Summit Wealth Splits from Commonwealth, Establishes Independent RIA
Summit Wealth Group, based in Colorado Springs, CO, has parted ways with Commonwealth Financial Network to establish its own registered investment advisory (RIA) firm following Commonwealth’s acquisition by LPL Financial. Summit has chosen SEI to provide custody and technology services, with plans to transfer approximately $2.1 billion in assets to SEI’s platform.
Founded in 1985 by current CEO Randy Morris as Executive Financial Planning, Summit Wealth Group was formed in 2002 to expand that vision. The firm had been affiliated with Commonwealth since 2005.
In March 2025, LPL Financial announced its $2.7 billion cash acquisition of Waltham, MA-based Commonwealth, with the deal set to close in the second half of 2025 and finalize by mid-2026.
“We weren’t just looking for a custodian,” Morris said. “We were looking for a strategic partner who demonstrated a cultural alignment and could support our growth and vision. SEI took a collaborative and consultative approach to understanding our needs, quickly solving them, and providing guidance throughout the entire transition.
SEI reported managing, advising, or administering approximately $1.6 trillion in assets as of March 31, 2025.
