Summit Financial acquires stake in Parsons Broach to accelerate growth and expand advisory platform
Summit Financial invests in Parsons Broach to boost advisor growth, expand its national network, and strengthen client-first wealth management services.
Summit Financial, a leading registered investment advisory firm known for empowering independent financial advisors with growth-focused solutions, has announced a minority investment in Montgomery-based Parsons Broach Financial Services. This move marks another milestone in Summit’s national expansion strategy and reflects its continued effort to support values-driven advisory practices.
The investment was executed through Summit Growth Partners, Summit’s in-house capital deployment arm focused on partnering with elite advisory firms. With this latest deal, Summit has now backed 26 firms since early 2024, underscoring a rapid acceleration in its advisor acquisition strategy. This specific partnership brings to Summit’s platform over $250 million in client assets and a strong Alabama-based advisory team led by seasoned financial professionals Todd Parsons and Robbie Broach.
Why Did Summit Financial Invest in Parsons Broach Financial Services?
Summit’s decision to invest in Parsons Broach stems from a clear alignment in values and strategic direction. Founded in 2011 by Todd Parsons and Robbie Broach, the firm has developed a strong reputation in the Southeast for delivering holistic, client-first wealth management solutions. The firm’s offering includes comprehensive services such as retirement planning, estate strategies, investment management, and charitable giving guidance—making it a strong cultural and operational fit for Summit’s advisor-focused ecosystem.
The Montgomery-based firm recently broke away from Raymond James to join the Summit platform. This transition reflects a broader industry trend of breakaway advisors seeking more control over their practice without sacrificing scale, support, or sophistication. By aligning with Summit, Parsons Broach gains access to advanced planning tools, integrated back-office resources, and a deep bench of legal, tax, and investment experts.
In a prepared statement, Summit Financial CEO Stan Gregor emphasized that the partnership underscores Summit’s mission to champion independence and long-term value creation for advisors. He noted that Parsons Broach serves a values-driven clientele that prioritizes purposeful wealth utilization—a profile that resonates deeply with Summit’s own advisory philosophy.
How Does Summit’s Partnership Model Work?
Summit’s investment was facilitated through its Summit Growth Partners initiative, a dedicated platform for minority investments in select advisory firms. This model is designed to give growth-minded advisors access to capital and operational resources while allowing them to retain control over their practice and culture. Advisors benefit from the alignment of interests between firm founders and Summit’s leadership, enabling them to participate in potential future monetization events without surrendering autonomy.
The SGP model continues to stand out in an increasingly crowded investment advisory space where rollups and aggregator firms often emphasize scale at the expense of advisor independence. In contrast, Summit’s partnership strategy is deliberately positioned as non-controlling and supportive, designed to elevate advisor-owned firms into the next phase of enterprise value creation.
According to Keith Soltis, Head of Growth and Business Development at Summit Financial, the Parsons Broach investment is representative of how Summit continues to attract top-tier advisory talent who are seeking both independence and the infrastructure to scale efficiently. Soltis highlighted that the firm remains committed to enabling tailored client solutions backed by strategic capital, advisor-focused technology, and institutional-grade planning resources.
What Makes Parsons Broach a Strategic Fit for Summit’s Expansion?
Parsons Broach brings to the Summit network a deep understanding of intergenerational wealth planning, corporate retirement services, and risk management strategies—all core areas of client demand in today’s financial advisory landscape. The firm’s founding partners, who share a decades-long personal and professional relationship, have cultivated a business culture rooted in trust, transparency, and long-term thinking.
By choosing to leave Raymond James and join Summit, Parsons and Broach are making a statement about the type of growth they envision—one that blends boutique-level client service with access to broader institutional capabilities. Their decision also reflects a broader narrative unfolding in the U.S. advisory industry: a growing number of experienced advisors are opting to move away from large broker-dealer platforms to take advantage of RIA consolidation trends, equity monetization opportunities, and hybrid partnership models.
Summit’s current offering includes a multi-family office service model, combining tax advice, legal structuring, investment research, and practice management—all under one umbrella. The integration of Parsons Broach will further reinforce the depth of Summit’s Southern U.S. presence while enhancing its capabilities in high-touch planning services.
How Does This Align with Broader Industry Trends in Wealth Management?
The deal with Parsons Broach reflects a broader trend of RIAs consolidating under hybrid firms that combine independence with scale. Over the past five years, the RIA space has seen a steady inflow of private equity capital, increasing M&A activity, and a shift towards technology-enabled, client-first platforms. According to industry research, over 70% of breakaway advisors cite better technology, broader planning tools, and ownership flexibility as key motivators for moving to independent firms or strategic partners like Summit.
Summit has consistently positioned itself at the forefront of this movement. With over 40 years of industry experience—tracing its regulatory lineage back to Summit Financial Resources, Inc. and Summit Equities, Inc.—the firm has built a platform that prioritizes advisor autonomy while ensuring regulatory compliance, scalability, and client satisfaction. The firm’s legacy includes notable recognitions, such as being named to the 2024 Forbes|SHOOK and Barron’s Top 100 RIA Firms list, further cementing its credibility in a competitive space.
What Does This Mean for Summit Financial’s Growth Strategy Going Forward?
Summit Financial has made it clear that strategic minority investments in high-quality advisory practices will remain a key component of its growth strategy. The acquisition of a stake in Parsons Broach reinforces Summit’s view that the future of the wealth management industry lies in empowering advisors to grow businesses their own way, supported but not controlled.
The continued expansion of the Summit Growth Partners platform signals that additional partnerships are likely in the pipeline. With the firm’s ongoing focus on recruiting breakaway teams and supporting multi-generational practices, Summit is expected to deepen its regional footprint across the U.S., particularly in underserved markets with strong potential for advisor-led transformation.
As industry consolidation continues and the advisor population ages, Summit’s model may increasingly appeal to firms looking for succession planning options, liquidity opportunities, and infrastructure scalability. The ability to participate in capital events without losing control of the business may well prove a compelling differentiator as Summit competes with private equity-backed aggregators and broker-dealer-based rollup models.
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