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Thursday, Feb 22, 2024

Summit Financial Consultants Acquired by RIA Firm

Westlake Village-based Summit Financial Consultants is set to be acquired by SageView Advisory Group in a transaction expected to close at the end of July.

Summit has $321 million in assets under management and was established in 1985. Its services include retirement, fiduciary and corporate planning among other things.

The acquisition marks the sixth in a recent string of retirement and wealth management acquisitions made by SageView. Also announced this month was SageView’s acquisition of kPlans Investment Services Inc. in Valencia which had $825 million assets under advisement.

The acquisitions are part of an effort by SageView to expand in the wealth management space through recruitment and acquisitions, according to a statement from the Newport Beach-based company.

“SageView is the right partner for our firm because its proven track record of growth and unique ability to bridge the gap between retirement and wealth management will give our team the platform to deliver even more for our clients and help them achieve their vision,” Neil Elmouchi, Summit’s founder and chief executive, said in a statement. “We are excited to join forces with SageView, because they understand our culture of putting people first.”

The financial terms of the deal were not disclosed.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is Interim Editor at the Los Angeles Business Journal and the Inside The Valley. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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