration. This represents Summit’s twenty first funding for the reason that begin of 2024.
The deal is a part of the RIA’s Summit Progress Companions initiative. Summit has taken a minority, non-controlling stake in Gateway, which can retain its management and core groups. They are going to be part of Summit’s Parsippany, N.J. workplace.
Gateway, which has places of work in Troy Hills and Toms River, N.J., was based in 2010 by the three principals, Brian Energy, Jay Flamme and Glenn Blachman. The trio was with Merrill Lynch earlier than that.
Stan Gregor, CEO of Summit Monetary Holdings, mentioned the Gateway staff secured an $80 million consumer account throughout the first week of becoming a member of Summit. He attributes the win to Summit’s multi-family workplace mannequin, wherein it has in-house professionals and attorneys to assist with high-end monetary planning and belief and property work.
“We preserve working into advisors which have completed a fantastic job constructing their relationships with their purchasers, however the purchasers and advisors are searching for extra from a servicing mannequin,” he mentioned. “The acumen and data base of our staff is so deep and broad that they go in and so they establish alternatives and options that purchasers ought to actually be benefiting from.”
“Summit gives the proper steadiness of independence and help, permitting us to reinforce our service choices whereas preserving the extremely personalised service our purchasers anticipate,” Energy mentioned in an announcement.
This follows information in January that Summit had taken a minority stake in Genex Consulting, a Kirkwood, Mo.-based multi-family workplace with $700 million in consumer property.
Summit is now approaching $21 billion in property beneath administration as of March 13, 2025, with a community of roughly 125 advisors.
Summit provides breakaway and impartial advisors a possibility to align with the agency as companions. Affiliate corporations achieve 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 keep full possession of their companies, and people who meet sure standards are invited to affix its Summit Progress Companions initiative. 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 Type ADV that Service provider now owns a controlling stake within the agency.
