New partnership offers accelerated growth with collaborative blend of tech, resources and capital
PARSIPPANY, N.J. — January 21, 2021 — Summit Financial Holdings (“Summit”), a prominent financial services firm for top independent and breakaway advisors, has launched Summit Growth Partners (“SGP”), a new and innovative custom capital solution that combines upfront cash monetization with equity participation as well as exclusive partnership privileges. SGP is the result of Summit’s partnership with Merchant Investment Management (“Merchant”) and launches with 12 advisor firms.
SGP emerges as a differentiated, unique and exclusive offering, seeking to provide growth-oriented advisors with a broad range of benefits, resources and solutions to propel the growth of their businesses and significantly enhance their enterprise value. Further, through the partnership with Merchant, SGP partners gain access to institutional backing and expansion capital, as well as Merchant’s experienced team of acquisition specialists. Summit entered into a strategic partnership with Merchant in August 2018 to bolster its growth trajectory.
“Summit was founded on the philosophy that partnership affords certain exclusive privileges,” said Stan Gregor, chief executive officer at Summit. “SGP offers a unique opportunity for advisors to create some liquidity, collaborate with other successful partners and executive leadership, enhance the quality of services to their clients and gain access to growth capital.”
SGP and SummitVantage™ are solutions developed by Summit, as the firm serves as a premier partner for growth-oriented advisors in the evolving wealth management space.
Marc Spilker, executive chairman at Merchant, added: “Our partnership with Summit has yielded the creation of forward-looking solutions and resources, like SummitVantage and SGP, which were previously unavailable in the industry. We are committed to fueling Summit’s growth, and are excited to see SGP take shape as a means to align advisors while accelerating their individual growth trajectories.”
Advisors must be invited to join the partnership and meet specific quantitative metrics, including assets under management and revenue; but also qualitative metrics, including representing the ideals of the independent wealth management model, having a clear vision for future growth, embracing a planning-based approach and living by the client-first mentality.
“At its core, SGP is focused on fostering a partnership among participating advisors, creating a place for advisors to grow together and provide premier service to clients,” remarked Joe Spada, CFP®, a private wealth advisor at Summit’s affiliated advisory firm and one of SGP’s founding members. “I recognized an opportunity to align with SGP as a long-term growth engine for my practice, so my clients will experience the same support and best-in-class solutions to meet their goals well into the future.”
SGP strives to provide a differentiated partnership for advisors as they expand their business or plan for the next chapter. By aligning with a proven management team and financial advisory ecosystem, SGP empowers advisors to enhance their client experience and accelerate their growth trajectory.
“We created SGP with the modern advisor in mind,” said Ed Friedman, Summit’s director of business development and growth. “It is designed to overcome common barriers to expansion and add value through simplicity and transparency. Representing a true partnership, SGP provides access to exceptional resources to support and elevate the business, while allowing advisors to maintain full control over their firm.”
About Summit Financial
Summit Financial Holdings, LLC’s affiliated firms include, but are not limited to, Summit Financial, LLC, Summit Risk Management, LLC, Summit Advisory Services, LLC, Summit Services IT, LLC, and Summit Growth Partners, LLC.
As an independent financial services firm for almost 40 years, Summit and its affiliates are proud to continue their legacy of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic and hands-on advice, we turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms. To learn more about our firms, please visit our website at www.SummitFinancial.com.
SummitVantage™ is used to identify the services offered by Summit Financial Holdings, LLC’s affiliated firms.
About Merchant Investment Management, LLC
Merchant is a private partnership providing growth capital, management resources, strategic opportunities and direction to independent financial services companies, particularly those focused on wealth and asset management. For additional information, please visit www.merchantim.com.
Media Contact
Ann Marie Gorden
Gregory FCA for Summit Financial
(267) 249-7765 (m)
(610) 228-2396
