Summit Financial takes stake in Alabama-based RIA Parsons Broach

Summit Financial has expanded its network of partner firms in the South as it welcomes a pair of breakaway advisors from Raymond James.

Summit announced its latest move on Wednesday with a new strategic investment in Parsons Broach Financial Services, a Montgomery, Alabama-based RIA managing more than $250 million in client assets.

The acquisition was made through Summit Growth Partners, the firm’s partnership model designed to support independent advisors focused on long-term expansion. The deal marks Summit’s 26th investment since the start of 2024, as the firm continues to scale its footprint in the independent advisory space.

Summit Growth Partners established itself as one of the most active dealmakers last year, according to Echelon Partners' 2024 RIA M&A deal report. By that count, Summit acquired roughly $2.7 billion in RIA assets over the course of 7 deals.

Wealth Enhancement Group emerged as the top dealmaker, taking in a staggering $10.2 billion in assets from 18 deals. Waverly Advisors, MAI Capital Management, and Allworth Financial took a three-way tie for second place by dealcount, though Waverly came out ahead with $5.71 billion in acquired assets compared to $5.67 billion for MAI and $4.9 billion for Allworth.

“For over 40 years, we’ve championed advisors who embrace independence as a better way to serve clients and take ownership of their life’s work,” Stan Gregor, chairman and chief executive of Summit Financial Holdings, said in a statement announcing the latest deal Thursday.

Parsons Broach was founded in 2011 by Todd Parsons and Robbie Broach, longtime colleagues who have built their practice around comprehensive financial planning and a client-centric culture. Their firm’s offerings include investment management, estate planning, retirement planning, risk management, and philanthropic strategies.

The duo recently broke away from Raymond James Financial Services – their affiliation with Raymond James' independent advisor channel came to an end in January, according to their BrokerCheck profiles – to join Summit, citing the need for a more scalable platform that could support continued growth without compromising their approach to client service.

By aligning with Summit, Parsons Broach gains access to a multidisciplinary support team that includes tax professionals, attorneys, investment strategists, and financial planners.

“We wanted a partner that shared our values and could help us grow intentionally while staying true to our clients,” said Robbie Broach, co-founder of the firm.

Summit is jointly owned by Gregor and entities affiliated with Merchant Investment Management, a minority investor in numerous independent advisory firms.

In January, Summit kicked off its 2025 deal season with a strategic investment in $700 million multi-family office Genex Consulting, which it said helped put it within striking distance of overseeing $20 billion in assets under advisement.