It may come as a surprise to learn one of Louisiana’s largest independent financial advisory firms, Summit Financial Wealth Advisors, is located in Lafayette. Operating as an independent investment firm since 2006, Summit provides custom and comprehensive wealth management services to successful families across Louisiana and beyond. With roughly $1.3 billion in client assets under management and offices in Lafayette, New Orleans, Shreveport, Monroe and Ruston, Summit serves families across every phase of life and in every corner of the state.  

 

There are several unique aspects of Summit’s wealth management business strategies. For starters, the firm utilizes a team-based approach to improve client outcomes and service. Advisors at Summit also serve as independent fiduciaries, financial professionals legally required to act in the client’s best interests (which is not the case for many “name brand” registered representatives). And, as successful entrepreneurs and business owners themselves, the principals of Summit have built a client base anchored by successful businessmen and women from various locations and industries.  

While the team at Summit takes great pride in its success over the past 16 years, it isn’t resting on its laurels. Summit leaders fully expect the firm to become one of the largest independent investments in the Gulf South. Summit’s focus on growth through mergers with (or acquisitions of) other successful and like-minded financial advisory firms sets it apart from competitors. These mergers/acquisitions are often executed as part of an advisor’s long-term succession strategy. While many firms are merging with or buying advisory practices nationally, Summit is one of the few (if not the only) Louisiana-based firms capable of effectively executing the strategy at scale.

Summit’s merger and acquisition strategy emerged in 2013 when the founders partnered with Focus Financial (NASDAQ: FOCS), a strategic investor in entrepreneurial, growth-oriented wealth management firms such as Summit. At the time, Summit’s founders, Fred Werner and David Daniel, were contemplating how to transition their ownership to the next generation and realized many of their contemporaries in Lafayette and beyond were confronting the same challenge.  This reality remains true today as the average age of a financial advisor in the U.S. is roughly 59 years, and there are almost 45,000 advisors in the U.S. over the age of 65 years.  

Transitioning these practices to the next generation is a significant challenge facing the wealth management industry. By combining Summit’s operations and client advisory expertise with Focus’ financial resources and transactional expertise, the team at Summit believes it has created an extremely attractive succession solution for qualified advisors. To date, Summit has merged with or acquired three advisory practices across Louisiana and intends to partner with many more in Louisiana and the broader Gulf South region over the coming years.  

It is an exciting time at Summit as the team continues its strategic growth plan across the Gulf South. This growth will require significant investment, much of which will occur right here in Lafayette as the firm adds both skilled and trusted advisors as well as client and advisor support personnel. In fact, the firm recently moved into a new building off of East Saint Mary Boulevard (next to Ruth’s Chris Steak House) to accommodate the growing team.

Summit Advisors is excited for the future and will continue to grow by building deeply personal relationships with clients and advisors alike. An uncompromising commitment to understanding goals and executing effective solutions sets Summit apart. 

For more information on partnering with Summit as a prospective client or a wealth advisor contemplating your succession, please contact the Summit team or Wes Gautreaux.