Summit Financial said Thursday that it took a minority stake in Parsons Broach Financial Services, a Montgomery, Alabama, RIA managing over $250 million in assets.
Summit also took a minority stake in Grandview Square Financial, an Edina, Minnesota, RIA with $313 million in assets under management (AUM).
The Parsons Broach team broke away from Raymond James, and the Grandview team broke away from Northwestern Mutual.
Summit made the strategic investments through its Summit Growth Partners network.
Since early 2024, Summit has invested in 27 firms including the latest two partnerships.
In announcing the investment in Parsons Broach, Summit said in a press release that its stake in the RIA will help it “further accelerate its growth momentum.”
“Bringing Parsons Broach into the Summit network in Q1 (Jan 2025) was a decisive step in executing our vision to build the nation’s premier RIA platform,” Stan Gregor, CEO and Chairman of Summit Financial Holdings, Summit Financial’s parent company, told WSR.
“At Summit, we are relentless in our commitment to supporting ambitious, growth-driven advisors across the U.S.,” he said. “We empower our partners with family-office services, superior technology, and business support—ensuring they have every advantage to thrive in today’s competitive landscape.”
In a press release, he said: “For over 40 years, we’ve championed advisors who embrace independence as a better way to serve clients and take ownership of their life’s work.”
Parsons Broach advisors “serve values-driven clients who wish to grow, protect, and use their wealth meaningfully,” he added.
Parsons Broach was started in 2011 by Founding Partners and Wealth Advisors Todd Parsons and Robbie Broach, whose “decades-long friendship and professional collaboration shapes their firm’s client-first approach and culture,” according to Summit.
Parsons Broach offers services including financial planning, investment management, retirement planning, estate planning, risk management and charitable giving strategies.
“Joining Summit is a strategic move that enables us to offer even more resources, technology, and support to enhance the level of service we provide our clients,” said Broach. “We’re now better positioned to drive strong, sustainable growth while keeping our focus exactly where it belongs – on our valued clients.”
Adding Parsons Broach “underscores Summit’s commitment to equipping breakaway advisors with the tools, technology, and strategic support essential for their success,” according to Keith Soltis, Summit Head of Growth and Business Development.
Grandview Square was founded in 2001 by John Rusciano, the RIA’s Principal, according to its website. Heading the firm are Rusciano and Partners Austin Hebig and AJ Robbel. Koren Rusciano, John’s wife, is Chief Operating Officer.
In March, Summit took a stake in Troy Hills, New Jersey-based Gateway Advisory, which Summit said at the time was its 21st investment since January 2024.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
