Just when it looked done with deals for 2024, Summit Financial made another move in the Southeast – and it's a doozy.
On Wednesday, Summit announced a minority investment in Gordon Asset Management, a North Carolina-based RIA with $220 million in assets under management and approximately $1.1 billion in qualified retirement plan assets. The partnership, facilitated through Summit Growth Partners, represents the firm’s 18th strategic investment of the year.
The deal allows Gordon Asset Management – led by founder Joe Gordon alongside partners Glenn Moore and Todd Zempel – to maintain its existing leadership and operational autonomy while gaining access to Summit’s network of resources, including investment strategies, tax planning, and legal advisory services.
“We view joining Summit as a strong vote of confidence in the service model we’ve built,” Gordon said in a statement. “One of the most important factors in our decision was the retention of local operating control and the assurance to our clients of who will be leading the firm the next 20-25 years, both Todd and Glenn.”
Based in Durham and Pinehurst, North Carolina, Gordon Asset Management serves individual, family, and business clients by combining personal financial planning with workplace benefit solutions. Its expertise in managing 401(k) and other corporate retirement plans aligns with Summit’s broader efforts to expand its offerings in qualified plans.
Stan Gregor, CEO of Summit Financial, highlighted the partnership as a strategic double-win that expands his firm's operational footprint and expertise.
“We are thrilled to deepen our investment in the Southeast region through our strategic partnership with Gordon Asset Management," Gregor said. "Gordon’s deep expertise in managing corporate retirement plans will significantly enhance Summit’s capabilities in this vital area.”
Summit's minority staking partnership with Gordon comes hot on the heels of another December deal, which saw the firm integrate a Chicagoland-based firm managing $550 million in assets. Before that was its November triple-deal, where it secured $420 million in combined assets from new partners in North Carolina, Wisconsin, and the Tri-State area.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
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.
