According to AdvisorHub, six advisors managing over $500 million in assets have left Fieldpoint amid Fieldpoint's sale to Summit Financial.
Several advisors have expressed concerns over whether Summit would be a good cultural fit, according to sources close to the departing advisors. It has been reported that one advisor moved to Wells Fargo Advisors after four others left Fieldpoint. Three of those advisors joined RBC Wealth Management and another shifted to UBS Wealth Management.
Summit Financial and its financial backer Merchant Investment Management will purchase the $5.1 billion asset investment advisory unit of Fieldpoint. The transaction is expected to close in the second quarter of 2022. Fieldpoint representatives will transition to and become independent contractors of Summit Financial. According to Fieldpoint's Form ADV filing, Fieldpoint's client advisory assets will remain with the current custodian, Pershing Advisor Services.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
