Summit Brokerage

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Mar 18, 2015 9:03 pm

I am about to go independent. I have looked into a few firms. Ameriprise, RayJ, LPL and Summit.

I feel familiar and comfortable with the first 3 I listed. Summit is intriguing for a couple reasons. I can use the First Clearing platform, which I am already familiar with. Paperwork, etc will be a lot easier, especially during the transition.

Does anyone know any details that would be helpful regarding Summit? Good? Bad? Shady? Easy to work with? Any details would be helpful.

https://www.summitbrokerage.com/

Thank you!

Mar 26, 2015 4:59 pm

A lot of this depends on your business model. What kind of OBAs do you have? What are your needs on the investment advisory / fee based side of the house? Even on the custody issue, it may be worth evaluating the options as some have become really cost effective based on your product mix. Personally, I'm not too familiar with Summit (sorry I can't help there) but the service model/ease of operations for most of these firms is so dependent on the specific business model. I'd try and beat them all up on this to make sure you're moving to the best one. Best of luck!