Merchant Investment Management has acquired a minority equity ownership in Minnesota-based registered investment adviser (RIA) Summit Investment Advisory Services for an undisclosed sum.
Summit provides integrated financial and retirement income planning, investment management, estate, and tax planning services through its offices across Minnesota, Wisconsin, and Florida.
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The partnership with Merchant is expected to help the firm enhance its specialised service offering focused on retirement planning while attracting ‘like-minded advisers’.
Summit president Sean McDermott said: “Merchant’s strategic M&A resources come with a partnership structure that gives us freedom of choice and lets us focus on best serving our clients and attracting more outstanding talent.”
Merchant provides growth capital, management resources, as well as strategic opportunities to its partner firm after aligning with them through long-term minority investment.
Commenting on the latest tie-up, Merchant managing partner Tim Bello said: “This is a long-term investment in the continued success and growth of Summit Investment Advisory Services, an independent registered investment adviser.
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By GlobalData“This is a time-tested advisory firm that is already firing on all cylinders, and our partnership with Summit allows them to invest in their own business, capitalise on growth opportunities, and serve comprehensive, personalised advice to clients.”
Earlier this month, Merchant made a minority investment in River Wealth Advisors.
In December last year, the firm announced a long-term, minority stake investment in Brainvest Wealth Management in a bid to expand strategic opportunities across the US, in Latin America, Europe and Asia.
