Summit Financial has acquired a minority stake in the newly formed independent advisory team Advocus Private Wealth, which serves athletes, executives, and multi-generational families.

The deal, whose financial terms are not known, marks Summit’s 17th investment in less than nine months.

As an affiliated Summit Growth Partners member, Advocus will leverage SummitVantage platform to support its launch, operation, and growth.

Led by former Merrill Lynch advisers Steve Vujevich and Matthew Anderson, Advocus has offices in Columbus, Ohio and Charlotte, North Carolina.

The team, which previously managed $400m in client assets, is also joined by Charlie Robinson, who will serve the firm as a private wealth adviser.

Robinson will work from Advocus’ Charlotte location.

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Commenting on the development, Summit Financial CEO Stan Gregor said: “Steve, Matt and Charlie focus every day to provide an exceptional experience for their clients. After a year of independence, they realised they needed a stronger support and service model to meet their clients’ expectations.

“After significant due diligence on their part, they saw value in the depth of resources and wealth management capabilities we can bring to bear for their clients’ benefit, so it was a natural fit for us and them as they look to grow their business.”

The latest investment follows Summit’s acquisition of a minority stake in Miami-based RIA Kandor Global through Summit Growth Partners in April this year.

Last August, Summit joined forces with ESG investment platform Seeds, which offers customised sustainable investment solutions to clients.