Summit Financial Holdings has extended its Southern footprint by investing in Parsons Broach Financial Services, an Alabama-based RIA managing over $250 million in client assets. The move brings a duo of experienced advisors, Todd Parsons and Robbie Broach, into Summit’s fold after they departed Raymond James earlier this year.
The acquisition was executed through Summit Growth Partners, the firm’s platform tailored for independent advisors aiming for long-term growth. This marks Summit’s 26th investment since the beginning of 2024, reinforcing its aggressive expansion strategy in the RIA space. According to Echelon Partners’ 2024 RIA M&A report, Summit secured $2.7 billion in assets through seven deals last year, ranking it among the most active buyers.
Founded in 2011, Parsons Broach specializes in comprehensive financial planning, offering services like investment management, estate and retirement planning, risk management, and philanthropic strategies. The founders cited a need for a more scalable, client-focused platform as the key reason for aligning with Summit.
“Joining Summit allows us to grow with purpose while maintaining our client-first philosophy,” said Robbie Broach, co-founder of the firm.
With this partnership, Parsons Broach now gains access to Summit’s deep bench of tax experts, legal advisors, investment strategists, and planners.
Stan Gregor, CEO of Summit Financial, highlighted the firm’s mission in a statement: “For over 40 years, we’ve supported advisors who choose independence to better serve their clients and shape their legacy.”
Earlier this year, Summit also invested in Genex Consulting, a $700 million multi-family office, bringing its total assets under advisement close to $20 billion. The firm is co-owned by Gregor and Merchant Investment Management, a minority investor in numerous independent advisory firms.
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News Source: InvestmentNews.com
