SageView Advisory Group has agreed to acquire Angeles-based wealth management firm Summit Financial Consultants for an undisclosed sum.
The transaction is expected to conclude on 31 July 2022.
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Summit, which oversees $321m in assets, provides retirement planning and comprehensive financial planning to clients.
Following the deal, Summit clients will be offered SageView’s suite of investment and planning services.
Summit Financial Consultants partner and senior wealth advisor Cody Klein said: “Joining SageView will enhance the services of our own firm and expand our ability to help our clients, who rely on us for a holistic, personal approach to wealth management and financial planning.”
Summit Financial Consultants founder, partner and CEO Neil Elmouchi added: “SageView is the right partner for our firm, because its proven track record of growth and unique ability to bridge the gap between retirement and wealth management will give our team the platform to deliver even more for our clients and help them achieve their vision.”
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By GlobalDataThe latest deal marks SageView’s sixth acquisition since July 2021, and closely follows recent retirement and wealth management acquisitions.
Earlier this month, SageView took over California-based retirement and wealth management firm kPlans Investment Services.
The California-headquartered firm has been accelerating its strategy of expanding in the wealth management space through recruiting and acquisitions.
Commenting on the deal, SageView founder and managing principal Randy Long said: “We are delighted to take the first step in bringing this outstanding group of financial advisors to SageView and the ever-expanding wealth management arm of this fast-growing company.
“Summit Financial Consultants, with its more than 30 years of serving clients, will amplify SageView’s mission of delivering holistic financial planning at the intersection of retirement and wealth management. We look forward to working with the team.”
Founded in 1989, SageView provides comprehensive wealth management services to individuals and families. The firm currently has more than 30 offices across the US.
