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.
With a fifth of RIA firms using AI to create marketing content, one leading voice argues a clear identity and focusing on clients will be crucial to success.
LPL Financial is a bellwether for the broader financial advice marketplace.
The San Francisco-based startup's Series A funding, with support from Schwab and Edward Jones Ventures, will reinforce its role in the coming $124 trillion wealth transfer.
The quartet of deals across New York, Florida, Ohio, and New Mexico reinforces the fast-growing integrator's leading position in the independent space.
UBS and Wells Fargo have made their own additions in the Northeast, including a Massachusetts duo defecting from Commonwealth.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
