"The growth is also certainly a benefit," said Taylor. "It reaffirms the value of our regional director sturcture and shows that we are a place for small- and mid-sized broker-dealers to be able to retain their culture after they join our organization."
Taylor added that Cetera Advisor Networks is having "a record year" with regards to advisor recruitment through the first half of 2019.
Summit's back office operations will be retained, becoming Cetera Advisor Networks employees and shifting their focus from compliance to advisor support.
Summit on Friday reported having more than 450 advisors supporting more than $17.5 billion in client assets, which would make it one of Cetera Advisor Networks’ largest firms.