Summit Financial Acquires Parsons Broach Financial Services

News Summary

Summit Financial has acquired Parsons Broach Financial Services, enhancing its growth strategy in the financial advisory sector. This acquisition marks Summit’s 26th since early 2024, integrating about $2.7 billion in assets. The move underscores a trend in consolidating advisory firms to improve client services and operational autonomy. Parsons Broach will leverage Summit’s resources to enhance service offerings, aligning with a broader industry shift towards independence and comprehensive financial planning.

Alabama – Summit Financial has significantly expanded its influence in the financial services sector by acquiring Parsons Broach Financial Services, a Montgomery-based Registered Investment Advisor (RIA) managing over $250 million in client assets. This acquisition represents a critical step in Summit Growth Partners’ overarching strategy to bolster support for independent financial advisors while promoting sustained growth.

The acquisition is noteworthy as it marks Summit’s 26th acquisition since the start of 2024, a period during which the company has successfully integrated approximately $2.7 billion in RIA assets across seven deals. This trend underscores a growing movement within the financial advisory space, as firms seek to consolidate and enhance their service offerings. Notably, Wealth Enhancement Group distinguished itself as the leading dealmaker in 2024, acquiring $10.2 billion in assets through 18 transactions. In contrast, Waverly Advisors, MAI Capital Management, and Allworth Financial each recorded a tie for second place in deal count.

Summit Financial, established by Stan Gregor, emphasizes the importance of independence for financial advisors, aiming to improve client service by allowing advisors greater flexibility and autonomy in their practices. The acquisition of Parsons Broach aligns with Summit’s commitment to fostering a network of independent advisory firms dedicated to long-term growth and superior client service.

Parsons Broach Financial Services was founded in 2011 by Todd Parsons and Robbie Broach, who sought to provide comprehensive financial planning services. Before joining Summit, Parsons Broach was affiliated with Raymond James Financial Services but decided to transition due to the increasing demand for independence among financial planners. The firm offers a range of services that include investment management, estate planning, retirement planning, risk management, and philanthropic strategies.

By becoming part of Summit, Parsons Broach will benefit from access to a broader array of resources, including a dedicated team of tax professionals, attorneys, investment strategists, and financial planners. This partnership aims to harmonize values between the two firms while maintaining a laser focus on client-centric services.

Summit Financial is jointly owned by Stan Gregor and Merchant Investment Management, a firm that specializes in investing in independent advisory businesses. This ownership structure further emphasizes Summit’s dedication to enhancing the capabilities of its partner firms, fostering a collaborative environment that encourages innovation and growth.

In the broader landscape of financial services, other firms, such as Waverly Advisors, have also made headlines by expanding their operations. Recently, Waverly acquired GGM Wealth Advisors, further increasing their market presence in Maryland and Virginia. This acquisition brought Waverly’s total assets under management to approximately $17.4 billion following GGM’s previous management of over $400 million in assets. Waverly has made a total of 22 acquisitions since December 2021, showcasing its aggressive growth strategy.

In addition to acquisitions, firms like Horizons Financial Group, based in Birmingham, are undergoing transitions to LPL Financial, which highlights a focus on values-based financial planning services. This shift is representative of a broader trend where financial advisory firms are seeking to reshape their models to better serve clients’ evolving needs.

Overall, Summit Financial’s acquisition of Parsons Broach Financial Services not only reflects its commitment to enhancing its network through strategic partnerships but also signals a robust growth trajectory within the financial advisory sector. As firms continue to navigate the complexities of the industry, collaborations and integrations will likely persist as a means to leverage strengths and deliver enhanced client service.