Summit Financial Wealth Advisors, LLC (Lafayette)

Name: Summit Financial Wealth Advisors, LLC
Address: 326 Heymann Blvd, Lafayette, LA, 70503
Telephone: 337-232-1141

Summit Financial Wealth Advisors, LLC is a large advisory firm based in Lafayette. It manages $893.93 million of regulatory assets for 1,586 client accounts. It has been registered with the SEC as an adviser since 2014 and has operated in the jurisdictions of Arkansas, Colorado, Florida, and 6 other states.

Summit Financial Wealth Advisors provides financial planning services, portfolio management for individuals and small businesses, pension consulting services, and selection of other advisers. It prepares financial plans for more than 25 clients. On top of advisory services, the firm doesn't engage in other business activities.

Summit Financial Wealth Advisors: assets under management

The assets under management (AUM) of Summit Financial Wealth Advisors, LLC is $893.93 million. The firm's AUM has grown by 148% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $702.27 million in discretionary accounts and $191.66 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $446.74 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $13.69 million.

Summit Financial Wealth Advisors has custody of $52.32 million in cash and securities for 106 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 48% of the total AUM. The second-largest asset type is cash and cash equivalents, which make up 18% of the firm’s portfolio. Investments in exchange traded securities form 17% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Summit Financial Wealth Advisors, LLC for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Summit Financial Wealth Advisors serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Summit Financial Wealth Advisors is high net worth individuals with 145 clients and $448.39 million of assets under management. Among the 7 most similar advisory firms, Summit Financial Wealth Advisors has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $893.93 million for 783 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Summit Financial Wealth Advisors doesn't advise any private funds.

Careers at Summit Financial Wealth Advisors, LLC

The company employs 14 people that are either part- or full-time employees. 86 percent of the employees work as investment advisers or researchers. 12 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Llc Focus Operating	Member (manager)	1 Apr 2014	75% - 100%	20-816194
David Russell Daniel	Managing partner	1 Apr 2014	Other	1748101
Suzette Broussard	Chief compliance officer	1 Apr 2014	Other	2625244
Todd Farrell Lambert	Partner	1 Apr 2014	Other	2443098
Michael Edward Pharr	Partner	1 Apr 2014	Other	2510335

Indirect Owners

The SEC currently registers 7 indirect owners.

Name	Entity	Date acquired	Ownership	Employer ID
Llc Focus Financial Partners	Member	1 Jan 2007	75% - 100%	16-1728260
Lp Cp Falcon Aiv	Member	1 Oct 2013	25% - 50%	36-4767158
L.P. Trident Vi Parallel Fund	Member	1 Apr 2017	75% - 100%	98-1132009
Trident Ffp Blocker Llc	Limited partner	1 May 2017	25% - 50%	82-1662776
L.P. Trident Vi	Limited partner	1 May 2017	25% - 50%	98-1131820
L.P. Trident Ffp	Member	1 Jul 2017	25% - 50%	82-1662703
Inc. Focus Financial Partners	Member	1 Jul 2018	75% - 100%	47-4780811

Based in Lafayette

The principal office where Summit Financial Wealth Advisors, LLC performs its advisory services is located at 326 Heymann Blvd, Lafayette, LA 70503, which is also the mailing address of the firm. An additional office of the firm is in Monroe, LA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 337-232-1141 or by fax 337-232-1137. The normal business hours are 8:00 a.m. - 4:30 p.m. on Monday - Friday. You can find more information about the New York firm at summit-financial.com.