SageView Advisory Group, an independent registered investment advisory firm based in Newport Beach, Calif., announced that Summit Financial Consultants of Westlake Village, Calif., will be joining the company. With $321 million in assets under management, Summit offers retirement planning and holistic financial planning services to individuals, pension and profit-sharing plans and other ERISA accounts, trusts, charitable organizations, estates and business entities.
Founded in 1989, Sageview advises on about $175 billion in 401(k), 403(b), 457, defined benefit and deferred compensation retirement plans, and $5.5 billion in wealth management assets. Since establishing its partnership with private equity firm Aquiline Capital Partners a year and a half ago, the firm has aggressively pursued a mergers and acquisitions strategy to increase capabilities where retirement meets wealth management.
The agreement with Summit is the sixth that SageView has announced since July 2021 and builds on recent retirement and wealth management acquisitions, allowing the firm to continue growing its presence in Southern California.
According to Jim Dario, the head of wealth management for SageView, the firm’s first wealth management clients were employees of retirement plan clients—and inspired the firm’s current private equity–powered trajectory.
“Most Americans’ first investments are around a company’s sponsored retirement plan,” said Dario. “And that’s something that’s going to grow ... and they need help because, more and more, it really goes beyond just saving for a traditional retirement.”
"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,” Summit Partner and CEO Neil Elmouchi said in a statement.
Summit will bring additional retirement and wealth planning expertise to SageView, while benefiting from the larger firm’s extensive capabilities in terms of support services and scale.
“Summit Financial Consultants, with its more than 30 years of serving clients, will amplify SageView's mission of delivering holistic financial planning at the intersection of retirement and wealth management,” said SageView founder and Managing Principal Randy Long. “We look forward to working with the team."
“This is a very exciting time for us,” said Cody Klein, partner and senior wealth advisor at Summit. “We have the utmost confidence joining SageView will take us to the next level of meaningful growth and success."
SkyView served as exclusive financial advisor to Summit. The transaction is expected to close on July 31, 2022.