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 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 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 report holding TPA that he began within the early Eighties. The agency, which now has places of work 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 belongings, 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 choice was the retention of native working management and the peace of mind to our shoppers of who will likely be main the agency the subsequent 20-25 years, each Todd and Glenn,” mentioned 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 capacity to scale. We’re excited to carry our experience within the certified plan market to the opposite Summit advisors and their shoppers.”
Summit affords breakaway and impartial advisors a chance to align with the agency as companions. Affiliate corporations achieve 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 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 most recent 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 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 impartial advisors, offering a spread of providers by way of 5 entities below the Summit umbrella. The agency at the moment oversees greater than $15 billion in belongings below advisement. Advisors who be a part of the partnership should come below Summit’s ADV, though they continue to be impartial contractors.
