Summit Financial Holdings, a leading architect of advisor success and client satisfaction for over four decades, expanded its national footprint with the launch of SRM Private Wealth. Based in Pasadena, California, this newly formed independent practice is led by managing partner and private wealth advisor Richard McWhorter, CFP, CRPC. This is the eleventh firm this year to join Summit Growth Partners (SGP).
Summit’s partnership model combines cash monetization with equity participation and exclusive partnership privileges. And by bringing in SRM, Summit has strengthened its West Coast presence and boosted its assets, bringing the total added to over $5 billion so far this year. This makes Summit one of the fastest-growing firms in the independent space in the country.
SRM is becoming an affiliate partner of Summit Financial, utilizing Summit’s platform to facilitate its launch, enhance its operations, and accelerate long-term growth by meeting the complex and evolving needs of its high-net-worth clientele.
The Summit platform of family office-style services for wealth advisors includes comprehensive planning expertise through an Advanced Planning team; exclusive, diversified investment solutions; integrated top-tier technology; deep risk management capabilities; and essential operational support, enabling SRM to remain keenly focused on their clients.
McWhorter and his team will also join Summit’s collaborative network of advisor peers, colleagues, and other strategic partners.
Joining McWhorter are partner and director of client services Sandra Parracino, AWMA and client associate Kyle Szesnat. They collectively specialize in serving high-net-worth and ultra-high-net-worth individuals, including executives in the sports and entertainment industry, with a keen focus on asset protection and growth. And the team’s ability to cater to the complex needs of this client base, combined with a personalized service model, enabled SRM to attract over $1.9 billion in assets under management (AUM) while at Merrill Lynch.
Summit offers top independent and breakaway advisors like SRM an opportunity to align with the firm through partnership options that provide significant flexibility. And affiliate firms gain access to Summit’s full suite of services, including technology, financial planning, investment management, insurance, and operational support.
The advisors joining Summit’s RIA maintain full ownership of their businesses, and advisors who meet certain criteria are invited to join SGP. Plus, firms have the freedom to select their preferred custodial provider. SRM has taken advantage of the recent integration of Goldman Sachs Custody Solutions (GSCS) into the Summit platform, employing the digital-forward custodial provider’s services on behalf of its clients.
KEY QUOTES:
“What drew me to Summit was its powerhouse of resources designed to accelerate our growth. Throughout the due diligence process, it became evident that Summit’s open-architecture approach to investment opportunities, combined with Goldman Sachs’ custody solution, was precisely what my team needed in order to succeed. Equipped with these powerful tools and solutions, I’m excited to focus on further enhancing my client service and acquiring new business.”
- Richard McWhorter
“Throughout Summit’s rich forty-year history, we have championed and supported advisors in their quest for independence. We pride ourselves on fostering a vibrant community where top advisors can thrive via independence and innovation. Today, we’re delighted to welcome Richard, one such high-performing advisor with a deep commitment to putting clients first, and to help his team define success on their own terms. We look forward to empowering his continued growth with the launch of SRM Private Wealth.”
- Stan Gregor, CEO of Summit Financial Holdings
“Goldman Sachs Custody Solutions is excited to work closely with SRM and Summit Financial to transition a team of this scale to independence. We will provide institutional-grade solutions from across Goldman Sachs to enable SRM to deliver an enhanced experience to their high-net-worth and ultra-high-net-worth clientele.”
- Cooper Rey, managing director at Goldman Sachs Custody Solutions
