When the deal closes Summit expects to add Fieldpoint’s unit, which advises on $5.1 billion in wealth management assets, thus making Summit Financial one of the country’s largest independent wealth management firms with approximately $12 billion in assets.
The Summit partnership with Fieldpoint’s still-independent banking unit will connect the bank directly with all of Summit’s advisor teams, the firm announced Jan. 11.
Summit brought in Merchant in 2019 under the leadership of CEO Stan Gregor. According to the firm, this move has helped to more than triple the assets of the firm.
Chris DeLaura will step into the role of president and CEO of the Summit-Fieldpoint division. DeLaura has been at the helm of Fieldpoint’s wealth advisory business since 2016.
“Independence has been in our genes since our founding, and this alliance is the next logical step in bringing our bank, our capabilities and our belief system to a great many more advisors, families and businesses.” Fieldpoint Private Executive Chairman Tim Tully said, noting that Summit will more than double Fieldpoint’s potential client base, with Merchant potentially representing multiples of that.
“As Summit’s legacy business enters its fourth decade, we are laser focused on expanding our platform, and enhancing both the advisor and client experience,” Gregor said. “Our vision has been to build the most comprehensive offering in the independent wealth management industry that elevates our culture of financial planning. That’s what we found with our new partners at Fieldpoint.”[/vc_column_text][/vc_column][/vc_row]