Summit strengthens Southwest presence with $370M UBS team

Summit Financial is extending its reach in the Southwest as it helps a former UBS team launch their own independent firm.

On Wednesday, the New Jersey-based national RIA announced the launch of Kyros Private Wealth, a new firm which will operate independently under the Summit umbrella. The Naples, Florida-based team at Kyros was formerly affiliated with UBS, where they reportedly oversaw $370 million in client assets under management.

At UBS, they operated as the Clegg Group, headed by veteran private wealth advisor William E. Clegg IV. Clegg has been in the industry for 25 years, starting with Morgan Stanley in 1998.

"Breaking away and gaining our independence with the support of Summit marks a pivotal moment, empowering us to not only grow and scale effectively but also deliver unparalleled service to our valued clients," Clegg, the founding partner and leader of Kyros, said in a statement.

Joining Clegg at Kyros are Heather G. Clegg, serving as co-founder and managing director, along with Ethan Fales as investment strategist. The team also includes Cole Hughes as associate wealth advisor and Patrick Beste as financial consultant.

Together they offer investment management, tax and risk mitigation services, estate planning, charitable giving strategies and succession planning for high-net-worth business owners, executives and entrepreneurs.

As part of the transaction, Kyros has integrated into Summit Growth Partners, an advisor partnership model that features equity participation and cash monetization. SGP also offers access to enhanced operational capabilities for its affiliates, including exclusive diversified investment solutions, an integrated technology ecosystem, and risk management capabilities.

In January, SGP kicked off its 2024 growth drive by welcoming Oracle Private Wealth Advisors, a $300 million all-women team in Lutherville, Maryland.

As part of this strategic alliance, Kyros has also become the first Summit-affiliated firm to utilize Goldman Sachs Custody Solutions, with others expected to follow suit in the coming months.

Kyros is the sixth firm to align with SGP this year, reflecting a growing trend of advisory teams across the country seeking autonomy from traditional brokerage models.

“By expanding our partnership model nationwide … Summit can empower advisors in every regional market with the necessary resources to establish and maintain their independence,” said Summit CEO Stan Gregor.