Financial advisor Daniel P. Murphy has partnered with Parsippany, N.J.-based Summit Financial Holdings to launch Great Lakes Private Wealth, an independent practice headquartered in Farmington Hills, Mich., the companies said.

Murphy, the new firm’s founder and chief investment officer, spent more than a decade at Wells Fargo and more than three decades at UBS. Joining him from Wells Fargo, where he and his team oversaw more than $400 million in client assets, are longtime associates Patrick Patin, partner and portfolio manager; Anne Nordloh and Carla Stamps, wealth relationship managers; and Melissa Hauer, director of client experience.

As part of the launch, Summit Growth Partners, which combines upfront cash monetization with equity participation, as well as exclusive partnership privileges, has taken a minority stake in Great Lakes Private Wealth.

The partnership enables Great Lakes to tap into resources that include investment solutions; integrated technology; risk management capabilities; and back-and-front-office operational support, a news release said.

Under the Summit Growth Partners affiliation model, Great Lakes and its clients will have access to professionals with investing, financial planning, and insurance expertise.

“After careful and deliberate consideration of the options available, it became crystal clear to us that becoming an independent firm and partnering with Summit Financial was the only choice worth making,” Murphy said in a prepared statement. “Summit Financial will empower us to provide an even higher level of client service that can help our clients navigate today’s ever-changing economic environment, and thus, their financial lives.”

In an email, Murphy said he felt the time was right to launch an independent advisory firm that would ensure both his legacy and the ability of his successors to serve future generations of clients. 

“At bigger firms, its difficult to select and train the group of talent you want,” he said in the email. “With Summit’s partnership model being so focused on sharing information, I now have the time, tools, and resources to mentor and teach our team how to support and serve our biggest clients in the best way possible. In addition to being very important to me, its critical for our growth.”

Murphy told Financial Advisor that nearly all his clients had agreed to continue doing business with him as an independent practice affiliated with Summit.

“Its been an overwhelming success and a huge testament to the team we’ve built at Great Lakes Private Wealth,” he said. “Summit has been extremely helpful in ensuring a smooth transition for both my team and our valued clients.”

Murphy said that Summit allowed him and his team to offer their clients a greater selection of products and services, which was key to scaling their business.

“Today, clients desire choice, including the best technology and investment options,” he said. “We’re now empowered to give them what they want, strengthening our position in the market and allowing us to compete at a higher level.”

Stan Gregor, CEO of Summit Financial Holdings, said in a news release that he and his team were confident in their ability to help Great Lakes succeed in that mission.

“Dan has been in business for 41 years, just like Summit, and I think its far more than coincidence that our paths have crossed,” he said. “Longevity like that comes from a strong culture of client service and relationship-driven financial advice, and Dan brings the highest level of experience and integrity to his work.”

Gregor said in an email interview that a lot of smaller firms that go it alone without a larger partner don’t have the proper resources, solutions or capital to buck the odds against them.

“They’re surviving when they could be thriving and winning more business if they had the right growth partner,” he said. “That’s why the other 80% of our payroll is dedicated to growing advisory practices.”

Gregor said that the current market was saturated with financial advisors selling the same services and products as their competitors, making a partnership with a larger firm key to standing out from the crowd.

“There are a lot of firms in the industry trying to buy, sell, or roll up a piece of business,” he said in the email. “Only a few select players are doing a great job of attracting and helping advisors go independent by adding value through capital or resources. Retention is a defining quality that separates Summit from other firms.”

Founded in 1982, Summit Financial is an investment advisory firm overseeing approximately $8 billion in assets under advisement.