Two Westlake Village, Calif.-based RIAs have merged to form a $320 million hybrid RIA under the Summit Financial Consultants brand.
Summit will join forces with Sorensen Wealth Management and expand its service offerings, announced Atlanta-based Triad Advisors, which advised the firms on the merger.
Under the terms of the deal, Sorensen personnel will relocate to Summit’s nearby offices to create a larger team of 13 professionals, including five financial advisors as well as experts dedicated to tax advice, insurance and other planning specialties.
Neil Elmouchi, who had been chairman and CEO of Summit, will retain his position, while Jeff Sorensen, previously chairman and CEO of Sorensen, will serve as Summit’s president.
The firm will eventually seek new headquarters to accommodate its continued growth, according to Triad.