Financial advisory Summit Wealth Group announced that it has selected global asset manager SEI to support its transition to a registered investment adviser model. Summit Wealth said the move will provide it with improved flexibility and greater control while unlocking capabilities and solutions for clients.
Formerly with Commonwealth Financial Network, Summit Wealth Group’s transition comes in the wake of last month’s announcement that Commonwealth had agreed to be acquired by LPL Financial Holdings.
At the end of March, news broke that LPL was acquiring Commonwealth for $2.7 billion and that the Commonwealth network’s 2,900 financial advisers would be added to LPL’s platform. As expected, other wealth managers have courted the Commonwealth community, such as the president of Cetera Wealth Management, Todd Mackay, in an open letter several weeks ago.
Headquartered in Colorado Springs, Colo., and currently operating 10 offices across five states, Summit Wealth was founded by Randy Morris, chief executive officer, in 1985 as Executive Financial Planning Inc. The firm specializes in taking a planning-first approach to client relationships, and after assessing industry trends and future opportunities, Summit made the strategic decision to breakaway and establish an independent RIA to provide an improved client experience and help drive organic growth.
“We weren’t just looking for a custodian. We were looking for a strategic partner who demonstrated a cultural alignment and could support our growth and vision. SEI took a collaborative and consultative approach to understanding our needs, quickly solving them, and providing guidance throughout the entire transition,” said Morris.
Supported by SEI’s dedicated business transition team, Summit Wealth expects to migrate approximately $2.1 billion in assets to the SEI Wealth PlatformSM. In addition to critical custody and technology services, the firm will leverage SEI’s enterprise capabilities across investment management and portfolio solutions, as well as advanced planning capabilities to support tax and income optimization for Summit Wealth’s clients.
“Not only does SEI’s stability, scale, and top-notch service provide the operational efficiency we need to achieve our growth aspirations, but their differentiated ecosystem – combining open-architecture technology with integrated custody and investment management services – can deliver an end-to-end wealth management experience for our clients and help power our growth,” added Morris.
SEI is a global provider of financial technology, operations, and asset management services within the financial services industry. As of March 31, 2025, SEI managed, advised, or administered approximately $1.6 trillion in assets.
Lauding his firm’s championing of adviser independence, Michael Lane, head of asset management at SEI, expressed enthusiasm about Summit’s transition.
“We’ve built a premier destination for growth-minded RIAs by simplifying the complex and offering a total business ecosystem that keeps clients at the center of everything an adviser does,” said Lane.
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