Report: Merchant Buys Stake in Bozeman (MT) FiNet Practice

Serial RIA backer Merchant Investment Management has purchased a minority stake in Bozeman, MT-based Shore to Summit Wealth Management, which operates in Wells Fargo's Financial Network (FiNet) channel, according to a report by AdvisorHub.

According to Scott L. Brown, CEO and co-founder of Shore to Summit, Merchant bought a stake of less than 20% in the $1.8B former Merill Lynch RIA. It marks the 10th investment Merchant has made in a FiNet practice, according to AdvisorHub.

The investment comes just a week after Merchant reportedly took a minority stake in $713M Canadian advisor SPM Financial and about a month after it raised as much as $750M to help fund future growth and expansion, as reported by Dakota on October 23. Just this week the firm also reportedly recruited Matt McPeak, a former executive with Blue Owl Capital and Carlyle Group, to assist with organic and strategic growth opportunities.

Source: https://www.advisorhub.com/ria-investor-merchant-buys-stake-in-another-wells-fargo-finet-practice/