Summit Financial Holdings has expanded its national footprint as it welcomes an ex-Merrill Lynch advisor who’s launching his own California-based independent wealth practice for the rich and famous.
Located in Pasadena, SRM Private Wealth is led by managing partner and private wealth advisor Richard McWhorter, marking the eleventh Summit transaction this year and bringing Summit's 2024 asset additions to over $5 billion.
McWhorter, formerly a Merrill Lynch advisor and recognized by Forbes as one of the best in the state, has 31 years of experience in the industry. He is joined by Sandra Parracino, director of client services, and client associate Kyle Szesnat.
The team, which managed over $1.9 billion in assets at Merrill Lynch, specializes in serving high-net-worth and ultra-high-net-worth clients, particularly in the sports and entertainment industries.
SRM Private Wealth joins Summit Growth Partners, further strengthening Summit's presence on the West Coast.
"Throughout Summit’s rich forty-year history, we have championed and supported advisors in their quest for independence," said Stan Gregor, CEO of Summit Financial Holdings.
"Today, we’re delighted to welcome Richard, one such high-performing advisor with a deep commitment to putting clients first, and to help his team define success on their own terms," Gregor said.
Summit Financial's platform provides SRM with family office-style services, including advanced planning, diversified investment solutions, integrated technology, risk management, and operational support, which McWhorter expects will help his new firm meet the complex needs of its clientele while also contributing to its growth.
SRM has also chosen Goldman Sachs Custody Solutions as its custodian, which was only recently integrated into Summit’s multi-custodian platform, to leverage GSCS’s digital-first services.
"Goldman Sachs Custody Solutions is excited to work closely with SRM and Summit Financial to transition a team of this scale to independence," said Cooper Rey, managing director at GSCS.
The defectors from Cetera, Lincoln Investments, and DA Davidson strengthen the firms' presence across the Eastern and Western US.
InvestmentNews is searching for the country's emerging young talents.
Focus gets back to external M&A after its January rebrand, while Cerity enters the Arizona market with a veteran planning-focused team.
Complaint details near decade-long scheme raising almost $40 million from dozens of clients, including Venezuelan nationals, Catholic dioceses, and elderly individuals.
A veteran with more than two decades of experience, Andina Andreson represents the latest in a string of recent leadership changes at the firm.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
