The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Summit, Prostatis
US group Summit Financial Holdings has made a “strategic investment” into an RIA, Prostatis Financial Advisors Group. 

The stake – undertaken via Summit Growth Partners – a subsidiary, is a minority non-controlling stake. Its financial size wasn’t disclosed. It mixes upfront cash monetization with equity participation and exclusive partnership privileges.

Majority-owned and operated by Michael Canet, Prostatis has expanded its presence with offices in Florida and Maryland. It has more than $310 million of assets under management.

Canet has developed what he calls his “Savvy Investor Retirement Summary” program. He also explains financial planning ideas on The Savvy Investor radio show in Baltimore and on his nationally syndicated podcast. 

In December 2022, Summit appointed former CAPTRUST chief investment officer Kevin Barry in the same role.