Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, introduced that advisors from BFG Wealth and Canon Capital Wealth Administration joined Summit after it made strategic investments in each corporations.
The offers are a part of the RIA’s Summit Development Companions initiative and characterize its twelfth and thirteenth strategic investments this 12 months.
BFG serves high-net-worth people in and across the Oklahoma Metropolis metropolitan space and manages $190 million in belongings. The agency, led by founder and CEO Ralph Burnett, gives monetary planning providers starting from retirement, property and enterprise planning to personal market investments. Its govt management and broader group stay in place following this transaction.
“Partnering with Summit will empower BFG to raise our development trajectory and improve shopper service,” Burnett stated in an announcement. “With entry to Summit’s expansive community and assets in areas like personal markets, we are able to seize distinctive funding alternatives and ship bespoke monetary options to our shoppers that we in any other case wouldn’t be capable of.”
Canon Capital, in the meantime, manages greater than $280 million in belongings and serves high-net-worth people within the Southeast and Central Pennsylvania space. The agency’s providers embody property planning, monetary planning, investments, insurance coverage and enterprise consulting to satisfy various shopper wants. It is led by founder Dr. Peter Ronald.
The Canon group will stay in place following the transaction.
Summit presents breakaway and unbiased advisors like BFG and Canon a possibility to align with the agency as companions. Affiliate corporations acquire entry to Summit’s multi-family office-style providers, together with know-how, monetary planning, funding administration, insurance coverage and operational assist.
Advisors becoming a member of Summit keep full possession of their companies, and those that meet sure standards are invited to affix SGP. Moreover, these advisors can select from a number of custodial suppliers.
Moreover, BFG and Canon acquire entry to Summit’s skilled technique group, which is comprised of in-house attorneys, tax specialists, monetary planning specialists and funding administration strategists.
It’s the newest in a sequence of investments from Summit. Final month, Summit invested within the wealth administration arm of Dublin, Ohio-based Meeder Funding Administration, which manages $400 million in belongings, and surpassed $10 billion in belongings originally of 2024.
Summit Monetary has constructed a platform for unbiased advisors, offering a spread of providers by way of 5 entities beneath the Summit umbrella. The agency presently oversees greater than $14 billion in belongings beneath advisement. Advisors who be part of the partnership should come beneath Summit’s ADV, though they continue to be unbiased contractors.
