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.
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SOURCE Triad Advisors, Inc.