Summit Financial Accelerates Rapid-Fire Expansion With $550M Acquisition of Midway Wealth Partners

Strategic investment enhances Chicagoland presence, strengthening Summit’s rapidly expanding national network

Summit Financial (“Summit”), ​​a preeminent investment advisory firm with over 40 years of experience* providing market-leading, multi-family office services that empower financial advisors to accelerate growth, today announced that Midway Wealth Partners (“Midway”) has joined its network. Summit’s innovative partnership model Summit Growth Partners (“SGP”) has strategically invested in Midway, bringing its total strategic investments to 17 for the year.

Midway will now benefit from Summit's extensive network and robust resources, including access to diverse investment solutions and alternative investment opportunities. The firm–which will continue to operate with its original leadership and core team–gains the support of Summit’s professional strategy team, comprising in-house attorneys, tax specialists, financial planning experts and investment strategists. This partnership is further bolstered by the availability of supplemental capital, provided through SGP and underscoring the model’s dedication to fostering long-term, collaborative success.

Midway, led by Richard Babjak, ChfC, CLU, RFC, MBA and his partner Dennis Ryan, JD, MBA based in the Chicagoland area, prides itself on its highly personalized approach to wealth management. Guided by a philosophy of independence and trust, Midway focuses on delivering unbiased, goals-oriented solutions for planning, growing and safeguarding clients’ wealth. The firm offers comprehensive wealth management services, including financial planning, investment management, insurance solutions, trust and estate tax planning, business transition and succession planning.

“Partnering with Summit marks a pivotal moment in our growth, enabling us to deepen relationships with clients and help them achieve their financial goals in new and meaningful ways,” said Babjak. “With Summit's extensive resources and expertise, we can continue to deliver the thoughtful, customized guidance our clients trust while expanding the breadth of services we provide. This partnership gives us the tools and support to scale without compromising the high-touch, personalized service that has always been our hallmark.”

Summit enables entrepreneurial, client-centric advisors like Midway to align with the firm through highly flexible partnership arrangements. Affiliate firms benefit from Summit’s comprehensive suite of multi-family office-style services, including technology, financial planning, investment management, insurance and operational support. Advisors joining Summit maintain full ownership of their businesses, with qualifying firms invited to join SGP. Furthermore, these advisors enjoy the freedom to select from multiple custodial providers.

“We're thrilled to expand Summit's presence in Illinois by bringing together two organizations united by a shared vision of dynamic wealth management,” said Stan Gregor, CEO of Summit Financial Holdings. “Richard, Dennis and the entire Midway team embody the entrepreneurial excellence we seek, delivering personalized financial solutions that go beyond asset management and forge long-lasting relationships.”

“We're proud to have Midway join our expanding Summit Financial network,” added Keith Soltis, ChFC, CLTC, Summit’s director of wealth management. “Our commitment is to empower firms like Midway with the essential tools and resources they need to better serve clients and drive business growth. With our comprehensive platform and advanced solutions, we aim to accelerate their successes and continue to set new benchmarks in wealth management.”

A 2024 Forbes|SHOOK and Barron’s Top 100 RIA Firm, Summit remains committed to its founding principles of independence and powerful financial planning. Interested advisors and firm leaders can learn more about Summit’s all-inclusive platform of fully integrated industry-leading services, thought leaders and innovative technology—known as the SummitVantage™—at summitfinancial.com.

ABOUT SUMMIT FINANCIAL

Summit Financial (“Summit”) is a preeminent investment advisory firm with over 40 years of experience helping advisors elevate their businesses and deliver exceptional client experiences. Built by advisors for advisors, Summit champions independence while providing the tools, capital and resources needed to achieve growth and success.

Guided by a legacy of partnership, Summit and its affiliate firms prioritize personalized solutions and holistic financial planning tailored to individual needs and values. Whether it’s delivering objective advice to clients or offering advisors a pathway to long-term growth, Summit works to ensure that every offering reflects its commitment to independence and excellence. With a growing national footprint, Summit remains dedicated to turning aspirations into achievements and empowering advisors and clients alike to live life on their terms.

ABOUT SUMMIT GROWTH PARTNERS

Summit Growth Partners (“SGP”) is a partnership focused on making minority investments in high- quality advisory practices and firms. SGP provides capital and support to help advisors accelerate their growth, enterprise value and the ability to participate in future monetization events. SGP represents a truly aligned partnership model placing the advisors’ interest side by side with management and capital.

*Summit Financial, LLC, a SEC Registered Investment Adviser established November 2018, is the successor firm to Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983) for all of their investment advisory and financial planning business.

Source: Forbes|SHOOK (October 2024) America’s Top RIA Firms. Barron's 2024 Top RIA Firms (October 2024). Rankings were determined based on an evaluation process conducted by Forbes|SHOOK (Oct. 2023-Oct. 2024) and Barron’s (Data as of 3/31/2024). Summit Financial, LLC, did not pay a fee to obtain or use these rankings.

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