New Jersey-based investment advisory firm Summit Financial has expanded its Chicagoland footprint with the acquisition of Midway Wealth Partners.
This strategic investment has been made under Summit’s partnership model, Summit Growth Partners (SGP), marking its 17th investment for the year.
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Headquartered in Illinois, Midway Wealth Partners manages roughly $550m in assets.
The business will continue to operate under its original leadership while gaining access to Summit’s network and resources.
These include diverse investment solutions, alternative investment opportunities, and a professional strategy team of in-house attorneys, tax specialists, financial planning experts, and investment strategists.
The partnership is further enhanced by supplemental capital from SGP.
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By GlobalDataThe company, led by Richard Babjak, and his partner Dennis Ryan, offers comprehensive wealth management services.
These services encompass financial planning, investment management, insurance solutions, trust and estate tax planning, as well as business transition and succession planning.
Babjak said: “With Summit’s extensive resources and expertise, we can continue to deliver the thoughtful, customised guidance our clients trust while expanding the breadth of services we provide.
“This partnership gives us the tools and support to scale without compromising the high-touch, personalised service that has always been our hallmark.”
Summit Financial CEO Stan Gregor said: “Richard, Dennis and the entire Midway team embody the entrepreneurial excellence we seek, delivering personalised financial solutions that go beyond asset management and forge long-lasting relationships.”
Summit’s partnership model is designed to empower entrepreneurial, client-centric advisors like those at Midway.
Affiliate firms benefit from a comprehensive suite of services comparable to a multi-family office, including technology, financial planning, investment management, insurance, and operational support.
Advisors maintain full ownership of their businesses and are given the freedom to choose from multiple custodial providers, with qualifying firms invited to join SGP.
In 2023, Summit Financial launched Great Lakes Private Wealth in Michigan, headed by Daniel Murphy, an industry veteran with over 40 years of combined experience at Wells Fargo and UBS.
