While the current company was formed in 2018, its roots go back to 1991, giving it a long history in the industry.
The firm and its advisors provide guidance on nearly $15 billion in client assets. They serve a wide range of clients, from individuals and families to businesses and charitable organizations, helping them navigate their financial lives through a direct, relationship-driven approach.
What services does Summit Financial offer?
Summit Financial provides a suite of services tailored to a client's needs, whether they want to be hands-on or delegate investment decisions entirely. Their advisors use a variety of investments, including mutual funds, ETFs, stocks, bonds, and even more complex options like REITs and certain insurance products.
Here are the main ways you can work with them:
Firm-managed portfolios: Summit has a central investment committee that builds and manages portfolios, which your advisor can then offer to you.
Advisor-managed portfolios: You can give your individual financial advisor the authority to manage your portfolio directly and make investment decisions on your behalf.
Client-approved portfolios: If you prefer to have the final say, you can opt for a non-discretionary account. In this setup, your advisor recommends trades, but they must get your approval before executing them.
Third-party managers: Your advisor can help you select and hire an unaffiliated, third-party investment manager to oversee your portfolio.
Financial planning: Beyond managing investments, Summit offers in-depth planning to help you map out your retirement, estate, insurance, and education goals.
Retirement plan services: The firm also provides advisory services for employer-sponsored retirement plans, such as 401(k)s.
What is their investment philosophy?
Summit Financial’s philosophy is built around the individual client. There is no single, firm-wide investment strategy. Instead, your portfolio is constructed based on your personal financial situation, goals, and comfort with risk.
Depending on the service you choose, the investment decisions might be made by Summit’s internal investment committee, your personal financial advisor, or an outside manager. The general approach is focused on long-term growth, but since they use a wide range of investments, the specific strategy will be tailored to you.
What are the pros and cons of Summit Financial?
Summit Financial offers a flexible, advisor-led service, but it’s important to understand the trade-offs.
Pros of Summit Financial
Lots of flexibility: You can choose how you want to work with them, from having a central team manage your money to approving every trade yourself.
A personal relationship: The model is built around your relationship with a dedicated financial advisor, not an automated algorithm.
Access to a wide range of investments: The firm can build portfolios using everything from simple ETFs to more complex alternative investments.
Continuous oversight: Most of their services include ongoing monitoring of your portfolio to ensure it stays aligned with your goals.
Cons of Summit Financial
Account minimums vary widely: Depending on the program, you might need anywhere from $0 to $1 million to get started, which can be confusing.
Not a low-cost robo-advisor: This is a traditional advisory firm focused on human relationships, so it isn't designed for investors seeking a low-cost, automated platform.
Potentially complex fees: Some programs use a "wrap fee" that bundles services at one price. If you don't trade often, this could be more expensive than paying for transactions individually.
Advisors may earn other commissions: Your advisor might also be a licensed broker or insurance agent. This creates a potential conflict of interest, as they could have a financial incentive to recommend products that generate extra commissions for them.
Summit Financial fees: How much does Summit Financial cost?
The firm’s pricing is layered and can be complex, as fees are set by individual advisors and vary by program.
Advisory fee: The main fee is the annual advisory fee, which can be up to 1.50% of the assets they manage for you. This fee is negotiable between you and your advisor.
Program fee for wrap accounts: If you’re in a wrap fee program, you’ll pay an additional program fee, which includes a $120 annual account maintenance charge.
Financial planning fees: If you only need a financial plan, this is a separate service. The cost typically ranges from $2,000 to $25,000, depending on the complexity of your situation.
On top of these fees, you may also have to pay other costs, such as fees charged by the custodian who holds your assets, mutual fund and ETF expenses, and charges related to insurance products like variable annuities.
What is Summit Financial’s minimum account size?
There is no single account minimum at Summit Financial. It depends entirely on the program you choose.
Some programs, like the Strategic Asset Allocation (SAA) or Advisor as Portfolio Manager (APM), have no minimum account size.
The firm’s centrally managed portfolios require a $100,000 minimum.
If you use a third-party manager, the minimum could be anywhere from $25,000 to $1,000,000.
Any applicable minimum will be outlined in your agreement, and it may be negotiable.
Who should choose Summit Financial?
Summit Financial is best for people who want a long-term relationship with a financial advisor and prefer personalized guidance over a purely digital experience.
It could be a good fit if you:
Want a holistic financial plan: The firm is good at integrating your investments with your broader goals for retirement, estate planning, and more.
Value a customized solution: With multiple programs, they can tailor a service that fits your needs and preferences.
Prefer a personal connection: The model is centered on your direct relationship with an advisor.
Have complex financial needs: The firm’s access to different managers, retirement services, and alternative investments can help coordinate a complicated financial life.
It might not be the best choice if you:
Are a DIY investor: If you enjoy picking your own stocks and managing your own portfolio, this advisor-led model is not the right fit.
Want a low-cost robo-advisor: The firm is not an automated platform and its fees are generally higher than digital-first competitors.
Prefer simple, flat pricing: The fee structure can be complex and layered, which may not appeal to those who want one clear, all-in price.
Summit Financial: Is it secure?
Summit Financial is registered with the U.S. Securities and Exchange Commission (SEC) and has a fiduciary duty to act in its clients' best interests when providing advice.
Your assets are not held by Summit itself. They are held by a separate, qualified third-party custodian (such as a major brokerage firm), which is a standard safety practice in the industry. This separation ensures that the firm managing your money is different from the one holding it.
Summit also has a business continuity plan and uses security measures that comply with federal law to protect your personal data.
Summit Financial: Customer service
Customer service is handled directly by your personal financial advisor.
You won't be dealing with a call center or a chatbot.
The service is built on the relationship you have with your advisor, who is your primary point of contact for all your account needs, from portfolio questions to financial planning discussions.
Summit Financial: Mobile app
Summit Financial does not appear to offer its own mobile app for investing.
Since client assets are held at various third-party custodians, your mobile access would likely be through the app provided by the specific institution where your account is held.
Is Summit Financial worth it?
For those who value personalized, hands-on financial guidance, Summit Financial can be a strong choice.
Its flexibility is a major advantage, allowing you to choose a service model that fits your comfort level, from fully delegated management to retaining final approval on trades.
However, this is a traditional advisory firm, not a low-cost fintech platform.
The fees can be complex and potentially higher than automated alternatives, and you need to be mindful of the potential for conflicts of interest.
The firm's value ultimately depends on whether you prioritize a dedicated advisor relationship over the simplicity and lower cost of a self-directed or robo-advisor solution.
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