Financial advisor Monish Verma has partnered with Parsippany, N.J.-based Summit Growth Partners to launch an independent practice in Farmington Hills, Mich., called Vardhan Wealth Management, a news release announced.

Verma, an industry veteran with more than two decades of experience, was most recently a senior vice president with UBS Financial Services. While there, he led the Verma Wealth Management Group, which managed approximately $375 million in client assets. Verma has also worked for Morgan Stanley and Smith Barney.

“While we enjoyed significant growth at our previous firm, we knew the independent space would enable us to do more for our clients,” Verma said in the news release.  “Summit stood out ... by providing me with solutions that go well beyond that of a typical wealth management firm, while also granting me the freedom to run my business independently.”

Vardhan is the 14th advisory practice to launch as an independent by partnering with Summit Growth Partners, a custom capital solution that combines cash monetization with equity participation, as well as exclusive partnership privileges, the release said. As a Summit affiliate, Verma will have full ownership of his new business and can qualify to become an equity partner. 

According to Ed Friedman, director of business development and growth at Summit Financial LLC, the Summit Growth Partners model provides advisors with the best of both worlds.

“At Summit, we are constantly looking to align with growth-oriented advisors who embrace the client-first mentality and possess the entrepreneurial spirit and drive to succeed,” he said in the news release. “Verma exemplifies that philosophy.”

Verma is joined at Vardhan by longtime associates Renee Wahl as director of operations, and Kory Frost as director of planning and strategy.

Founded in 1982, Summit Financial Holdings LLC includes the affiliated firms Summit Financial LLC, Summit Risk Management LLC, Summit Advisory Services LLC, Summit Services IT LLC and Summit Growth Partners LLC.