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Summit adds ex-Merrill Lynch broker who managed $1.9 billion in assets

On Behalf of | Jun 26, 2024 | Firm Transition

A transition was announced in the financial industry as New Jersey-based Summit Financial Holdings said it is adding a team of advisors that it recruited from Merrill Lynch, according to a report in AdvisorHub.

Managing partner Richard J. McWhorter, along with client associates Sandra Parracino and Kyle Szesnat, have joined Summit and created a new practice called SRM Private Wealth. As part of the move, SRM chose Goldman Sachs as its custody provider.  McWhorter was reported to have managed $1.9 billion in assets in Pasadena, California.

The SRM team serves high-net-worth and ultra-high-net-worth individuals, including executives in the sports and entertainment industries. “What drew me to Summit was its powerhouse of resources designed to accelerate our growth,” McWhorter said. “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. Equipped with these powerful tools and solutions, I’m excited to focus on further enhancing my client service and acquiring new business.”

McWhorter’s move to Summit, a registered investment advisory firm, occurred last month.  The addition of SRM strengthens Summit’s West Coast presence and brings the total assets added in 2024 to over $5 billion.

Summit said that advisors who join its RIA maintain full ownership of their businesses, and advisors who meet certain criteria are invited to join Summit Growth Partners.  They gain access to Summit’s full suite of services and have the freedom to choose their preferred custodial provider.

McWhorter is registered with Summit’s RIA and maintains his brokerage license through a Kentucky-based independent broker-dealer Private Client Services.

“Throughout Summit’s rich forty-year history, we have championed and supported advisors in their quest for independence,” said Stan Gregor, CEO of Summit Financial Holdings. “Today, we’re delighted to welcome Richard, one such high-performing advisor with a deep commitment to putting clients first, and to help his team define success on their own terms. We look forward to empowering his continued growth with the launch of SRM Private Wealth.”

If you are looking to move from one firm to another, planning to go open up or join an RIA, looking to sell your firm or grow through acquisition or bringing on new advisors, the attorneys at Lewitas Hyman have the experience to guide you through the process to protect your interests. Regardless of whether the transition involves protocol or non-protocol firms, we will properly advise you so that you can focus on your transition and we will work to limit the risks you face during this transitional period. For more information, contact Lewitas Hyman at (888) 655-6002or through our online contact form for a free consultation.