Summit Financial, LLC

CRD#299322
Investment Advisor Firm

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Learn more about Summit Financial, LLC

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • Overview

    Summit Financial, LLC operates as an advisory firm that has its headquarters in Parsippany, New Jersey. It administers $6.2 billion in assets across 11,930 client accounts, placing it among the largest investment advisory firms in the country by assets under management (AUM). The firm has a large group, including 67 financial advisors. Summit Financial, LLC does not act as a registered broker-dealer, meaning the advisor is not able to buy and sell securities for its own accounts as well as its clients' and instead has to go through a broker-dealer firm to do so. Securities are tradable fiscal investments such as bonds, equities and options.

    Summit Financial, LLC manages some of its accounts on a discretionary basis. Discretionary management signifies that a portfolio manager makes transaction decisions without requiring the client's approval. The company also administers 6,266 non-discretionary accounts totaling $3.7 billion in AUM. The advisory firm manages roughly $515,854 in assets for each account. An average advisor at Summit Financial, LLC oversees about 178 client accounts.

    Summit Financial, LLC's main office is at 4 Campus Drive, Parsippany, New Jersey 7054. Summit Financial, LLC is legally registered to serve investors throughout 49 U.S. states and territories.

    Assets Under Management

    $6.2 billion

    Number of Advisors

    67

    Disclosures

    No

    Office Location

    4 Campus Drive
    Parsippany, NJ 07054

    Summit Financial, LLC by the Numbers

    Total Assets Under Management

    $6.2 billion

    National Average: $8.6 billion
    Total Number of Employees

    226

    National Average: 64
    Total Number of Accounts

    11,930

    National Average: 375,227
    Average Account Size

    $515.9 thousand

    National Average: $23.0 thousand
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    Products and Services

    Summit Financial, LLC provides a number of services, which can consist of financial planning services, portfolio management for individuals and small businesses, pension consulting services and selection of other advisers. In the past fiscal year, Summit Financial, LLC provided financial planning services to 101-250 of its customers. It does not sell products or offer services other than investment advice to its investment advisory clients. It is affiliated with a number of other service providers in the financial services industry, including with a broker-dealer or securities dealer and insurance company or agency.

    Core Advisor Services

    • Offered by 31% of firms

      Financial Planning Services

      This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

    • Offered by 46% of firms

      Portfolio Management

      This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

    • Find a firm that offers this service

      Market Timing Services

      This is the practice of attempting to make short-term profits on investments by buying low and selling high.

    Other Services

    • Offered by 20% of firms

      Selection of Other Advisors

      This is the firm's assistance with choosing other advisors to work with who may have different specialties.

    • Find a firm that offers this service

      Publication of Periodicals

      This is the publication of various financial education materials.

    • Find a firm that offers this service

      Educational Seminars/Workshops

      This is the hosting of seminars or workshops to educate investors on financial concepts.

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    Fee Structure

    A financial advisor's fees largely depend on the type of services provided. However, fee types charged by the company can be comprised of any combination of the following fee types: asset-based or fixed. Wrap fee programs, or the practice of bundling services for a single fee, are provided by the firm.

    Available

    • Offered by 69% of firms

      Percentage of Assets

      Show Explanation

      This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

    • Offered by 32% of firms

      Fixed

      Show Explanation

      Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

    Unavailable

    • Find one of the 21% of firms that offer this fee type

      Hourly

      Show Explanation

      Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

    • Find one of the 1% of firms that offer this fee type

      Commissions

      Show Explanation

      Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

    • Find one of the 26% of firms that offer this fee type

      Performance-based

      Show Explanation

      Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

    • Find one of the 0% of firms that offer this fee type

      Subscription

      Show Explanation

      Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

    • Find one of the 10% of firms that offer this fee type

      Other

      Show Explanation

      Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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    Types of Clients

    It provides services to retail investors, high net worth investors, pension plans and corporations. Out of its 11,930 clients, Summit Financial, LLC's biggest client group by number of accounts is retail investors, but it also caters to 892 high-net-worth individuals. The SEC defines a high-net-worth individual as someone who has at least $750,000 in AUM or a net worth of at least $1.50 million or who is deemed a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of its clients are represented by people from outside of the U.S.

    • High-Net-Worth Individuals* - 20.48%
    • Other Individuals - 78.47%
    • Corporations - 1.06%
    • Charitable Organizations - 0%

    * The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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    Disclosures

    Summit Financial, LLC does not have any disclosures.

    Please visit its Form ADV for more details.

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    Financial Advisors at Summit Financial, LLC

    Brittany Halpern
    Parsippany, NJ
    James Rabasca
    Parsippany, NJ
    Renee Wahl
    Farmington, MI
    Craig Weiss
    Parsippany, NJ
    Stanley Gregor
    Parsippany, NJ
    Charles Cernosia
    Parsippany, NJ
    Dean Barnacle
    Parsippany, NJ
    Kyle Fischbach
    Parsippany, NJ
    Christina Vozzo
    Parsippany, NJ

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