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 belongings. The deal represents Summit’s 18th strategic funding this 12 months.
The deal is a part of the RIA’s Summit Progress Companions initiative and represents its 18th strategic funding this 12 months. 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 conserving TPA that he began within the early 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 belongings, increasing Summit’s capabilities within the retirement plan house.
“We view becoming a member of Summit as a powerful vote of confidence within the service mannequin we’ve constructed. One of the essential elements in our determination was the retention of native working management and the peace of mind to our shoppers of who will probably be main the agency the following 20-25 years, each Todd and Glenn,” stated Gordon in an announcement. “By leveraging Summit’s superior know-how and expanded assets, we are able to additional improve our companies, offering much more worth to our shoppers and supercharging our means to scale. We’re excited to convey our experience within the certified plan market to the opposite Summit advisors and their shoppers.”
Summit presents breakaway and unbiased advisors a possibility to align with the agency as companions. Affiliate corporations acquire entry to Summit’s multi-family office-style companies, together with know-how, 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 hitch SGP. Moreover, these advisors can select from a number of custodial suppliers.
Advisors additionally acquire entry to Summit’s skilled technique staff, which is comprised of in-house attorneys, tax specialists, monetary planning consultants and funding administration strategists.
That is the most recent in a collection 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 Non-public 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 belongings. In August, 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 initially of 2024.
Summit Monetary has constructed a platform for unbiased advisors, offering a spread of companies through 5 entities below the Summit umbrella. The agency at present oversees $18 billion in belongings below advisement. Advisors who be part of the partnership should come below Summit’s ADV, though they continue to be unbiased contractors.
