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

Advisor moves: RBC lands $1B UBS team in Pittsburgh
Advisor moves: RBC lands $1B UBS team in Pittsburgh

Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL

GWG’s Heppner hires Puff Daddy’s attorneys as criminal sentencing looms
GWG’s Heppner hires Puff Daddy’s attorneys as criminal sentencing looms

According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.

Investors accuse Broadstreet fund of alleged billion-dollar 'Ponzi-like' scheme
Investors accuse Broadstreet fund of alleged billion-dollar 'Ponzi-like' scheme

A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.

Lawsuit alleges Skechers founders manipulated $9.4B buyout to shortchange investors
Lawsuit alleges Skechers founders manipulated $9.4B buyout to shortchange investors

Insiders allegedly rewrote projections three times in four days.

Fintech bytes: FINNY signs Visionary Square for pay-as-you-go AI prospecting program
Fintech bytes: FINNY signs Visionary Square for pay-as-you-go AI prospecting program

TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor