2 hours ago
Summit Financial, a New Jersey-based registered investment advisor (RIA) backed by Merchant Investment Management, has acquired a minority, non-controlling stake in Signet Financial Management, a Parsippany, N.J.-based RIA managing $1.2 billion in client assets. Signet has also been supported by Merchant since 2021.
This transaction is part of Summit’s Summit Growth Partners initiative. Signet will maintain its leadership and core teams following the deal.
Founded in 1988, Signet is led by principals Eugene Yashin, Steve Tuttle, and Shawn Hirsch. Besides its New Jersey office, Signet operates offices in Virginia and Florida.
Stan Gregor, chairman and CEO of Summit, stated, "They built a $1 billion-plus firm, and now, with access to Summit’s resources, people, capital, and technology, we hope to help them grow that billion-dollar-plus firm into five, 10, and $20 billion over the coming years."
Yashin described Signet as primarily focused on investment management with strong equity and fixed income capabilities. However, client demands have evolved.
"While growing and enjoying relationships with our clients, we realized the competition is changing," Yashin said. "The industry is evolving, becoming more concentrated and versatile. Clients no longer accept just 14% annual returns; they seek more complex solutions and nuanced financial planning."
He expects Signet advisors to leverage Summit’s enhanced estate planning, tax optimization, and alternative investment capabilities, which clients can access at reduced costs due to Summit’s negotiating power.
Although Signet already had custody relationships with Schwab and Goldman Sachs, this partnership adds Fidelity to their custody options.
Summit will also integrate Signet-developed technology tools, including Holistico, an artificial intelligence platform for investment research and portfolio workflows. Currently used by 230 advisors, Summit plans to expand its availability to a wider advisor base.
This is not Summit’s first partnership with a Merchant-backed RIA. In 2024, Summit acquired a significant stake in the wealth management arm of Meeder Investment Management, also alongside Merchant.
Summit has been minority-backed by Merchant Investment Management since 2019. Last year, Summit disclosed in its Form ADV that Merchant now holds a controlling stake in the firm.
Since 2020, Summit has grown its assets under management six-fold to $26 billion, with expectations to surpass $30 billion soon. Sixty percent of this growth has come through mergers and acquisitions, with the remaining 40% organic. The firm now employs over 525 professionals, including approximately 175 client-facing advisors.
