Kestra PWS attracts $181M breakaway team in Texas

Kestra PWS attracts $181M breakaway team in Texas
Flexibility cited as key reason to shift from the wirehouse model.
DEC 21, 2023

A $181 million firm in Austin, Texas has become the second in the state to affiliate with Kestra Private Wealth Services, an RIA subsidiary of Kestra Financial.

Summiteer Financial is led by Mike Davis who says the decision to breakaway from the wirehouse model was driven by a need for flexibility, which he says is important as the industry continues to development new ways of working.

“With our industry constantly evolving and technology updating at a rapid pace, I'm excited to work in an environment where our office can pivot quickly when there is a better way to serve clients,” he said. “I strongly believe that we are in the service industry and the flexible model and first-rate technology at Kestra PWS will allow me to create a client-centric infrastructure that not only aligns with my core values but will also help propel my business forward.”

Davis has dedicated his 21 years in the industry to a planning-based approach and is keen to leverage the tools and products offered by Kestra PWS.

“Mike’s entrepreneurial spirit and focus on fostering a positive culture throughout his business make him a clear addition to the Kestra PWS community,” said Rob Bartenstein, CEO and Senior Managing Director at Kestra PWS. “We’re confident that what we have to offer – our in-depth experience, vast resources, and welcoming culture – will exceed Mike’s expectations of what it’s like to move to independence.”

Latest News

RIA moves: The Mather Group, Brand Asset Management announce deals
RIA moves: The Mather Group, Brand Asset Management announce deals

Consolidation continues in US wealth management industry.

US broker-dealer fintech aims for global footprint as it acquires international firm
US broker-dealer fintech aims for global footprint as it acquires international firm

Tech company democratizes access to US trading infrastructure.

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

iCapital secures $820M in latest funding, hits $7.5B
iCapital secures $820M in latest funding, hits $7.5B

The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.