Summit Financial Holdings has expanded its national footprint as it welcomes an ex-Merrill Lynch advisor who’s launching his own California-based independent wealth practice for the rich and famous.
Located in Pasadena, SRM Private Wealth is led by managing partner and private wealth advisor Richard McWhorter, marking the eleventh Summit transaction this year and bringing Summit's 2024 asset additions to over $5 billion.
McWhorter, formerly a Merrill Lynch advisor and recognized by Forbes as one of the best in the state, has 31 years of experience in the industry. He is joined by Sandra Parracino, director of client services, and client associate Kyle Szesnat.
The team, which managed over $1.9 billion in assets at Merrill Lynch, specializes in serving high-net-worth and ultra-high-net-worth clients, particularly in the sports and entertainment industries.
SRM Private Wealth joins Summit Growth Partners, further strengthening Summit's presence on the West Coast.
"Throughout Summit’s rich forty-year history, we have championed and supported advisors in their quest for independence," said Stan Gregor, CEO of Summit Financial Holdings.
"Today, we’re delighted to welcome Richard, one such high-performing advisor with a deep commitment to putting clients first, and to help his team define success on their own terms," Gregor said.
Summit Financial's platform provides SRM with family office-style services, including advanced planning, diversified investment solutions, integrated technology, risk management, and operational support, which McWhorter expects will help his new firm meet the complex needs of its clientele while also contributing to its growth.
SRM has also chosen Goldman Sachs Custody Solutions as its custodian, which was only recently integrated into Summit’s multi-custodian platform, to leverage GSCS’s digital-first services.
"Goldman Sachs Custody Solutions is excited to work closely with SRM and Summit Financial to transition a team of this scale to independence," said Cooper Rey, managing director at GSCS.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
