Summit Financial adds $470 AUM with double deal

Summit Financial has expanded its presence in two states as the firm welcomes two new firms to its platform.

On Tuesday, it announced it has made minority investments in two independent advisory firms – BFG Wealth and Canon Capital Wealth Management – through its partnership platform, Summit Growth Partners. The moves add a combined $470 million in AUM to Summit’s portfolio.

Based in Oklahoma City, BFG Wealth manages $190 million in assets and provides holistic financial planning services to high-net-worth clients. Its founder and CEO, Ralph Burnett, emphasized the potential for growth as part of the new partnership.

“Partnering with Summit will empower BFG to elevate our growth trajectory and enhance client service,” Burnett said in a statement. He also highlighted how access to Summit’s network and resources, including private market opportunities, would help his firm deliver more tailored solutions to clients.

Canon Capital Wealth Management, located in Pennsylvania, brings $280 million in AUM to the table. The firm offers a range of services, including estate and financial planning, investment strategies, insurance, and business consulting. Founder Peter Roland also expressed enthusiasm for the partnership, highlighting the "vast resources and expertise" that "opens up a world of possibilities for Canon Wealth."

These investments represent the 12th and 13th such partnerships facilitated by Summit Growth Partners this year, including a $1.9 billion Merrill advisor who joined in June and a $370 million team that broke away from UBS in May. The platform's 2024 recruiting season kicked off with a $300 million group of female advisors in Maryland.

The invitation-only program aims to support independent advisory practices through collaboration and capital support. Both BFG and Canon will retain their leadership and staff, while benefiting from Summit’s resources in legal, tax, and investment management.

Summit’s CEO, Stan Gregor, commented on the significance of the new partnerships. “We are thrilled to welcome BFG and Canon to the Summit family. These new additions continue to expand our nationwide footprint and we are excited to support their growth and success.”