Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, has taken a minority stake in Gateway Advisory, a New Jersey-based RIA with $830 million in belongings below administration. This represents Summit’s twenty first funding because the begin of 2024.
The deal is a part of the RIA’s Summit Progress Companions initiative. Summit has taken a minority, non-controlling stake in Gateway, which is able to retain its management and core groups. They may be part of Summit’s Parsippany, N.J. workplace.
Gateway, which has places of work in Troy Hills and Toms River, N.J., was based in 2010 by the three principals, Brian Energy, Jay Flamme and Glenn Blachman. The trio was with Merrill Lynch earlier than that.
Stan Gregor, CEO of Summit Monetary Holdings, stated the Gateway crew secured an $80 million consumer account throughout the first week of becoming a member of Summit. He attributes the win to Summit’s multi-family workplace mannequin, through which it has in-house professionals and attorneys to assist with high-end monetary planning and belief and property work.
“We maintain working into advisors which have executed an amazing job constructing their relationships with their shoppers, however the shoppers and advisors are searching for extra from a servicing mannequin,” he stated. “The acumen and information base of our crew is so deep and broad that they go in and so they determine alternatives and options that shoppers ought to actually be making the most of.”
“Summit gives the proper stability of independence and help, permitting us to reinforce our service choices whereas preserving the extremely customized service our shoppers count on,” Energy stated in a press release.
This follows information in January that Summit had taken a minority stake in Genex Consulting, a Kirkwood, Mo.-based multi-family workplace with $700 million in consumer belongings.
Summit is now approaching $21 billion in belongings below administration as of March 13, 2025, with a community of roughly 125 advisors.
Summit presents breakaway and unbiased advisors a chance to align with the agency as companions. Affiliate corporations achieve entry to Summit’s multi-family office-style companies, together with know-how, monetary planning, funding administration, insurance coverage and operational help.
Advisors becoming a member of Summit preserve full possession of their companies, and people who meet sure standards are invited to hitch its Summit Progress Companions initiative. Moreover, these advisors can select from a number of custodial suppliers, together with Constancy, Schwab, Goldman Sachs, Pershing and SEI.
Summit has been minority-backed by Service provider Funding Administration since 2019. The agency not too long ago disclosed in its Type ADV that Service provider now owns a controlling stake within the agency.
