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Summit Financial Bolsters Partnership Network with Acquisition Stake in Parsons Broach Financial Services

1. Summit Financial invested in Parsons Broach to boost growth momentum. 2. Parsons Broach manages over $250 million in client assets. 3. Summit aims to provide advisors with tools and support for success. 4. Expansion aligns with Summit's strategy to embrace independent advisory firms. 5. Summit has invested in 26 firms since early 2024.

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FAQ

Why Bullish?

Summit's strategic investment reflects confidence in growing advisory markets, similar to past expansions. Investments in advisory firms generally lead to enhanced service offerings and potential for higher asset under management.

How important is it?

The article directly discusses significant corporate maneuvers affecting Summit's growth, which can influence investor sentiment positively.

Why Long Term?

The investment sets a foundation for sustained growth and client acquisition, similar to previous strategic moves that took time to yield results.

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PARSIPPANY, N.J.--(BUSINESS WIRE)--Summit Financial (“Summit”), ​​a preeminent investment advisory firm empowering financial advisors to optimize business growth and deliver sophisticated family office services, announced an investment in Parsons Broach Financial Services (“Parsons Broach”) to further accelerate its growth momentum.Summit Financial announced an investment in Parsons Broach Financial Services to further accelerate its growth momentum.Share Summit made the strategic investment through its innovative partnership model, Summit Growth Partners. Since early 2024, Summit has invested in 26 firms led by growth-minded advisors. “For over 40 years, we’ve championed advisors who embrace independence as a better way to serve clients and take ownership of their life’s work,” said Stan Gregor, Chairman and CEO Summit Financial Holdings. “We’re thrilled to bring such high-quality advisors as Todd Parsons and Robbie Broach into the Summit family. They serve values-driven clients who wish to grow, protect, and use their wealth meaningfully.” Established in 2011, Parsons Broach is led by founding partners and wealth advisors Todd Parsons and Robbie Broach, CFP®, CPFA, whose decades-long friendship and professional collaboration shapes their firm’s client-first approach and culture. The Montgomery, Ala., firm manages more than $250 million in assets and offers a comprehensive suite of services including financial planning, investment management, retirement planning, estate planning, risk management, and charitable giving strategies. The team made the decision to break away from Raymond James and join Summit to better position themselves for sustainable growth while also maintaining a strong, client-first culture. “Joining Summit is a strategic move that enables us to offer even more resources, technology, and support to enhance the level of service we provide our clients,” said Broach. “We’re now better positioned to drive strong, sustainable growth while keeping our focus exactly where it belongs – on our valued clients.” For more than 40 years*, Summit has empowered advisors by combining the flexibility of independence with comprehensive multi-family office services. Advisors joining the Summit platform benefit from the firm’s dedicated strategy group composed of attorneys, tax specialists, financial planners, and investment strategists. “The addition of Parsons Broach underscores Summit's commitment to equipping breakaway advisors with the tools, technology, and strategic support essential for their success,” said Keith Soltis, ChFC, CLTC, Summit Financial’s Head of Growth and Business Development. “We're excited to collaborate and enable our partners to deliver tailored client solutions and unlock the full potential of their firm.” ABOUT SUMMIT FINANCIAL Summit Financial (“Summit”) is a preeminent investment advisory firm with over 40 years of experience helping advisors elevate their businesses and deliver exceptional client experiences. Built by advisors for advisors, Summit champions independence while providing the tools, capital, and resources needed to achieve growth and success. A 2024 Forbes|SHOOK and Barron’s Top 100 RIA Firm**, Summit is deeply committed to its founding principles of independence and powerful financial planning. Interested advisors and firm leaders can learn more about Summit’s all-inclusive platform of fully integrated industry-leading services, thought leaders, and innovative technology at www.summitfinancial.com. *Summit Financial, LLC, a SEC Registered Investment Adviser established November 2018, is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business. Summit is wholly owned by Summit Financial Holdings, LLC ("SFH") which is owned by Stanley Gregor and Merchant Wealth Management Holdings 3, LLC (“MWMH”). MWMH is wholly owned by Merchant Wealth Partners, LLC, which is wholly owned by Merchant Investment Management, LLC. **Forbes|SHOOK “America’s Top RIA Firms” (October 2024) and Barron's “2024 Top RIA Firms” (October 2024). Rankings were determined based on an evaluation process conducted by Forbes|SHOOK (Oct. 2023-Oct. 2024) and Barron’s (Data as of 3/31/2024). Summit Financial, LLC, did not pay a fee to obtain or use these rankings. ABOUT SUMMIT GROWTH PARTNERS Summit Growth Partners (“SGP”) is a partnership focused on making minority investments in high-quality advisory practices and firms. SGP provides capital and support to help advisors accelerate their growth, enterprise value, and the ability to participate in future monetization events. SGP represents a truly aligned partnership model placing the advisors’ interest side by side with management and capital.

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