Summit Financial, a Parsippany, N.J.-based registered investment advisor backed by Merchant Investment Management, has taken minority stakes in Parsons Broach Financial Services, a Montgomery, Ala. firm with more than $250 million in client assets, and Grandview Square Financial, an Edina, Minn. team with $313 million in assets. They join Summit from Raymond James Financial Services, the firm’s independent contractor division, and Northwestern Mutual, respectively.
Both deals are part of the RIA’s Summit Growth Partners initiative. Summit has taken minority, non-controlling stakes in the firms, which will retain their leadership and core teams.
Parsons Broach was founded in 2011 and is led by founding partners and wealth advisors Todd Parsons and Robbie Broach. Their firm provides financial planning, investment management, retirement planning, estate planning, risk management and charitable giving strategies.
“Joining Summit is a strategic move that enables us to offer even more resources, technology and support to enhance the level of service we provide our clients,” Broach said in a statement.
Grandview Square was founded in 2001 by John Rusciano. It is now led by Rusciano, along with Partners Austin Hebig and AJ Robbel. Koren Rusciano, John’s wife, serves as chief operating officer. Three other staff members join them. The firm has a similar focus to Parsons Broach.
Stan Gregor, chairman and CEO of Summit Financial Holdings, said that since May 2024, the firm has added 27 partner firms and now has close to $20 billion in total assets. The organization employs close to 400 people, including 150 advisors and 250 employees. Summit has more than tripled its assets in the last four years.
“When you have it structured as a partnership approach, when everyone’s rowing in the same direction, you get the right resources, support, the right guidance and probably as important, the right capital structure to go do deals intelligently and not be beholden to the person writing a check to you, which many times is where people get in trouble,” Gregor said. “They take capital, and that capital is extremely punitive and expensive, and restrictive, frankly.”
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 Summit Growth Partners. Additionally, these advisors can choose from multiple custodial providers, including Fidelity, Schwab, Goldman Sachs, Pershing and SEI.
Summit has been minority-backed by Merchant Investment Management since 2019. The firm recently disclosed in its Form ADV that Merchant now owns a controlling stake in the firm.
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