Summit Financial Closes 2024 with 18 Strategic Investments and $8 Billion In Added Assets

PARSIPPANY, N.J.--(BUSINESS WIRE)--Jan 29, 2025--

Summit Financial (“Summit”), ​​a preeminent investment advisory firm with more than 40 years of experience* providing market-leading, multi-family office services that empower financial advisors to accelerate growth, today celebrates one of its best years ever. Approaching $20 billion in assets under advisement entering Q1 2025, Summit achieved 70% year-over-year growth. The firm executed 18 precision-targeted investments while strategically expanding its workforce by 28 high-caliber professionals, reinforcing its commitment to scalable growth and industry leadership.

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Summit’s network comprises more than 100 advisors, strategically positioned across the nation to deliver comprehensive financial expertise to drive financial success. This diverse team utilizes access to alternative investments that empower clients with sophisticated wealth strategies, robust portfolio diversification, enhanced return potential and comprehensive multi-generational financial planning in today's dynamic market landscape.

Summit’s dual-pronged strategy is rooted in personalized, high-touch services and equipping advisors with enhanced tools to optimize practice management. This commitment to innovation has garnered industry accolades with Summit ranking #34 on Forbes’ Top RIA Firms and being named as one of Barron’s Top 100 RIA Firms, securing a spot in the top 50. Additionally, advisors across Summit’s network earned spots on highly regarded industry lists, including InvestmentNews’ Top Advisors in the USA, Forbes 2024 Best-In-State Wealth Advisors and AdvisorHub’s Advisors to Watch. These honors reflect the firm’s commitment to excellence, innovation and support of exceptional client outcomes.

“2024 was a pivotal year, marked by record-breaking growth for Summit, strategic partnerships and a significant expansion of our advisor network,” said Stan Gregor, CEO of Summit Financial Holdings. “Since 2016 we’ve increased our asset base fivefold, and this past year’s momentum has positioned Summit as one of the fastest-growing RIAs in the industry. By maintaining our focus on technology, talent and client experience, Summit strives to deliver innovative solutions that empower clients and advisors alike.”

As Summit continues its ascent, the firm remains steadfast in its founding principles of independence and powerful financial planning. The SummitVantage™ platform stands as a testament to this commitment, offering a premiere suite of fully integrated family office services, thought leadership and innovative technology. This potent combination not only accelerates Summit's growth but also helps Summit continue to push a standard of excellence in wealth management, positioning the firm to shape its future of financial advisory services for years to come.

"Summit's growth and commitment to excellence has established them as a highly respected leader in the industry," added Tim Bello, Co-Founder and Managing Partner atMerchant. “We deeply value our partnership with Summit and the exceptional team they've assembled. Merchant remains committed to supporting their success and collaborating on initiatives that drive meaningful value for advisors and clients.”

ABOUT SUMMIT FINANCIAL

Summit Financial (“Summit”) is a preeminent investment advisory firm with over 40 years of experience helping advisors elevate their businesses and deliver exceptional client experiences. Built by advisors for advisors, Summit champions independence while providing the tools, capital and resources needed to achieve growth and success.

Guided by a legacy of partnership, Summit and its affiliate firms prioritize personalized solutions and financial planning tailored to individual needs and values. Whether it’s delivering objective advice to clients or offering advisors a pathway to long-term growth, Summit works to ensure that every offering reflects its commitment to independence and excellence. With a growing national footprint, Summit remains dedicated to turning aspirations into achievements and empowering advisors and clients alike to live life on their terms.

ABOUT SUMMIT GROWTH PARTNERS

Summit Growth Partners (“SGP”) is a partnership focused on making minority investments in high-quality advisory practices and firms. SGP provides capital and support to help advisors accelerate their growth, enterprise value and the ability to participate in future monetization events. SGP represents a truly aligned partnership model placing the advisors’ interest side by side with management and capital.

*Summit Financial, LLC, a SEC Registered Investment Adviser established November 2018, is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business.

Source: Forbes|SHOOK (October 2024) America’s Top RIA Firms. Barron's 2024 Top RIA Firms (October 2024). InvestmentNews 2024 Top Financial Advisors, Christopher Stappas (January 2024). Forbes|SHOOK 2024 Best-In-State Wealth Advisors, Joseph Spada NJ, John LeRoy NJ, Monish Verma MI (April 2024). AdvisorHub 2024 1000 Advisors to Watch, multiple advisors included (June 2024). RIA rankings were determined based on an evaluation process conducted by Forbes|SHOOK (Oct. 2023-Oct. 2024), Barron’s (Data as of 3/31/2024), InvestmentNews (September 2022 - September 2023), Forbes|SHOOK Best-In-State (Data as of 6/30/23), and AdvisorHub (Dec. 2022- Dec. 2023). Summit Financial, LLC, did not pay a fee to obtain or use these rankings.

Approaching $20 billion in assets under advisement entering Q1 2025, Summit achieved 70% year-over-year growth. (Photo: Business Wire)

NEW YORK (AP) — U.S. stock indexes are falling on Wednesday following mixed profit reports from several big banks.

The S&P 500 sank 0.8% and was on track for a second straight loss after setting its all-time high. The Dow Jones Industrial Average was down 177 points, or 0.4%, as of 2:18 p.m. Eastern time, and the Nasdaq composite was 1.5% lower.

Wells Fargo helped pull the market lower after falling 5%. The San Francisco-based bank reported weaker profit and revenue for the latest quarter than expected, with analysts citing lower trading fees and other miscellaneous items.

Bank of America fell 4.3% despite reporting a stronger profit than analysts expected, with some consternation about the size of its upcoming expenses. Citigroup, which is in the midst of a turnaround under Chair and CEO Jane Fraser, fell 4.2% following its own profit report.

Companies across industries need to report strong growth in profits to justify how high their stock prices have run recently. Analysts are looking for businesses across the S&P 500 to report earnings per share for the final three months of 2025 that are roughly 8% higher than a year earlier, according to FactSet.

Biogen sank 5.2% after the biotechnology company said it expects to take a hit to its profit for the fourth quarter of 2025 due to research and development expenses and other costs that it acquired.

The heaviest weights on the market were tech stocks, which gave back some of their huge gains made over recent years from the frenzy around artificial-intelligence technology. Nvidia fell 2.1%, and Broadcom sank 4.6%.

Still, nearly as many stocks on Wall Street rose as fell, and the strongest forces keeping the S&P 500 from steeper losses were Exxon Mobil and other oil companies.

Exxon Mobil rose 3.5%, and Chevron climbed 2.7% as the price of a barrel of benchmark U.S. crude added 1.3% to bring its gain for the year to more than 7%.

Oil prices have rallied as protests have swept Iran, which is a member of the OPEC group that helps set crude prices. The protests could lead to disruptions in production and squeeze supplies of crude.

Besides the rise in oil prices, gold's price also rose 0.9% toward a record in another signal of nervousness across financial markets.

In the bond market, Treasury yields sank as investors sought investments seen as safer. Several reports on the U.S. economy also came in mixed.

One said that shoppers spent more at U.S. retailers in November than economists expected. That could be an encouraging signal about the main engine of the U.S. economy, but economists pointed to some concerning signals were underneath the surface.

A separate report said prices rose modestly at the U.S. wholesale level in November. It followed a report on Tuesday that said inflation at the U.S. consumer level was close last month to economists’ expectations, though it remained above the Federal Reserve’s 2% target.

A third report said sales of occupied homes were stronger last month than economists expected. Taken altogether, the data did little to change Wall Street's expectation that the Federal Reserve will cut its main interest rate at least twice this year to shore up the job market, likely beginning around June, according to CME Group.

The yield on the 10-year Treasury fell to 4.14% from 4.18% late Tuesday.

In stock markets abroad, Japan’s Nikkei 225 rallied 1.5% to another record expectations grew that Prime Minister Sanae Takaichi may call general elections soon.

Indexes were mixed elsewhere. Stocks rose 0.6% in Hong Kong but fell 0.3% in Shanghai after a report showed China’s trade surplus surged 20% in 2025 to a record despite President Donald Trump’s tariffs.

AP Business Writers Yuri Kageyama and Matt Ott contributed.

Specialist Michael Pistillo works at his post on the floor of the New York Stock Exchange, Friday, Jan. 2, 2026. (AP Photo/Richard Drew)

A dealer watches computer monitors near the screens showing the foreign exchange rates at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, Jan. 14, 2026. (AP Photo/Lee Jin-man)

The screens show the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won are seen at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, Jan. 14, 2026. (AP Photo/Lee Jin-man)

A dealer walks past near the screen showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, Jan. 14, 2026. (AP Photo/Lee Jin-man)

A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, Jan. 14, 2026. (AP Photo/Lee Jin-man)