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 Progress Companions initiative and represents its 18th strategic funding this yr. Summit has taken a minority, non-controlling stake in Gordon, which can 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 file maintaining TPA that he began within the early Nineteen Eighties. The agency, which now has workplaces in Durham and Pinehurst, N.C., can 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 area.
“We view becoming a member of Summit as a powerful vote of confidence within the service mannequin we’ve constructed. One of the essential components in our choice was the retention of native working management and the reassurance to our purchasers of who shall be main the agency the subsequent 20-25 years, each Todd and Glenn,” mentioned Gordon in a press release. “By leveraging Summit’s superior expertise and expanded assets, we are able to additional improve our providers, offering much more worth to our purchasers and supercharging our capacity to scale. We’re excited to deliver our experience within the certified plan market to the opposite Summit advisors and their purchasers.”
Summit presents breakaway and impartial advisors a chance to align with the agency as companions. Affiliate corporations acquire entry to Summit’s multi-family office-style providers, together with expertise, monetary planning, funding administration, insurance coverage and operational assist.
Advisors becoming a member of Summit preserve 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.
Advisors additionally acquire 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 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 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 in the beginning of 2024.
Summit Monetary has constructed a platform for impartial advisors, offering a spread of providers through 5 entities below the Summit umbrella. The agency at the moment oversees $18 billion in property below advisement. Advisors who be a part of the partnership should come below Summit’s ADV, though they continue to be impartial contractors.