Summit Buys Meeder’s $400M Wealth Management Business

Summit Financial Holdings, in collaboration with its backer Merchant Investment Management, has acquired an equity stake in the $400 million wealth management arm of Meeder Investment Management. The move marks Summit’s first significant equity stake.

Meeder’s other business lines, including its public funds and advisory consulting divisions, are not part of the transaction and will remain part of the independently owned company.

The Dublin, OH-based Meeder wealth management team has been in place for nearly 50 years, and specializes in government-insured deposit programs, retirement plans and corporate investments.

The wealth management division will retain its branding and entire team, including Jason Click, president, wealth management; Mike Saraullo, VP, wealth management; Mike Miller, senior wealth advisor; Ryan Johnson, senior wealth advisor; Tricia McDermott, senior wealth coordinator; and Sara Story, wealth coordinator.

“We considered several options: maintaining the status quo, investing to build it out ourselves, or finding partners to help elevate our wealth management business to become a national RIA,” said Bob Meeder, president and CEO of Meeder Investment Management.

Meeder looks to benefit from SummitVantage, a platform with access to single sign-on technology, value-add services and support in operations and compliance. They will also have access to experts in financial planning, insurance and investments.

Parsippany, NJ-based Summit offers breakaway and independent advisors an opportunity to align with the firm through partnership options that provide access to Summit’s suite of services, including technology, financial planning, investment management, insurance and operational support. Advisors joining Summit’s RIA maintain full ownership of their businesses.