Summit Financial, a Parsippany, N.J.-based registered investment advisor backed by Merchant Investment Management, has taken a minority stake in Gordon Asset Management, a North Carolina-based RIA with $1.3 billion in advisory and retirement plan assets. The deal represents Summit’s 18th strategic investment this year.
The deal is part of the RIA’s Summit Growth Partners initiative and represents its 18th strategic investment this year. Summit has taken a minority, non-controlling stake in Gordon, which will retain its leadership and core teams.
Gordon Asset Management was founded in 2003 by Joe Gordon, after selling a predecessor investment advisory and pension consulting and record keeping TPA that he started in the early 1980s. The firm, which now has offices in Durham and Pinehurst, N.C., is also led by Partners Glenn Moore and Todd Zempel. It has about $220 million in AUM, as well as $1.1 billion in qualified plan assets, expanding Summit’s capabilities in the retirement plan space.
“We view joining Summit as a strong vote of confidence in the service model we’ve built. 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,” said Gordon in a statement. “By leveraging Summit’s advanced technology and expanded resources, we can further enhance our services, providing even more value to our clients and supercharging our ability to scale. We are excited to bring our expertise in the qualified plan market to the other Summit advisors and their clients.”
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 SGP. Additionally, these advisors can choose from multiple custodial providers.
Advisors also gain access to Summit’s professional strategy team, which is comprised of in-house attorneys, tax specialists, financial planning experts and investment management strategists.
This is the latest in a series of investments from Summit. Just last week, the firm announced an investment in Midway Wealth Partners, a Chicago area firm with $550 million. In November, Summit took minority stakes in Southeast Financial Group, Radiance Private Wealth and Silvertree Retirement Planning with a combined $420 million in AUM.
In September, the firm announced strategic investments in BFG Wealth and Canon Capital Wealth Management, with a combined $470 million in assets. In August, Summit invested in the wealth management arm of Dublin, Ohio-based Meeder Investment Management, which manages $400 million in assets, and surpassed $10 billion in assets at the beginning of 2024.
Summit Financial has built a platform for independent advisors, providing a range of services via five entities under the Summit umbrella. The firm currently oversees $18 billion in assets under advisement. Advisors who join the partnership must come under Summit’s ADV, although they remain independent contractors.