New York City-based Arax Investment Partners (Arax) announced Tuesday that it acquired Summit Wealth Strategies, an RIA based in Chesterfield, Missouri, with $1 billion in assets under management (AUM). The acquisition reinforces Arax’s presence in the Midwest, the firm said.
The deal, which closed July 31, had “been in the works since October 2024,” when Arax management was “introduced to the Summit team through its partners at Cedrus Financial,” an Arax spokesperson told WSR.
Summit, whose team of 19 advisors and other professionals joined Arax, will “retain its name and operate under Arax Advisory Partners, the Arax platform built for firms seeking to elevate their capabilities while preserving their unique client experience,” the spokesperson said.
Arax Advisory Partners is a Denver-based RIA and a platform of Arax.
Summit has 11 offices in two states, according to a press release. In addition to its Chesterfield headquarters, the RIA also has offices in Jefferson City and Springfield, Missouri, and Dallas, according to its website.
Summit provides personalized, multigenerational financial planning to individuals, families and business owners, according to Arax.
Haig Ariyan, CEO of Arax, said: “We’re building a platform for accomplished advisors who combine an entrepreneurial mindset with an unwavering commitment to client outcomes. The team at Summit exemplifies that spirit. Their culture of integrity, professionalism and growth makes them a natural fit for our model. We’re excited to support their continued expansion and to help them deliver even greater value to the clients and communities they serve.”
“We’re excited to join Arax, not only as advisors focused on expanding our business but as partners committed to elevating the experience we deliver to our clients,” Michael Ott, Brent Spicuzza and Pete Donovan, Managing Partners and Senior Financial Consultants at Summit, said in a joint statement included in a news release.
“At Summit, our mission has always been to build authentic, long-term relationships and deliver sophisticated, results-driven financial strategies. With the backing of Arax, we can scale that mission further, bringing our collaborative approach to life with expanded capabilities, resources and support.”
Arax’s 5th Expansion Of 2025
Summit represents Arax’s fifth expansion this year, according to the spokesperson.
The prior expansions included its acquisition of Schechter Investment Advisors, the $4 billion AUM RIA business of Birmingham, Michigan-based Schechter, announced in June, and RIA Cedrus Financial, based in Littleton, Colorado, with about $1 billion in assets, announced in February.
Arax is backed by RedBird Capital Partners, a firm founded in 2014 by Gerry Cardinale, that said it manages $12 billion in assets.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
