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Summit Monetary, a Parsippany, N.J.–based mostly registered funding advisor backed by Service provider Funding Administration and overseeing round $9 billion in shopper belongings, has made a non-controlling, minority funding in Prostatis Monetary Advisors Group—a Baltimore-based agency owned by “The Savvy Investor.”
Representing Summit’s fifth strategic funding of the 12 months, Prostatis manages roughly $310 million and is becoming a member of underneath a minority funding mannequin launched three years in the past, Summit Progress Companions. Majority owned by Michael Canet, who based Prostatis in 2003, the agency will stay by itself ADV at the moment.
Canet can also be the host of The Savvy Investor radio present. Established in 2011, it airs weekends on WJZ 105.7 The Fan in Baltimore and on a nationally syndicated podcast.
“Mike will not be solely recognized for his podcast, however he has additionally been a coach to lots of advisors over time,” stated Ed Friedman, Summit’s director of enterprise growth and progress. ‘He has a powerful status in these circles and lots of these companies that he’s labored with have reached out to us to affix the partnership as properly.”
With 5 workplaces in Maryland and Florida, Prostatis offers tax-efficient asset administration, holistic monetary planning and session for prosperous households, certified buyers, companies and retirement plan sponsors, in addition to insurance-based danger administration options. The agency was launched to Summit by way of an affiliate who knew Canet was in search of a minority companion.
“It shortly turned evident that becoming a member of Summit Progress Companions would speed up Prostatis’ progress, each by way of bettering service for our present purchasers and in serving to us purchase new ones,” Canet stated in an announcement.
The SGP partnership mannequin combines money and fairness, together with quite a lot of unique companies, equivalent to entry to sure different investments, tax attorneys and an in-house planning division. Laser-focused on companies searching for progress, the invite-only mannequin additionally consists of further capital made obtainable by way of Summit’s steadiness sheet and the Service provider partnership.
“The Service provider crew seems ahead to the continued partnership and collaboration with each Summit and Prostasis,” stated Service provider Managing Companion Rick D’Amico.
Summit at the moment manages round $6.2 billion in advisory belongings and advises on one other $2.8 billion in brokerage belongings by way of a partnership with Purshe Kaplan Sterling. About half of Summit’s 21 companion companies embrace breakaways, whereas the opposite half had been unbiased RIAs in want of sources and scale.
Earlier this 12 months, Summit CEO Stan Gregor stated the agency was working so as to add Goldman Sachs and First Clearing alongside Constancy, Schwab and Pershing as custodians.
Summit expects to announce a minimum of three new additions earlier than subsequent 12 months, stated Friedman, and has as much as six within the pipeline for the primary quarter of 2024.
“We do not have a acknowledged aim with respect to variety of advisors or AUM or something alongside these strains,” he stated. “It’s nice to set objectives, however generally these objectives drive your course of versus your course of driving the transactions, and we need to make certain we’re doing the best kind of transactions with the best kind of individuals. And also you need to have the ability to say no to people who have to be stated no to.
“I’ll let you know that our pipeline might be the very best that I’ve seen within the 3 1/2 years that I have been right here,” he famous. “And 2024, actually, will grow to be a banner 12 months for us.”
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