Summit Financial (Summit) announced Thursday it took a minority stake in West Warwick, Rhode Island-based Ivy Wealth Management, adding over $500 million in client assets under administration (AUA) to Summit and deepening its presence in New England. The transaction was finalized last week, according to a company spokesman.
The transaction represents Summit’s 14th minority investment this year, the Parsippany, New Jersey-based RIA pointed out.
Ivy is led by Brad Ingegneri, its President, who founded the firm in 2010 after almost 10 years with Merrill Lynch as a Senior Financial Advisor and Assistant Vice President, Summit noted.
The RIA serves high net worth families and business owners across the Northeast.
“We built Ivy to deliver personalized, sophisticated guidance that brings greater peace of mind for our clients,” according to Ingegneri.
“By partnering with Summit, we’re taking our client-first service to a whole new level,” he said in a press release. “Ivy can now draw on deeper resources and capabilities, including enhanced technology and investment management platforms, to drive better outcomes for the families we serve.”
Not Just About Dollars
“Partnerships like these aren’t just about dollars. They enable growth-minded firms to collaborate, innovate, and strengthen our community for the future,” said Stan Gregor, CEO and Chairman of Summit Financial Holdings, the holding company of Summit.
“Brad and his team have built something special, putting clients first, navigating markets with insight, and delivering results with consistency and care,” Gregor said.
“Building a superior wealth management platform starts with investing in the right partners,” Keith Soltis, Head of Growth And Business Development at Summit, said in the release.
“Like Summit, Ivy is committed to service, integrity, and excellence,” said Soltis. “True to its name, Brad and his team have cultivated a business defined by resilience, consistency, and enduring growth for the clients they serve.”
According to Summit, this transaction follows its strategy of expanding only through purchases of minority stakes in independent advisory firms, allowing the owners of the firms to retain control.
Since early 2024, Summit has completed 27 partnership transactions and now oversees over $25 billion in client AUA, the firm said.
“We see an industry that is focused on finding alignment with the right partners,” Gregor told WSR by email on Thursday. “Who you partner with matters, and that will remain the case next year and beyond,” he predicted.
Gregor added, “Growth-minded advisors are looking for partners that can truly help grow their business, that have the resources, capital, and expertise that drive greater success for their firms and enable them to deliver the highest level of service to their clients.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
