Summit Financial Takes Stake in Ivy Wealth Management
Summit Financial, the New Jersey-based RIA backed by Merchant Investment Management, has taken a minority stake in Ivy Wealth Management, a West Warwick, R.I.-based practice with more than $500 million in client assets. This represents Summit’s 14th deal this year, bringing its total assets to over $25 billion.
The deal is part of the RIA’s Summit Growth Partners initiative. Summit has taken a minority, non-controlling stake in Ivy, which will retain its leadership and core teams.
Ivy was founded by President Brad Ingegneri in 2010, following nearly 10 years at Merrill Lynch. Most recently, the firm was affiliated with Patriot Financial Group, an RIA in Walpole, Mass., and Cetera Financial Specialists.
He’s joined by a team of 11 professionals, including advisors and administrative staff.
This follows news in July that Summit added four new advisory teams with a combined $1.2 billion in managed assets.
Summit, which now has more than 525 advisors and staff, has increased its client assets by 68% this year and sevenfold since launching its M&A strategy in 2020.
Summit offers breakaway and independent advisors an opportunity to align with the firm as partners. Affiliate companies gain access to Summit’s multi-family office-style services, including technology, financial planning, investment management, insurance and operational support.
Advisors joining Summit maintain full ownership of their businesses, and those who meet certain criteria are invited to join its Summit Growth Partners initiative. Additionally, these advisors can choose from multiple custodial providers, including Fidelity, Schwab, Goldman Sachs, Pershing and SEI.
Summit has been minority-backed by Merchant Investment Management since 2019. This year, the firm disclosed in its Form ADV that Merchant now owns a controlling stake in the firm.