Summit Wealth Group has acquired Financial Investment Team, a Portland, Oregon-based financial planning practice managing approximately $224 million in client assets, establishing Summit’s first office in the Pacific Northwest.
Financial Investment Team, or FIT, serves approximately 300 clients. All 10 of its employees, including three advisors, will join Summit, and the practice will operate under the Summit Wealth Group brand.
The transaction also addresses a succession need for FIT founder Diana Harrison as she approaches retirement. Summit acquired Harrison’s ownership stake while providing FIT’s advisors with equity in the combined firm. FP Transitions orchestrated the transaction.
FIT advisors will gain access to Summit’s in-house investment platform, financial planning infrastructure, marketing and organic growth resources, compliance capabilities and human resources support while maintaining their existing client relationships.
Summit also expects to gain additional capabilities from the FIT team, particularly in tax preparation, while establishing a presence in the Portland market.
Following the acquisition, Summit operates 12 offices across six states. The Colorado Springs-based independent RIA was founded in 2002 and provides financial planning and investment management services to individuals, families, business owners and ultra-high-net-worth families.
KEY QUOTES:
“Financial Investment Team represents exactly the kind of partnership Summit was built for. It’s a planning-first firm with deep client relationships and a team that shares our belief that growth should never come at the expense of the client experience. We’re grateful for the opportunity to serve the Portland market with the FIT team.”
Randy Morris, CEO of Summit Wealth Group
“Our job is to make this transition feel invisible to the client and empowering to the advisor. FIT’s team will keep doing what they do best, serving their clients, while gaining access to a CIO, CCO, marketing team, a full planning department, and an operating infrastructure they’d otherwise have to build themselves.”
Seamus O’Brien, Head of Advisor Success at Summit Wealth Group
