Parsippany, New Jersey-based Summit Financial announced Thursday that it acquired a minority non-controlling stake in Chicago-area RIA Midway Wealth Partners and added it to Summit’s advisor network.
The investment was made by affiliate Summit Growth Partners (SGP), Summit Financial’s partnership model, and represents the RIA’s 17th strategic investment of 2024.
Midway, based in Arlington Heights, Illinois, will now have access to Summit’s resources, including diverse investment solutions and alternative investment opportunities, Summit said.
Summit affiliate firms also have access to its multi-family office-style services, including technology, financial planning, insurance and operational support.
Midway will continue to operate with its original leadership and core team but with the support of Summit’s professional strategy team that includes in-house attorneys, tax specialists, financial planning experts and investment strategists, Summit said.
Midway is led by Co-Founder, Partner and Manager Richard Babjak and Partner Dennis Ryan. The firm offers comprehensive wealth management services, including financial planning, investment management, insurance solutions, trust and estate tax planning, business transition and succession planning.

“Partnering with Summit marks a pivotal moment in our growth, enabling us to deepen relationships with clients and help them achieve their financial goals in new and meaningful ways,” said Babjak.
“With Summit’s extensive resources and expertise, we can continue to deliver the thoughtful, customized guidance our clients trust while expanding the breadth of services we provide,” he added. “This partnership gives us the tools and support to scale without compromising the high-touch, personalized service that has always been our hallmark.”
“We’re thrilled to expand Summit’s presence in Illinois by bringing together two organizations united by a shared vision of dynamic wealth management,” said Stan Gregor, CEO of Summit Financial Holdings. “Richard, Dennis and the entire Midway team embody the entrepreneurial excellence we seek, delivering personalized financial solutions that go beyond asset management and forge long-lasting relationships.”
“We’re proud to have Midway join our expanding Summit Financial network,” said Keith Soltis, Summit’s Director of Wealth Management. “With our comprehensive platform and advanced solutions, we aim to accelerate their successes and continue to set new benchmarks in wealth management.”
Prior to Midway, Summit announced that it added three firms with a combined $420 million in assets under management (AUM) to its network. The SGP partnership model took minority stakes in Southeast Financial Group, Radiance Private Wealth and Silvertree Retirement Planning.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.