NEW YORK--(BUSINESS WIRE)--Dynasty Financial Partners today announced its partnership with Summit Trail Advisors, the most recent independent advisory firm to leverage Dynasty Financial Partners’ industry-leading platform of integrated wealth management services and technology.
Summit Trail Advisors, with over $3 billion in client assets, is an independent advisory firm created by six founding partners: Jack Petersen, James Cantelupe, Peter Lee, Tom Palecek, David Romhilt and John Scarborough, each of whom previously worked together at Barclays Wealth Management. Summit Trail currently has three locations: New York, Chicago and San Francisco. The firm immediately becomes one of the largest RIAs in the country and is poised to become one of the premier national advisory RIA brands.
The firm’s Managing Partner, Jack Petersen, previously led Lehman Brothers Private Investment Management and Barclays Wealth Americas. Chief Investment Officer David Romhilt is the former Head of Manager Due Diligence at Barclays and former Chief Investment Officer of Barclays Wealth Trustees, N.A.
The founding six partners have worked together for over a decade and bring experience from Barclays Wealth, Lehman Brothers, Goldman Sachs, AllianceBernstein, Morgan Stanley and Cambridge Associates.
"Summit Trail Advisors is an investment-focused firm with deep capability and resources. Our partners have more than 80 years, collectively, of experience caring for clients' financial futures and Dave Romhilt provides our clients with truly world class investment expertise", said Jack Peterson, Managing Partner of Summit Trail Advisors. "When Tom Palecek first raised the idea of establishing an independent firm, I thought it was intriguing and, after extensive due diligence and working with Dynasty, it became compelling: as an independent firm we can now provide even better research, investment solutions and reporting technology for our clients."
Shirl Penney, CEO of Dynasty Financial Partners, said, "We are honored to welcome Jack, Jim, Peter, Tom, John, and David, along with their employees, to the Dynasty community. We expect Summit Trail to be a preferred destination for sophisticated clients who seek deep investment expertise and un-conflicted advice. They will also be a premium choice for advisors seeking partnership, professionalism, and integrity in their new firm. We expect Summit Trail to grow fast both organically and inorganically and believe they are the type of firm that represents the wealth management boutique of the future."
According to Dynasty’s Chairman Todd Thomson, “The launch of Summit Trail marks another significant stage in the evolution of the wealth management industry. Increasingly, we are seeing larger, more sophisticated teams choosing independence as the path that best benefits their clients. We anticipate that Summit Trail will build one of the industry's truly significant, professional wealth management firms and we look forward to partnering with them."
Summit Trail Advisors is an investment-focused wealth management boutique. The firm works with leading research providers as well as their in-house research team to design investment solutions and source unique, highly specialized investment managers. They will now be a large institutional client of the street and be able to source investment opportunities for their clients on a completely open architecture basis.
According to Summit Trail Chief Investment Officer David Romhilt, “We believe our independent approach will create more access to the best opportunities with specialty hedge fund and private equity managers, where large firms are constrained because of their size and business models. Because we are selecting investments for a very specific group of clients, we can capitalize on restricted capacity with exclusive managers.”
Jack Petersen, Managing Partner of Summit Trail, and David Romhilt, Chief Investment Officer, will be based in New York City.
Peter Lee will be based in the Chicago Office. James Cantelupe will be based between New York City and Chicago.
Tom Palecek and John Scarborough will be based in the San Francisco Office.
Summit Trail Advisors has selected both Pershing and Fidelity for custody. For more information, please visit www.summittrail.com.
About Dynasty Financial Partners
Dynasty Financial Partners is the premiere integrated platform for the wealth management industry’s top advisors. Dynasty develops, sources and integrates wealth management capabilities, solutions and technology into its open-architecture platform to help independent advisors protect and grow their clients’ wealth. Dynasty’s core principle is “objectivity without compromise,” and the firm is committed to crafting solutions that allow investment advisors to act as true fiduciaries to their clients. For more information, please visit www.dynastyfinancialpartners.com and follow us on Twitter @DynastyFP.