Greenwich-based Fieldpoint Private has agreed to sell its wealth management division in a deal that will keep its bank independent.
New Jersey-based Summit Financial Holdings and New York-based Merchant Investment Management will acquire Fieldpoint Private’s investment advisory unit, Summit Financial said in a statement yesterday. The value and timing of the transaction were not disclosed.
As part of the deal, Fieldpoint Private’s banking capabilities will be available through Summit’s adviser services platform, and the move will position Fieldpoint “to become the nation’s premier private bank to the independent advisor community,” the statement said.
Fieldpoint advises on $5.1 billion in total wealth management assets, and Summit Financial said the deal would make the company one of the country’s largest independent wealth management firms, with approximately $12 billion in assets. Summit and Merchant formed a partnership in 2019.
“The partnership will ultimately expand to north of $100 billion of assets under management within the Merchant community of independent advisor partnerships, positioning the advisors of Summit and Merchant to offer the most integrated banking platform in the independent space, and Fieldpoint Private to emerge as the preeminent bank partner to the RIA community,” the statement said.
Summit’s partnership with Fieldpoint’s independent banking unit will connect the bank directly with all of Summit’s adviser teams, the statement said.
Stan Gregor, Summit’s chairman and CEO, has implemented a series of technology and service enhancements over the past five years, according to the statement. Gregor said the deal with Fieldpoint Private is “one of the few final pieces that will make for a fully integrated chassis of solutions for use by the advisors of Summit and its clients.”
Chris DeLaura, who has led Fieldpoint’s wealth advisory business since 2016, will take on the role of president and CEO of the Summit-Fieldpoint division.
“Our goal has always been to simplify the complex financial lives of our clients with a single point of service for all of their needs,” DeLaura said in the statement. “With the group we’ve assembled under one roof, we’re well on our way to taking our client experience and service to the next level, building something very special in the process.”
Tim Tully, Fieldpoint Private’s executive chairman, said the partnership “will enable the firm to accelerate its resources and technology toward serving as the leading banking and lending platform for independent advisors and their clients.”
“Independence has been in our genes since our founding, and this alliance is the next logical step in bringing our bank, our capabilities and our belief system to a great many more advisors, families and businesses,” Tully said, adding that Summit will more than double Fieldpoint’s potential client base.
Marc Spilker, executive chairman of Merchant, said Fieldpoint was “coming into the Summit fold in the right way and most certainly at the right time.”
“It is clear that private banking has become more integral to the overall wealth offering,” Spilker said. “Deposits, credit and trust services are all key components of a family’s financial plan and experience. Now with Fieldpoint as a partner, Summit is well positioned to deliver on this promise. As Fieldpoint gets plugged into the SummitVantage offering a real competitive advantage will be created.”
Fieldpoint Private last year completed a rebranding and expansion into Florida and Georgia. The banking division, Fieldpoint Private Bank & Trust, has about $1.3 billion in assets.
