Summit Financial takes minority stake in 20-year-old $310M RIA

investmentnews.com:

Summit Financial affiliate Summit Growth Partners hasmade a strategic investment in Prostatis Financial Advisors, a $310 million RIA firm with offices in Florida and Maryland.

Prostatis is majority-owned by Michael Canet, who operates the 20-year-old firm and is also a local radio personality in Baltimore with his “Savvy Investor” show. The show’s title aligns with Canet’s Savvy Investor Retirement Summary program, which identifies client objectives, risk tolerance, and investment opportunities.

Summit’s minority non-controlling stake in Canet’s firm will help him take it to the next level by providing upfront cash monetization with equity participation and exclusive partnership privileges.

“It quickly became evident that joining Summit Growth Partners would accelerate Prostatis’ growth, both in terms of improving service for our existing clients and in helping us acquire new ones,” he said.

But the deal also enables Prostatis – which specializes in the tax-efficient growth and protection of wealth for high-net-worth individuals and families – to access the investment options offered by Summit, including a network of alternative investment partners. Additionally, Summit Growth Partners can offer elite firms extra capital when necessary.

“Participating in an equitable equity program like Summit Growth Partners enables fiduciary advisors to grow their businesses and establish a lasting legacy for themselves and their families,” added Stan Gregor, CEO of Summit Financial Holdings. “With more than 40 years in business as advisors, Summit deeply understands the needs of a firm like Prostatis and couldn’t be more excited to have Mike and his team join the Summit family to achieve new heights together.”