Summit Financial Holdings is solidifying its reputation as an RIA destination of choice as it announces another acquisition in Ohio.
On Tuesday, the firm revealed it has acquired an equity stake in Meeder Wealth Management, a division of Ohio-based Meeder Investment Management.
The deal carried out in collaboration with Merchant Investment Management, does not involve Meeder's business lines, including its public funds and advisory consulting divisions.
Under the strategic partnership, Meeder Wealth Management will be integrated into Summit's proprietary platform, SummitVantage, which offers technology solutions, operational support, and access to financial planning and investment strategy experts.
The collaboration is expected to enhance the services at Meeder Wealth Management, which over the course of more than 50 years has grown into an operation overseeing nearly $400 million in assets under management.
Meeder’s wealth division caters to a clientele of mass affluent and high-net-worth investors with personalized and comprehensive financial planning that includes investment management services, retirement plan solutions, and corporate investment solutions.
Bob Meeder, the president and CEO of Meeder Investment Management, said the deal came as his firm considered the path forward for its wealth arm.
"We decided to find the right partners [and] now believe we have established a world-class partnership with the objective of driving growth and transforming the business into a multibillion-dollar organization," he said in a statement.
"Our association with Meeder began on a note of mutual admiration and shared ambition, naturally evolving into this alliance,” added Rob Blevins, partner at Merchant Investment Management. “We’re excited to see Meeder Wealth Management soar to new heights with this partnership."
The deal will allow a sense of continuity at Meeder’s wealth division, which will continue to operate with its original branding and team that includes its president Jason Click; Mike Saraullo, vice president; senior wealth advisors Mike Miller and Ryan Johnson; Tricia McDermott, senior wealth coordinator; and Sara Story, wealth coordinator.
Summit Financial CEO Stan Gregor welcomed the opportunity to help provide “nearly frictionless advice” to Meeder Wealth Management’s clients.
"For these types of firms, which share a passion for growth while upholding a client-first mentality, Summit is a natural fit,” he said. Summit’s deal in Ohio builds on earlier wins this year, including its onboarding of a $1.9 billion advisor from Merril Lynch in June and a $370 million team from UBS in May.
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