Ed Friedman, Director of Business Development and Growth at Summit Financial, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss the growth that has resulted from professionalizing the firm.
Summit Financial was launched 42 years ago at a time when RIA firms were unheard of. The firm’s roots are in financial planning, and advisors were home-grown and trained in the firm. Many of Summit’s advisors today have been with the firm for 20 to 35 years, with the founder still active in the firm.
Eight years ago, the longest-tenured advisors at the firm decided to professionalize the firm, hiring Stab Gregor as the new CEO, who came to the firm with substantial industry experience. A year into Gregor’s tenure, Merchant was brought in as a capital partner. These moves repositioned the firm to be attractive to some of the industry’s best advisors.
Friedman joined Summit over four years ago after deep experience in the independent advisory space. Since Friedman joined the firm, assets have grown from $3.2 billion, with forecasted 2025 AUM at $20 billion. Summit Growth Partners was launched four years ago to make minority investments in advisory firms, whether they are breakaways or existing RIA firms.
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