Merchant Investment Management, a New York-based private partnership that provides growth capital and resources to independent financial services companies, has taken an undisclosed minority stake in Summit Investment Advisory Services, a Roseville, Minnesota-based registered investment advisory firm managing $490 million.
Summit, which has been in business for more than 30 years, services clients in Minnesota, Wisconsin and Florida.
The investment from Merchant will support Summit's specialized retirement planning offering, the firm said.
“With 10,000 Americans turning 65 every day and retirements growing longer, there is a real need for quality financial planning and retirement income strategies,” Rob Schimmel, managing director at Merchant, said in the announcement. “The comprehensive service offering and expertise of the Summit team deliver a personalized financial partnership for clients and their families.”
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
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.
