Summit Trail Advisors, an independent advisory firm based in New York, has added four new, but familiar, advisors from Barclays Wealth. The four advisors are reuniting with their former Barclays Wealth colleagues, who formed Summit Trail in July, and have over a decade of experience working together.
The advisors joining the firm's New York office include Jerry Lucas, Megan Sclafani, Peter Gambee and Michael Cohen.
“We are pleased that leading advisors are acknowledging that, as an independent firm, Summit Trail is building out the wealth management boutique of the future with a national footprint, superior client experience, and the institutional research driven solutions that our clients deserve," said Jack Petersen, Summit Trail’s managing partner.
Ever since Stifel announced in June it would acquire Barclays Wealth, several of Barclay's top advisors have been abandoning ship. Summit Trail Advisors was founded by six leading executives from Barclays and is backed by Dynasty Financial Partners. Dynasty, also based in New York, is an integrated wealth management platform and technology provider for independent advisors.
Summit Trail Advisors has been expanding quickly, and is now bi-coastal with offices in New York, San Francisco, Boston and Chicago. The founders of the group have since added ten partners to their team and gained over $1 billion in assets.
Summit Trail made the announcement Wednesday about the new team joining its forces. The four newest partners are adding $1 billion to the firm's already $3 billion in assets.