Good example of the bolt-on M&A going on out there: Summit Wealth Group and niche firm Cook Financial have teamed up to share their joint $240 million in AUM and specialized expertise.
The deal injects Cook Financial's in-house accounting focus and niche brand in the dental industry into the larger Summit platform.
More traditionally oriented Summit contributes about 80% of the combined firms' AUM and client base, along with three offices in Colorado Springs, Arizona, and Mississippi.
The principals were already acquainted with each other through regional professional groups and believe that combining resources will allow both firms to grow more effectively in their respective markets.
Both firms were already Commonwealth affiliates, so nobody will have to change the way their back office works.