Summit Financial Picks Up $1.9B Breakaway Team From Merrill

The Addition Marks The 11th Transaction For Summit This Year
Richard McWhorter, Managing Partner and Private Wealth Advisor, and Sandra Parracino, Partner and Director, Client Services, SRM Private Wealth
Richard McWhorter, Managing Partner and Private Wealth Advisor, and Sandra Parracino, Partner and Director, Client Services, SRM Private Wealth

Summit Financial Holdings expanded its national footprint with the launch of SRM Private Wealth in Pasadena, California, on Tuesday.

By adding SRM, Summit is strengthening its West Coast presence and boosting its assets, bringing the total it’s added so far this year to over $5 billion, Summit said.

SRM was founded by Managing Partner and Private Wealth Advisor Richard McWhorter, who broke away from Merrill Lynch, where he attracted over $1.9 billion in AUM, according to Summit.

SRM selected Goldman Sachs Custody Solutions as its primary custody provider.

It is the 11th firm this year to join Summit Growth Partners (SGP), Summit Financial’s partnership model that combines cash monetization with equity participation and exclusive partnership privileges, Summit said.

Among the other firms that joined Summit this year were affiliate firms Garrett, Perkins & Horton (GPH) Advisory Partners and Brad Werner & Company. GPH, an Alabama-based firm that oversaw $530 million in assets, transitioned from Ameriprise Financial to Summit. Brad Werner & Company oversaw more than $195 million in assets and has locations in Naples, Florida, and Valparaiso, Indiana.

SRM will become an affiliate partner of Summit Financial, using Summit’s platform to “facilitate its launch, enhance its operations and accelerate long-term growth by meeting the complex and evolving needs of its high net worth clientele,” according to Summit.

Summit’s platform of family office-style services for wealth advisors includes comprehensive planning expertise through an advanced planning team; exclusive, diversified investment solutions; integrated technology; deep risk management capabilities; and essential operational support that Summit said will help SRM to keep focusing on its clients.

McWhorter and his team will also become part of Summit’s collaborative network of advisor peers, colleagues and other strategic partners.

Joining McWhorter at SRM are Partner and Director of Client Services Sandra Parracino and Client Associate Kyle Szesnat.

Collectively, SRM advisors specialize in serving high net worth and ultra-high net worth individuals, including executives in the sports and entertainment industry, according to Summit.

Advisors joining Summit’s RIA maintain full ownership of their businesses, and advisors who meet certain criteria are invited to join SGP.

Summit recently enhanced its private markets offering with the goal of equipping advisors with institutional-quality resources, by integrating access to platforms such as Opto Investments and Arch. The open-architecture platform for private markets provides advisors with access to alternative investments including private equity, private credit, real estate and venture capital.

Jeff Berman, Contributing Editor & Reporter at Wealth Solutions Report, can be reached at jberman@wealthsolutionsreport.com.

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