ATLANTA, Sept. 22, 2016 /PRNewswire/ -- Triad
Advisors, Inc. today announced that Summit Financial Consultants
and Sorensen Wealth Management, two independent hybrid registered
investment adviser (RIA) firms based in Westlake Village, California, have combined to
form an expanded hybrid RIA firm under the Summit Financial
Consultants brand. The combined firm has a total of more than
$320 million in brokerage and
advisory assets under management.
Triad Advisors is a leading independent broker-dealer supporting
independent hybrid financial advisors and registered investment
advisory (RIA) firms, and is a wholly owned subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE MKT: LTS).
Triad Advisors was instrumental in facilitating the merger
between Summit and Sorensen, both of which were already affiliated
with Triad's broker-dealer platform. Triad Advisors helped
the two firms identify each other as suitable merger partners based
on their respective cultures, areas of client focus and expertise,
geographical footprint and growth strategies, while also providing
access to transaction financing.
Under the terms of the merger, Sorensen personnel will relocate
to Summit's nearby offices to create a combined ensemble practice
of 13 professionals, including five financial advisors as well as
dedicated experts in areas such as insurance, tax advice and other
related specialties.
Neil Elmouchi, who had been
Chairman & CEO of Summit, will retain the same position at the
combined firm, while Jeff Sorensen,
previously Chairman and CEO of Sorensen, has been named President
of the combined firm going forward.
Jeff Rosenthal, President and CEO
of Triad Advisors, said, "It's very clear that opportunities for
successful independent hybrid advisory practices are greater than
ever before, particularly for firms that have a clear forward
strategy and the resources to execute it. At Triad Advisors,
we have always been dedicated to supporting the success of hybrid
advisors, through both organic growth as well as growth enabled by
targeted M&A between our affiliated advisory practices.
Consistent with this approach, we were very pleased to have been
instrumental in helping these two outstanding firms combine, and in
the process, position the merged firm to deliver an enhanced level
of client service, and achieve a greater level of growth."
Mr. Elmouchi said, "The merger of Summit Financial Consultants
and Sorensen Wealth Management makes perfect sense, especially in
today's industry environment. Both firms have very similar
investment philosophies, and by combining the two we will provide
greater value to our clients through an increased depth of advisor
support and enhanced investment resources, while still maintaining
our personalized, boutique approach to client service."
The transaction principals noted that both Summit and Sorensen
serve a similar client base, focusing primarily on high-net-worth
and higher echelon mass-affluent individuals and families. Their
clients include entrepreneurs, business owners and corporate
executives, as well as medical professionals, in the pre-retiree
and retiree age range, with a large proportion of their clients
living in California.
Espousing a "work optional" philosophy, Summit helps its
clients preserve their capital while achieving a reasonable rate of
return that will enable them to continue working if they choose to
do so, but also to retire comfortably if desired.
Mr. Sorensen stated, "Going forward, successful retail financial
advisory firms will need to generate economies of scale and develop
a depth of resources and expertise in order to maintain the highest
quality of investment services at a reasonable fee structure and to
possess all the resources necessary to accommodate the fiduciary
and risk management requirements that advisors increasingly
face. By building a comprehensive ensemble practice, in which
all the advisors participate in a team approach to client service
and pursue a common wealth management strategy, we are not only
providing added assurance to our clients about our firm's long-term
continuity and future succession framework, but we are also able to
address the widest possible array of our clients' increasingly
complex needs."
To accommodate their combined firm, the recently expanded Summit
anticipates finding new headquarters in Westlake Village in the near future, when its
current lease expires. [The firm has retained DAUM Commercial Real
Estate Services to locate a suitable new space.] The new
offices will also be large enough to accommodate Summit's growth
plans, which envision selectively adding one or two new advisors
each year, to enable growth yet maintain a philosophically unified
firm with a high-touch, boutique client experience.
Mr. Elmouchi added, "Both Summit and Sorensen have gained
valuable advantages from our affiliation with Triad, which Summit
joined in 2015 and Sorensen joined in 2010. We have now built out
the technology, systems and infrastructure to accommodate the
industry changes taking place, and this has enabled our firms to
combine into one entity and be ready for the current environment
that is unfolding. We are grateful to the assistance we have
received from Triad in helping us get to where we want to be."
About Summit Financial Consultants
Based in
Westlake Village, CA, Summit is a
boutique independent financial advisory firm licensed in 23 states
and serving a broad base of affluent and high-net-worth clients
across the United States.
Primarily a fee-based advisory firm, Summit provides a turnkey,
holistic client experience, including investment management,
insurance, and retirement planning, and works in close
collaboration with additional outside counsel to deliver a
comprehensive advisory and financial planning solution. With five
financial advisors, Summit has a total of thirteen professionals
who provide a high level of individualized, customized service for
the firm's clientele. For more information, please visit
www.thewiseinvestor.net.
About Triad Advisors
Headquartered in Atlanta, GA, Triad Advisors, Inc. is a
national, independent broker-dealer and multi-custodial
SEC-Registered Investment Advisor (RIA) that is an early pioneer
and continued leader in the Hybrid RIA marketplace. The company
provides a comprehensive platform of products, trading and
technology systems, as well as customized wealth management
solutions. Recognized as one of the most successful and
fastest-growing independent broker-dealers in the industry
(including being named the leading broker-dealer for Hybrid RIAs
seven years in a row by Investment Advisor magazine),
Triad Advisors is a wholly owned subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT: LTS). For more information,
please visit www.triad-advisors.com.
Media Contact:
Matthew
Griffes / Joseph Kuo
Haven Tower Group LLC
424 652 6520 ext 103 / 424 652 6520 ext 101
mgriffes@haventower.com or jkuo@haventower.com
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SOURCE Triad Advisors, Inc.