Friday, April 12, 2024
HomeWealth ManagementSummit Monetary Buys Stake in The Savvy Investor’s East Coast RIA

Summit Monetary Buys Stake in The Savvy Investor’s East Coast RIA


Summit Monetary, a Parsippany, N.J.–based mostly registered funding advisor backed by Service provider Funding Administration and overseeing round $9 billion in shopper property, has made a non-controlling, minority funding in Prostatis Monetary Advisors Group—a Baltimore-based agency owned by “The Savvy Investor.”

Representing Summit’s fifth strategic funding of the yr, Prostatis manages roughly $310 million and is becoming a member of underneath a minority funding mannequin launched three years in the past, Summit Progress Companions. Majority owned by Michael Canet, who based Prostatis in 2003, the agency will stay by itself ADV right now.

Canet can be the host of The Savvy Investor radio present. Established in 2011, it airs weekends on WJZ 105.7 The Fan in Baltimore and on a nationally syndicated podcast.   

“Mike will not be solely identified for his podcast, however he has additionally been a coach to a whole lot of advisors over time,” mentioned Ed Friedman, Summit’s director of enterprise growth and development. ‘He has a robust status in these circles and a whole lot of these companies that he’s labored with have reached out to us to affix the partnership as properly.”

With 5 workplaces in Maryland and Florida, Prostatis offers tax-efficient asset administration, holistic monetary planning and session for prosperous households, certified buyers, companies and retirement plan sponsors, in addition to insurance-based threat administration options. The agency was launched to Summit by an affiliate who knew Canet was in search of a minority companion.

“It rapidly grew to become evident that becoming a member of Summit Progress Companions would speed up Prostatis’ development, each by way of bettering service for our current shoppers and in serving to us purchase new ones,” Canet mentioned in a press release.

The SGP partnership mannequin combines money and fairness, together with a wide range of unique providers, comparable to entry to sure various investments, tax attorneys and an in-house planning division. Laser-focused on companies searching for development, the invite-only mannequin additionally contains extra capital made accessible by Summit’s steadiness sheet and the Service provider partnership.

“The Service provider workforce appears ahead to the continued partnership and collaboration with each Summit and Prostasis,” mentioned Service provider Managing Associate Rick D’Amico. 

Summit at the moment manages round $6.2 billion in advisory property and advises on one other $2.8 billion in brokerage property by a partnership with Purshe Kaplan Sterling. About half of Summit’s 21 companion companies embody breakaways, whereas the opposite half have been impartial RIAs in want of sources and scale.

Earlier this yr, Summit CEO Stan Gregor mentioned the agency was working so as to add Goldman Sachs and First Clearing alongside Constancy, Schwab and Pershing as custodians.

Summit expects to announce at least three new additions earlier than subsequent yr, mentioned Friedman, and has as much as six within the pipeline for the primary quarter of 2024.

“We do not have a said aim with respect to variety of advisors or AUM or something alongside these strains,” he mentioned. “It’s nice to set targets, however typically these targets drive your course of versus your course of driving the transactions, and we wish to ensure we’re doing the suitable sort of transactions with the suitable sort of individuals. And also you need to have the ability to say no to people who should be mentioned no to.

“I’ll inform you that our pipeline might be the most effective that I’ve seen within the 3 1/2 years that I have been right here,” he famous. “And 2024, actually, will grow to be a banner yr for us.”

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