New Jersey-based investment advisory firm Summit Financial (Summit) has picked a minority stake in North Carolina-based registered investment advisor (RIA) Gordon Asset Management.
This move represents Summit’s 18th strategic investment in 2024 and has been supported through Summit Growth Partners (SGP).
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Summit expects Gordon’s focus on 401(k) and other retirement plans to enhance its capabilities in the retirement planning segment.
Gordon manages around $220m in assets and $1.1bn in qualified plan assets.
The partnership will provide Gordon with access to Summit’s network, investment strategies, and alternative opportunities.
Gordon will retain its current leadership and core team.
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By GlobalDataGordon founder Joe Gordon said: “One of the most important factors in our decision was the retention of local operating control and the assurance to our clients of who will be leading the firm the next 20-25 years, both Todd and Glenn.
“While we’ve always been a successful independent firm, this partnership is an exciting opportunity to accelerate our growth. By leveraging Summit’s advanced technology and expanded resources, we can further enhance our services, providing even more value to our clients and supercharging our ability to scale.”
The deal is set to help Gordon by offering it access to Summit’s strategy group, comprising financial planners, legal advisors, tax professionals, and investment specialists.
Meanwhile, Gordon’s integrated approach to financial planning, which combines workplace benefits with personal financial strategies, is expected to significantly bolster Summit’s offerings in the retirement planning domain.
Summit CEO Stan Gregor said: “We are thrilled to deepen our investment in the Southeast region through our strategic partnership with Gordon Asset Management.
“Gordon’s deep expertise in managing corporate retirement plans will significantly enhance Summit’s capabilities in this vital area.”
Last week, Summit acquired Illinois-based Midway Wealth Partners, managing nearly $550m in assets.
