Summit Financial Consultants and Sorensen Wealth Management, two independent hybrid registered investment adviser (RIA) firms based in Westlake Village, California, have merged to create an expanded RIA firm managing over $320m in brokerage and advisory assets.
The combined firm will operate under the name Summit Financial Consultants.
Sorensen staff will transition to nearby offices of Summit, setting up a combined ensemble practice of 13 professionals.
Summit chairman and CEO Neil Elmouchi will continue in the same capacity in the combined firm, while Sorensen chairman and CEO Jeff Sorensen will now serve as president.
"The merger of Summit Financial Consultants and Sorensen Wealth Management makes perfect sense, especially in today's industry environment. Both firms have very similar investment philosophies, and by combining the two we will provide greater value to our clients through an increased depth of advisor support and enhanced investment resources, while still maintaining our personalized, boutique approach to client service," Elmouchi said.
Summit and Sorensen both focus mainly on high-net-worth and higher echelon mass-affluent individuals and families. Both are firms are affiliated with Triad Advisors' broker-dealer platform.
Triad Advisors president and CEO Jeff Rosenthal said: “At Triad Advisors, we have always been dedicated to supporting the success of hybrid advisors, through both organic growth as well as growth enabled by targeted M&A between our affiliated advisory practices.
“Consistent with this approach, we were very pleased to have been instrumental in helping these two outstanding firms combine, and in the process, position the merged firm to deliver an enhanced level of client service, and achieve a greater level of growth."