Advisory M&A News – 6/17/24

Summit Financial Adds SRM Private Wealth 

Summit Financial Holdings, an independent investment advisory firm, expands its national footprint with the launch of SRM Private Wealth. Headquartered in Pasadena, California, this newly formed independent practice is led by Richard McWhorter, managing partner and private wealth adviser, and recently named a Forbes Best-in-State Wealth Advisor.

Joining McWhorter are Sandra Parracino, partner and director of client services, and Kyle Szesnat, client associate. Collectively, they specialize in serving high-net-worth and ultra-high-net-worth individuals, including executives in the sports and entertainment industry, with a focus on asset protection and growth. SRM attracted more than $1.9 billion in assets under management while previously at Merrill Lynch.

“Throughout the due diligence process, it became evident that Summit’s open-architecture approach to investment opportunities, combined with Goldman Sachs’ custody solution, was precisely what my team needed in order to succeed,” McWhorter said in a statement.

SRM is the eleventh firm this year to join Summit Growth Partners, Summit’s partnership model that combines cash monetization with equity participation and partnership privileges. By adding SRM, Summit has strengthened its West Coast presence and boosted its assets, bringing the total added to more than $5 billion in 2024.

Cetera Financial Group Welcomes North Ridge Wealth Planning

Cetera Financial Group announced that Michael Volini has joined Cetera Advisor Networks via North Ridge Wealth Planning LLC.

“I look forward to taking advantage of the close-knit culture and boutique approach of North Ridge Wealth Planning, while also utilizing the award-winning technology Cetera has to offer,” Volini said in a statement.

Volini provides financial planning and investment advice to clients and had more than $91 million in assets under administration as of May 25. His practice focuses on the protection, growth and retirement income of Fire Department of New York employees, retirees, city workers and privately held businesses.

“Michael is a talented and dynamic adviser, and I’m proud he’s chosen to affiliate with our community,” Cetera Advisor Networks President Tim Stinson said in a statement. “I know his team will benefit greatly from the unique flexibility, resources and support of our unique regional team model and I look forward to watching Michael grow his already thriving practice at Cetera.”

Adam Udy Group Opens Office in Southwest Las Vegas

Adam Udy Group, a financial guidance and wealth management firm, has announced the expansion of its business with the opening of a new office in Southwest Las Vegas. Adam Udy, principal, was also recently recognized by Forbes as one of the Best-in-State Wealth Advisors for 2024.

“I am excited that we are growing our business, which will allow us to continue helping individuals and families in all aspects of their financial lives,” Udy said in a statement. “The Forbes recognition is an honor and validates that our approach is working and will motivate our team to continue working hard to help our clients achieve their financial objectives.”