Summit Financial, a Parsippany, N.J.-based registered investment advisor backed by Merchant Investment Management, has taken a minority stake in Genex Consulting, a Kirkwood, Mo.-based multi-family office with $700 million in client assets. This represents Summit’s first investment this year after closing 18 deals totaling $8 billion in assets in 2024.
Summit’s network now includes over 100 advisors across $20 billion in assets under advisement. A Summit spokesperson said the firm has a robust pipeline of signed transactions through the second quarter of 2025, and they expect this year’s activity to be as strong if not stronger than 2024.
Genex was founded by principals Brian Redders, Michael Sluhan and Chad Hemphill. The firm specializes in investment planning, retirement planning, executive compensation, risk management, estate planning and business consulting. They have a broker/dealer relationship with Private Client Services and will continue to use Schwab for custody.
In a statement, Redders said the partnership with Summit will allow Genex to expand its client services. Summit has a dedicated group of in-house attorneys, tax specialists, financial planners and investment strategists.
“Bringing Genex and its core team into the Summit Financial family reinforces our commitment to supporting entrepreneurial advisors with a model that prioritizes independence, growth and long-term success,” Stan Gregor, CEO of Summit Financial Holdings, said in a statement. “Our partnership approach goes beyond investment solutions—it’s about providing a collaborative, multi-family office experience that helps firms like Genex elevate their client relationships and achieve lasting impact. Summit is experiencing its best year of growth in our 40+ year history, and the addition of Genex will keep that momentum going in 2025.”
Summit offers breakaway and independent advisors an opportunity to align with the firm as partners. Affiliate companies gain access to Summit’s multi-family office-style services, including technology, financial planning, investment management, insurance and operational support.
Advisors joining Summit maintain full ownership of their businesses, and those who meet certain criteria are invited to join its Summit Growth Partners initiative. Additionally, these advisors can choose from multiple custodial providers.
Summit has been minority-backed by Merchant Investment Management since 2019. But the firm recently disclosed in its Form ADV that Merchant now owns a controlling stake in the firm. Citywire.com was the first to report the change.