Two East Coast RIAs have forged new strategic partnerships to drive their growth through inorganic expansions.
On Friday, Summit Financial announced has taken a stake in Genex Consulting, a $700 million multi-family office, marking its first deal of 2025.
The deal, executed in partnership with Merchant Investment Management, is Summit's latest step in expanding its footprint as it nears $20 billion in assets under advisement.
Based in Kirkwood, Missouri, the team at Genex – led by principals Brian Redders, Michael Sluhan, and Chad Hemphill – offers investment planning, retirement planning, estate strategies, and other specialized services to a diverse clientele of individuals, families and business owners.
“Partnering with Summit marks a pivotal moment in our growth, enabling us to deepen relationships with clients and help them achieve their financial goals in new and meaningful ways,” Redders said in a statement Friday.
Stan Gregor, CEO of Summit Financial Holdings, said the deal aligns with his firm's strategy to support independent advisors with a flexible environment and a multi-family office structure.
“Bringing Genex and its core team into the Summit Financial family reinforces our commitment to supporting entrepreneurial advisors with a model that prioritizes independence, growth and long-term success,” he said.
Summit saw 70 percent year-on-year growth in 2024, welcoming major strategic partners in the fourth quarter including Midway Wealth Partners and Gordon Asset Management.
Meanwhile, The Wealth Alliance, a New York-based RIA managing $2 billion in client assets, revealed a strategic partnership with Wealth Partners Capital Group and HGGC’s Aspire Holdings. With a minority investment from those two backers, the firm expects to boost its operational capabilities and fuel M&A expansion in the Tri-state area, the Mid-Atlantic region, and South Florida.
“WPCG shares our core value – the client always comes first. This partnership will accelerate our growth path and provide greater financial planning solutions in the future,” Rob Conzo, CEO of The Wealth Alliance, said in a statement.
John Copeland, managing partner of Wealth Partners Capital Group, emphasized The Wealth Alliance’s potential for expansion.
“Given the firm’s client-first approach, fiduciary mindset and deep investment and planning expertise, WA is poised to be a leading wealth management firm serving clients in the Northeast and beyond,” he said.
CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients
DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills
“People aren't effectively using their wealth in retirement,” said David Blanchett of Prudential.
Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets
U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.
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
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
