Summit Takes Minority Stake in $470M OK, PA Advisors

Summit Financial has announced forming a strategic partnership with two independent advisory firms with a combined $470M in assets under management, according to a September 24 press release.

Through its “Summit Growth Partners” (SGP) partnership model, Summit Financial has taken minority stakes in Oklahoma-based BFG Wealth and Pennsylvania-based Canon Capital Wealth Management, which have accrued nearly $190M and over $280M in managed assets, respectively. Advisors from BFG Wealth and Canon Capital have also joined Summit Financial in a partnership that would allow both firms to access and utilize resources and investment solutions from the RIA.

Summit Financial said the deals are the 12th and 13th strategic investments undertaken through its SGP model this year. 

View the press release here.