Summit Wealth Advocates, LLC (Prior Lake)

Name: Summit Wealth Advocates, LLC
Address: 5871 Crossandra Street Se, Prior Lake, MN, 55372
Telephone: 612-987-9112

Summit Wealth Advocates, LLC is a large advisory firm based in Prior Lake. It manages $140.34 million of regulatory assets for 693 client accounts. It has been registered with the SEC as an adviser since 2017 and has operated in the jurisdictions of Minnesota, Texas, and Wisconsin.

Summit Wealth Advocates provides financial planning services, portfolio management for individuals and small businesses, and pension consulting services. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Summit Wealth Advocates: assets under management

The assets under management (AUM) of Summit Wealth Advocates, LLC is $140.34 million. The firm's AUM has grown by 17% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $125.48 million in discretionary accounts and $14.86 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $201.41 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $212.32 thousand.

Summit Wealth Advocates has custody of $38.69 million in cash and securities for 91 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 88% of the total AUM. The second-largest asset type is exchange traded securities, which make up 11% of the firm’s portfolio. Investments in cash and cash equivalents form 1% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Summit Wealth Advocates, 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 Bruce Albert Primeau serves?

The firm provides services to individuals, high net worth individuals, and corporations or other businesses. The largest group of clients of Bruce Albert Primeau is high net worth individuals with 89 clients and $98.79 million of assets under management. Among the 10 most similar advisory firms, Summit Wealth Advocates has the 3rd lowest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $140.34 million for 267 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 Wealth Advocates doesn't advise any private funds.

Careers at Summit Wealth Advocates, LLC

The company employs 5 people that are either part- or full-time employees. 80 percent of the employees work as investment advisers or researchers. 4 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.

Bruce Albert Primeau has been acting as President since 1 Sep 2010. Jon Allen Govin joined the executive team most recently as the Vice President.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Bruce Albert Primeau	President	1 Sep 2010	75% - 100%	4324497
Jon Allen Govin	Vice-president/chief compliance officer	1 Jan 2011	Other	4641591
Rebecca Judith Botzet	Wealth advocate	1 Dec 2018	Other	2489327
Jon Allen Govin	Vice-president	1 Jul 2019	Other	4641591
Matthew M Wright	Chief investment officer & chief compliance officer	1 Jul 2019	Other	4939680

Based in Prior Lake

The principal office where Summit Wealth Advocates, LLC performs its advisory services is located at 5871 Crossandra Street Se, Prior Lake, MN 55372, which is also the mailing address of the firm. An additional office of the firm is in Champlin, MN. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 612-987-9112 or by fax 952-440-5261. The normal business hours are 8:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at summitwealthadvocates.com.