SageView Closes Acquisition of $321 Million Summit Financial Consultants
Westlake Village, California-based team to be integrated under SageView name
NEWPORT BEACH, Calif.– SageView Advisory Group ("SageView"), one of the nation's leading independent RIA firms, today announced it completed the acquisition of Summit Financial Consultants, and successfully transitioned their business to SageView.
"Summit Financial has thrived under Neil’s, Kimberly's and Cody’s leadership, and we are grateful they will further this journey as members of the SageView family," said Randy Long, SageView's Founder and Managing Principal. "We look forward to supporting their continued growth as they deliver for their clients across Southern California."
Neil Elmouchi founded Summit Financial Consultants, an RIA, in 1985 as a retirement and comprehensive financial planning firm. The firm has $321 million in assets under management (AUM) as of the closing.
Mr. Elmouchi said, "During this process, I’ve found that Randy shared my deeply held belief that if you put people first, your practice and clients will win. SageView continues to demonstrate this value in its approach to building upon its leadership at the intersection of wealth management and retirement, and I'm grateful my team is now part of that endeavor."
The Summit Financial acquisition is the sixth completed by SageView since July 2021 as part of its M&A growth strategy. SageView, which established a partnership with leading financial services and technology-focused private equity firm Aquiline Capital Partners in January 2021, is a longstanding leader in serving retirement plan sponsors across the country, with over $170 billion in retirement plan assets.
Cody Klein, Partner and Senior Wealth Advisor at Summit, said, "Our integration into SageView has been seamless, and our clients have already seen the benefits of our partnership. We are thrilled to be part of SageView's stronger presence in Southern California."
Kimberly Lau, Partner and co-CEO at Summit, added, "We were lucky to have several options as we considered the best path forward for our firm and after a meaningful due diligence process, we found our partner in SageView. Our similar investment approaches and shared corporate culture made it clear that we had found the right home for our team."
SkyView served as the exclusive financial advisor to Summit Financial Consultants.
About SageView Advisory Group
SageView Advisory Group is an SEC-Registered Investment Advisory firm (RIA) serving retirement plan sponsors and individuals throughout the United States since 1989. SageView advises on 401(k), 403(b), 457, defined benefit and deferred compensation plans, and provides comprehensive wealth management services to individuals and families. SageView is headquartered in Newport Beach, California, and has more than 30 offices nationwide.
SageView Advisory Group, LLC is a Registered Investment Advisor. Advisory services are only offered to clients or prospective clients where SageView Advisory Group, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future results. No advice may be rendered by SageView Advisory Group, LLC unless a client service agreement is in place.
For more information about SageView, visit www.sageviewadvisory.com or call (800) 814-8742.