Summit Financial Takes Minority Stake in Prostatis Financial Advisors Group


‘The Savvy Investor’ $310M RIA receives growth infusion from Summit’s custom capital solution including cash monetization, equity, and partnership privileges

PARSIPPANY, N.J., December 07, 2023–(BUSINESS WIRE)–Summit Financial Holdings (“Summit”), a top firm for values-driven independent and breakaway advisors, has through its affiliate, Summit Growth Partners, made a strategic investment in Prostatis Financial Advisors Group (“Prostatis”), marking the firm’s fifth strategic investment this year. A registered investment adviser (RIA) with a 20-year track record, Prostatis specializes in the tax-efficient growth and protection of wealth for high-net-worth individuals and families.

As part of this agreement, Summit Growth Partners (SGP), known for its exclusive, invitation-only advisor growth model, has taken a minority non-controlling stake in Prostatis. This strategic partnership, blending upfront cash monetization with equity participation and exclusive partnership privileges, marks a new chapter for Prostatis. It enables the firm to tap into SGP’s extensive network of resources, offering a variety of distinctive and diverse investment options, including access to a network of premier alternative investment partners. Further, SGP is prepared to provide elite firms like Prostatis with extra capital when necessary, signaling a strong commitment to collaborative success.

Majority owned and operated by Michael Canet, JD, LLM, Prostatis has expanded its presence with multiple offices in Florida and Maryland. The firm applies a practical approach to retirement, tax and estate planning to create a path to prosperity for its clients and their families. Its executive leadership and broader team, which remains in place following this transaction, values diversification and leans towards moderate, long-term asset allocation strategies. The firm’s unique approach to stewarding and building clients’ wealth has attracted more than $310 million in assets under management (AUM). In addition to managing its clients’ assets, Prostatis focuses on risk management utilizing a wide array of insurance strategies and products.

“It quickly became evident that joining Summit Growth Partners would accelerate Prostatis’ growth, both in terms of improving service for our existing clients and in helping us acquire new ones,” said Canet. “At Prostatis, we aim to not only achieve, but surpass our clients’ unique financial goals.”

Canet, also known as ‘The Savvy Investor,’ has built his business and reputation by remaining committed to providing accessibility and ongoing service for his clients. By assessing client objectives, risk tolerance, and investment opportunities through his ‘Savvy Investor Retirement Summary’ program, Prostatis ensures its clients can secure their lifestyle and income to retire with confidence. Beyond his advisory practice, Canet shares his passion and advice for financial planning with the local community on The “Savvy Investor” radio show in Baltimore and on his nationally syndicated podcast. In addition to Canet’s work with clients, he is a highly sought after coach and mentor to other financial advisors focused on delivering exceptional client experiences and accelerating the growth of their individual practices.

“Participating in an equitable equity program like Summit Growth Partners enables fiduciary advisors to grow their businesses and establish a lasting legacy for themselves and their families,” added Stan Gregor, CEO of Summit Financial Holdings.With more than 40 years in business as advisors, Summit deeply understands the needs of a firm like Prostatis and couldn’t be more excited to have Mike and his team join the Summit family to achieve new heights together.”

A 2023 Forbes and Barron’s Top 100 RIA Firm, Summit Financial remains committed to its founding principles of independence and powerful financial planning. Interested advisors and firm leaders can learn more about Summit Financial’s all-inclusive platform of fully integrated industry-leading services, thought leaders and innovative technology—known as the SummitVantage™—at summitfinancial.com.

ABOUT SUMMIT FINANCIAL

As an independent financial services firm with legacy business from its predecessor going back over 40 years, Summit and its affiliates are proud to continue their vision of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic, and hands-on advice, we help turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms.

Summit Financial Holdings, LLC’s affiliated firms include, but are not limited to, Summit Financial, LLC, Summit Risk Management, LLC, Summit Advisory Services, LLC, Summit Services IT, LLC, and Summit Growth Partners, LLC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231207953696/en/

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