Summit Financial Adds $470M in Assets, Taking Minority Stakes in BFG Wealth and Canon Capital Wealth Management

Through Summit Growth Partners, firm strengthens its commitment to national expansion by injecting capital into Oklahoma- and Pennsylvania-based independent advisory practices, fueling growth and enhancing client service

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 advisors from two firms, BFG Wealth (“BFG”) and Canon Capital Wealth Management (“Canon”) have joined Summit. In addition, Summit’s innovative partnership model Summit Growth Partners (“SGP”) has made a strategic investment in both BFG and Canon. This marks SGP’s 12th and 13th strategic investments this year, respectively. These strategic partnerships mark a significant turning point for both BFG and Canon. SGP is renowned for its exclusive, invitation-only model that cultivates advisor growth and fosters collaboration.

As a result, both firms can tap into Summit’s extensive network and deep pool of resources, unlocking extensive investment solutions and alternative investments. Additionally, BFG and Canon gain access to Summit's professional strategy team, comprised of in-house attorneys, tax specialists, financial planning experts and investment management strategists. Notably, SGP also provides supplemental capital to elite firms like these, showcasing its dedication to fostering long-term, collaborative success.

Under the leadership of founder and CEO Ralph Burnett, BFG serves high-net-worth individuals in and around the Oklahoma City metropolitan area. The firm employs a holistic approach to financial planning, fostering partnerships with clients that encompass retirement, estate and business planning, along with private market investments. Its executive leadership and broader team remain in place following this transaction. With its collaborative, proactive and resourceful strategy for growing clients' wealth, BFG has attracted nearly $190 million in assets under management (“AUM”) to date.

“Partnering with Summit will empower BFG to elevate our growth trajectory and enhance client service,” said Ralph Burnett, founder and CEO of BFG. “With access to Summit's expansive network and resources in areas like private markets, we can seize unique investment opportunities and deliver bespoke financial solutions to our clients that we otherwise wouldn’t be able to.”

Led by founder Dr. Peter Roland, Canon has accrued more than $280 million in AUM to date. The firm offers comprehensive services, including estate planning, financial planning, investments, insurance and business consulting to meet diverse client needs. Canon serves high-net-worth individuals in the Southeast and Central Pennsylvania area. The Canon team will remain in place following the transaction.

“Partnering with Summit opens up a world of possibilities for Canon Wealth. This alliance will allow us to leverage their vast resources and expertise, ultimately enhancing our ability to deliver exceptional service and innovative solutions to our clients,” said Peter Roland, founder of Canon. “Our team is ready to continue developing professionally and proud to strengthen an enduring practice that finds opportunity in our ever-changing industry.”

Summit offers breakaway and independent advisors like BFG and Canon an opportunity to align with the firm through partnership options that provide significant flexibility. Affiliate firms gain access to Summit’s full 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, and those who meet certain criteria are invited to join SGP. Additionally, these advisors have the freedom to choose from multiple custodial providers.

“We are thrilled to welcome BFG and Canon to the Summit family. These new additions continue to expand our nationwide footprint and we are excited to support their growth and success,” remarked Stan Gregor, CEO of Summit Financial Holdings. “Both of these firms exemplify the entrepreneurial spirit we embrace here at Summit. Clients of both firms will continue to work with the teams they know and trust, while Summit will support their ability to deliver differentiated services. Our partnership will provide BFG and Canon with a broad array of resources and opportunities, enabling them to elevate their client services and achieve new heights.”

“BFG and Canon Capital bring a track record of helping their clients navigate complex financial situations. These new partnerships underscore Summit’s commitment to delivering value to entrepreneurial businesses, and we look forward to helping them continue to evolve and thrive in the years to come,” said Keith Soltis, ChFC, CLTC, Summit’s director of wealth management.

A 2023 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

As an independent financial services firm with legacy business from its predecessor going back over 40 years*, Summit and its affiliates are proud to continue their vision of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic, and hands-on advice, we help turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms.

*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 2023) America’s Top RIA Firms. Barron's 2023 Top RIA Firms (September 2023). Rankings were determined based on an evaluation process conducted by Forbes|SHOOK (Oct. 2022-Oct. 2023) and Barron’s (Data as of 3/31/2023). Summit Financial, LLC, did not pay a fee to obtain or use these rankings.

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