Summit Financial affiliate Summit Growth Partners has made a strategic investment in Prostatis Financial Advisors, a $310 million RIA firm with offices in Florida and Maryland.
Prostatis is majority-owned by Michael Canet, who operates the 20-year-old firm and is also a local radio personality in Baltimore with his "Savvy Investor" show. The show’s title aligns with Canet’s Savvy Investor Retirement Summary program, which identifies client objectives, risk tolerance, and investment opportunities.
Summit’s minority non-controlling stake in Canet’s firm will help him take it to the next level by providing upfront cash monetization with equity participation and exclusive partnership privileges.
“It quickly became evident that joining Summit Growth Partners would accelerate Prostatis’ growth, both in terms of improving service for our existing clients and in helping us acquire new ones,” he said.
But the deal also enables Prostatis – which specializes in the tax-efficient growth and protection of wealth for high-net-worth individuals and families - to access the investment options offered by Summit, including a network of alternative investment partners. Additionally, Summit Growth Partners can offer elite firms extra capital when necessary.
“Participating in an equitable equity program like Summit Growth Partners enables fiduciary advisors to grow their businesses and establish a lasting legacy for themselves and their families,” added Stan Gregor, CEO of Summit Financial Holdings. “With more than 40 years in business as advisors, Summit deeply understands the needs of a firm like Prostatis and couldn’t be more excited to have Mike and his team join the Summit family to achieve new heights together.”
New report shows dimmed outlook for benefits to retirees and disabled Americans, creating further pressure for federal tax hikes or more borrowing.
Open letter to SEC Chair Paul Atkins questions whether the Ivy League university withheld material information prior to its $750 million taxable bond offering.
The Las Vegas-based hybrid RIA overseeing $8.8 billion in assets has named Andy Kalbaugh president to help scale its advisor platform.
The wealth tech giant – in collaboration with Fidelity, BlackRock, State Street, and Franklin Templeton – is offering its advisor and wealth firm users more ways to diversify.
Deal volume increased post-election but now caution has taken over.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave