Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, has taken a minority stake in Gordon Asset Administration, a North Carolina-based RIA with $1.3 billion in advisory and retirement plan property. The deal represents Summit’s 18th strategic funding this yr.
The deal is a part of the RIA’s Summit Development Companions initiative and represents its 18th strategic funding this yr. Summit has taken a minority, non-controlling stake in Gordon, which is able to retain its management and core groups.
Gordon Asset Administration was based in 2003 by Joe Gordon, after promoting a predecessor funding advisory and pension consulting and document retaining TPA that he began within the early Nineteen Eighties. The agency, which now has workplaces in Durham and Pinehurst, N.C., can also be led by Companions Glenn Moore and Todd Zempel. It has about $220 million in AUM, in addition to $1.1 billion in certified plan property, increasing Summit’s capabilities within the retirement plan house.
“We view becoming a member of Summit as a robust vote of confidence within the service mannequin we’ve constructed. One of the vital necessary elements in our resolution was the retention of native working management and the reassurance to our shoppers of who can be main the agency the following 20-25 years, each Todd and Glenn,” stated Gordon in an announcement. “By leveraging Summit’s superior expertise and expanded assets, we will additional improve our providers, offering much more worth to our shoppers and supercharging our potential to scale. We’re excited to convey our experience within the certified plan market to the opposite Summit advisors and their shoppers.”
Summit provides breakaway and impartial advisors a chance to align with the agency as companions. Affiliate firms achieve entry to Summit’s multi-family office-style providers, together with expertise, monetary planning, funding administration, insurance coverage and operational help.
Advisors becoming a member of Summit keep full possession of their companies, and people who meet sure standards are invited to affix SGP. Moreover, these advisors can select from a number of custodial suppliers.
Advisors additionally achieve entry to Summit’s skilled technique crew, which is comprised of in-house attorneys, tax specialists, monetary planning specialists and funding administration strategists.
That is the newest in a sequence of investments from Summit. Simply final week, the agency introduced an funding in Halfway Wealth Companions, a Chicago space agency with $550 million. In November, Summit took minority stakes in Southeast Monetary Group, Radiance Personal Wealth and Silvertree Retirement Planning with a mixed $420 million in AUM.
In September, the agency introduced strategic investments in BFG Wealth and Canon Capital Wealth Administration, with a mixed $470 million in property. In August, Summit invested within the wealth administration arm of Dublin, Ohio-based Meeder Funding Administration, which manages $400 million in property, and surpassed $10 billion in property at first of 2024.
Summit Monetary has constructed a platform for impartial advisors, offering a spread of providers through 5 entities underneath the Summit umbrella. The agency presently oversees $18 billion in property underneath advisement. Advisors who be part of the partnership should come underneath Summit’s ADV, though they continue to be impartial contractors.
