Parsippany, New Jersey-based Summit Financial announced Tuesday it is adding advisors from BFG Wealth and Canon Capital Wealth Management, adding $470 million in client assets. At the same time, Summit took minority stakes in the RIAs through its Summit Growth Partners division.
These investments represent Summit’s 12th and 13th strategic investments this year, the firm said.
BFG and Canon can now access Summit’s investment solutions and alternative investments, as well as its professional strategy team, which includes in-house attorneys, tax specialists, financial planning experts and investment management strategists.
“These new additions continue to expand our nationwide footprint and we are excited to support their growth and success,” said Stan Gregor, CEO of Summit Financial Holdings.
“Both of these firms exemplify the entrepreneurial spirit we embrace here at Summit,” Gregor said. “Clients of both firms will continue to work with the teams they know and trust, while Summit will support their ability to deliver differentiated services. Our partnership will provide BFG and Canon with a broad array of resources and opportunities, enabling them to elevate their client services and achieve new heights.”
With nearly $190 million in assets under management (AUM), BFG is led by Founder and CEO Ralph Burnett, and it serves high net worth investors in and near Oklahoma City. BFG’s executive leadership and larger team remain following the transaction.
“Partnering with Summit will empower BFG to elevate our growth trajectory and enhance client service,” according to Burnett.
“With access to Summit’s expansive network and resources in areas like private markets, we can seize unique investment opportunities and deliver bespoke financial solutions to our clients that we otherwise wouldn’t be able to,” Burnett explained.
With over $280 million in AUM, Canon is led by its Founder, Peter Roland. Canon serves high net worth investors in southeast and central Pennsylvania. Its team will also remain in place following the transaction, according to Summit.
“Partnering with Summit opens up a world of possibilities for Canon Wealth,” according to Roland. “This alliance will allow us to leverage their vast resources and expertise, ultimately enhancing our ability to deliver exceptional service and innovative solutions to our clients.”
In August, Summit announced the acquisition of a significant equity stake in the wealth management division of Dublin, Ohio-based Meeder Investment Management, with approximately $400 million in AUM. In June, it helped launched SRM Private Wealth in Pasadena, California, with over $1.9 billion in AUM.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.
