Summit Monetary, a Parsippany, N.J.-based registered funding advisor backed by Service provider Funding Administration, has taken a minority stake in Genex Consulting, a Kirkwood, Mo.-based multi-family workplace with $700 million in consumer property. This represents Summit’s first funding this 12 months after closing 18 offers totaling $8 billion in property in 2024.
Summit’s community now consists of over 100 advisors throughout $20 billion in property underneath advisement. A Summit spokesperson mentioned the agency has a strong pipeline of signed transactions by way of the second quarter of 2025, they usually anticipate this 12 months’s exercise to be as sturdy if not stronger than 2024.
Genex was based by principals Brian Redders, Michael Sluhan and Chad Hemphill. The agency focuses on funding planning, retirement planning, government compensation, threat administration, property planning and enterprise consulting. They’ve a dealer/vendor relationship with Non-public Shopper Companies and can proceed to make use of Schwab for custody.
In a press release, Redders mentioned the partnership with Summit will permit Genex to increase its consumer providers. Summit has a devoted group of in-house attorneys, tax specialists, monetary planners and funding strategists.
“Bringing Genex and its core crew into the Summit Monetary household reinforces our dedication to supporting entrepreneurial advisors with a mannequin that prioritizes independence, development and long-term success,” Stan Gregor, CEO of Summit Monetary Holdings, mentioned in a press release. “Our partnership strategy goes past funding options—it’s about offering a collaborative, multi-family workplace expertise that helps corporations like Genex elevate their consumer relationships and obtain lasting affect. Summit is experiencing its greatest 12 months of development in our 40+ 12 months historical past, and the addition of Genex will hold that momentum stepping into 2025.”
Summit presents breakaway and impartial advisors a chance to align with the agency as companions. Affiliate firms acquire entry to Summit’s multi-family office-style providers, together with expertise, 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.
Summit has been minority-backed by Service provider Funding Administration since 2019. However the agency just lately disclosed in its Kind ADV that Service provider now owns a controlling stake within the agency. Citywire.com was the primary to report the change.
