Summit's Chief Executive Stan Gregor said in a prepared statement to AdvisorHub, "After an extensive due diligence process, a mutual decision was made to not move forward with the acquisition of Fieldpoint's advisory business." Instead, Gregor stated that the two entities will "focus on the further development of their strategic partnership, with Summit advisors continuing to leverage the private banking capabilities offered by Fieldpoint."
The mutual decision was fueled by several departures by Fieldpoint advisory teams. Recently, a five-person Fieldpoint group generating $6 million in annual revenue from a $1.2 billion client book left for Rockefeller Capital Management's private wealth management unit. Since January, at least six advisors managing $500 million or more in assets left Fieldpoint for RBC Wealth Management-U.S., Wells Fargo Advisors, and UBS Wealth Management USA. According to AdvisorHub, the proposed sale to Summit had struck a nerve among some of Fieldpoint's advisors who were concerned about cultural fit and a shift to a more independent model.
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