summit brokerage
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Sometimes size isn’t all that matters.
Financial Planning’s FP50 rankings list IBDs based on total revenue. Yet as part of the data collection process, we track a variety of other performance statistics -- overall payout growth, high-value accounts, high-end reps and more. Often, the standouts in these other categories do not generate enough total revenue to make the FP50 rankings -- but their outperformance makes them worth watching. Check out an independent IBD that you may not know – but probably should.
Summit Brokerage Services in Boca Raton, Fla., lands in the No. 64 spot in the overall rankings -- but among the respondents in the FP50, it has the most advisors with production above $150,000 – a whopping 93%.
“If we wanted to be in the top 50 we could be there anytime we want,” says Marshall Leeds, President & CEO of Summit. The firm, which is home to 345 advisors, turns down roughly 80% of those who attempt to join the firm, claims Leeds, who explains that the exclusivity is what makes this firm different.
“We are a firm that is built to go after high-producing, quality advisors,” he says. “We take quality over quantity.”
Summit generally hires advisors with 15 years of experience in the financial industry and arms them with everything from training sessions to the cell phone numbers of all executive members of the firm. “Half the advisors do not use our practice management,” he says. “The other half do, and that helps them grow their business.”
There’s another advantage to working with experienced advisors, Leeds says: fewer compliance headaches.
Meanwhile, Summit’s performance has not gone unnoticed: RCS Capital snapped up the IBD in a deal that closed this June.
by: Andrew Pavia
Elite IBDAn
You May Not Know
We take quality over quantity.“ ”Marshall Leeds, President & CEO
was rated as the top Independent Broker-Dealer in WealthManagement.com’s fourth annual Independent Broker / Dealer Report Card.
Summit Brokerage
This survey polled advisors from over 80 independent broker dealers, rating their firms on 26 different factors based on their satisfaction.
Please scroll down to view the article…
The digital resource of
CardSmaller Firms, Happier Advisors
Can it Last?Advisors in the Independent Broker/Dealer Report Card are more satisfiedworking with smaller firms where the personal touch reigns supreme.Unfortunately, that kind of firm is facing extinction.
By Megan Leonhardt / Illustration by Chris Whetzel
Report
FINDING THE BEST tools and resources to run a practice effectively is why independent advisors choose one broker/dealer over another. There are lots of quantifiable reasons an advisor sticks with a firm, but like any good relationship, there is also an intangible quality to what makes it work.
And indeed, most relationships between independent brokers and their firms are working well. In our fourth Independent Broker/Dealer Report Card, a survey that lets advisors from independent brokerages rate their employers on a number of factors, advisors reported they were very satisfied with their firms overall. The average approval rating was 9.0 on a scale of one (lowest) to 10 (highest). “Any broker/dealer who is scoring above a 9.0 is doing an outstanding job,” says Philip Palaveev, founder of The Ensemble Practice. “If someone was under an 8.0, that’s cause for concern.”
Even so, patterns emerge when looking at the aggregate data. The survey shows that among all the factors that may lead to advisor satisfaction, or dissatisfaction, with their firm, size is among the most important. Overall, advisors at small to mid-sized firms were more satisfied than those working with larger firms.
The sweet spot seems to fall among firms with 100 to 500 brokers – such as Summit Financial Services and VSR Financial Services. Firms in this category earned an average satisfaction rating of 9.2, according to the survey results. (See chart on page 40b.)
It’s not a huge surprise. “It’s easier for small to medium firms to have strong relationships with their reps,” says Jonathan Henschen, president of recruiting firm Henschen & Associates.
Yet this is an industry that benefits from economies of scale – if a firm is too small, it struggles economically. Last year, 250 broker/dealers, the vast majority with less than 100 advisors, closed up shop, according to David Alsup, founder of Fishbowl Strategies.
One such b/d, Orrington, Maine-based Financial Services of New England, closed in June, with co-owner Gary Tourtillotte saying the two-person b/d just couldn’t keep up. “The increasing compliance workload became too unmanageable. We just weren’t big enough,” Tourtillotte says.
Research by Tiburon Strategic Advisors estimates the average IBD has a mere 2 percent profit margin. The struggles of those smaller firms fueled the recent surge in mergers, Henschen says.
Nicholas Schorsch’s RCS Capital purchased three independent broker/dealers in recent months, each with fewer than 500 advisors, including Investors Capital Corp., Summit Financial and most recently, J.P. Turner.
Summit Financial, which received the highest overall score of 9.9 and has $9 billion in assets, prides itself on its small scale. The firm has 50-inch plasma screen TVs scattered throughout its Boca Raton, Fla. headquarters that flash streaming photos of their 320 advisors on vacation with their families and posing with their pets. “It’s really like a family,” says Summit’s president, Marshall Leeds. “We put them on these monitors because we only get to see the advisors several times a year and our operations people want to see them more than that.”
Palaveev cautions that smaller firms’ overall scores may not tell the whole story for every advisor. “Some advisors will find they need a larger platform and many offices.”
Reprinted with permission from REP. Magazine, Penton Media, Inc. Copyright 2014. All rights reserved.For more information on the use of this content, contact Wright’s Media at 877-652-5295
Size MattersWhile overall satisfaction varied by firm, the results showed reps at b/ds with 100 to 499 advisors were the most satisfied. The smallest firms, those with under 100 reps, were the least satisfied.
Undoubtedly true, yet the lowest scoring firms on our report card were also among those with over 1,000 advisors: ING Financial Partners (7.2), LPL Financial Network (8.1). “The one unifying factor with LPL, Wells Fargo and Signator is there could be some feeling by their advisors that they are not the focus,” says Scott Smith, director at Cerulli Associates.
For example, with Wells Fargo’s FiNet, advisors believe the public, the industry and even company management generally thinks of the company as a bank, or a wirehouse, first. “FiNet doesn’t come up as their ‘big thing,’” Smith says. Being a small cog in a big machine doesn’t sit as well as being with a firm focused specifically on indie advisors, he says. “Advisors let their emotions kind of rule their responses in all of these kinds of things,” Smith says.
ING Financial Partners, on the other hand, is in the midst of company-wide reorganization and rebranding to Voya Financial. Last May, the unit’s Dutch parent, ING Group, took the brokerage unit public (it currently trades under the ticker symbol VOYA on the New York Stock Exchange) as part of a program to divest some of its global businesses. On April 7, ING U.S.’s publicly Voya Financial name, with other business set to make the transformation over the next six months.
“There’s some resentment there,” Smith says. “Right now the company is in a restructuring phase; it’s chaos at this point. I can see that floating into the overall reviews of the firm.” Overall, the firm ranked at the very bottom, with a 7.2 overall score.
Advisor retention is also a good indicator of how firms are doing, Palaveev says. “It’s not just the satisfaction scores, but who is likely to lose a significant percentage of their respondents.” By that measure as well, most are doing well. Slightly over 87 percent said they were very likely to be with their current firm a year from now. “These guys own their own business and could go anywhere. But basically 87 percent of them are saying ‘I’m happy where I am and I’m not looking to move,’” says Tom Daley, founder and CEO of online recruiting platform The Advisor Center. That’s a good sign for firm management.
8.7
9.2
9.0
8.8
Fewer than100 advisors
9.4
9.2
9.0
8.8
8.6
8.4
Scor
e (1
0 be
ing
best
)
100 to 499advisors
500 to 999advisors
1,000 or moreadvisors
The Scores Are InMost firms received very high marks from their advisors, with the overall average score rising slightly from 8.9 in 2013 to 9.0 this year. NEXT Financial saw the biggest individual jump from last year, 8.5 in 2013 to 9.0 this year.
At least for the time being, says Ryan Shanks, founder of Finetooth Consulting and Find-a-Firm. At one time, advisors affiliated with broker/dealer because they had no choice and needed a place to do business; if they needed a fee-based platform, they could plug into the broker/dealer’s RIA.
But now, more and more advisors are looking to tap into the fiduciary side of the fence, and they’re choosing someone different, like a TD, Schwab, Fidelity or Pershing for the custody of those RIA assets. “They’re sitting there saying, ‘I think I do still want to maintain a broker/dealer, but I don’t have a great a need for them to justify a 5 percent overwrite, for example, that I’m going to take on an RIA,’” Shank says.
That’s leading many independent broker/dealers to start redefining who they are and what their purpose is. “If you want to play nice in the sandbox with the other side, [broker/dealers] have got to figure out a way where the economics are more in line with what an advisor will embrace,” Shank says. Otherwise, a lot of advisors are going to step away completely.
“The greatest fear in the eyes of CEOs at the broker/dealers is in the acceleration of the RIA segment,” Shank says. For now, IBD advisors are happy, but firms may need to continue to sweeten the pot to keep their advisors in the relationship.
9.9
9.8
Summit Brokerage Services
Score (10 being best)
VSR Financial Service
Commonwealth
Cambridge Investment Research
Independent Financial Group
Securities Service Network
Sigma Financial Corp.
NFP Advisor Services Group
United Planners’ Financial Services of America
Girard Securities
Raymond James Financial Services
Sagepoint Financial
Royal Alliance Associates
Overall Avg.
NEXT Financial Group
Securities America
FSC Securities Corp.
First Allied Securities
Wells Fargo Advisors Financial Network
Cetera
Signator Investors
LPL Financial
ING Financial Partners
Overall Rating
6 7 8 9 10
9.7
9.6
9.6
9.6
9.9
9.5
9.5
9.4
9.3
9.3
9.1
9.0
9.0
9.0
9.9
8.4
8.1
8.0
7.9
7.8
7.2
FOR FINANCIAL PROFESSIONAL USE ONLY
Summit is committed to your growth –let’s start today.
How Can SUMMIT Grow Your Business?
At Summit, we consider ourselves to be business partners with our advisors. What is
good for them and their business is also good for Summit. Therefore, when our advisors
succeed, Summit succeeds. Our vision is to be the primary resource to assist advisors in
growing their business. We offer all the tools, resources and guidance an advisor would
expect from a business partner, separated into five different results-driven areas:
• Practice Organization
• Streamlined and Effective Communications and Marketing
• Efficient and Burden-Free Operations
• Maintaining and Enhancing Your Competitive Edge
• Maximize and Protect Your Business
Take Your Practice to the Next Level
Practice Organization
As an independent financial advisor and entrepreneur, it can be challenging working
with clients while also running a business. Summit addresses this by offering a
true business owner-based practice management suite which allows
advisors to operate their practice in a manner best for them and their clients.
This offering includes:
• Summit’s Business Solutions Library
A comprehensive source of interactive practice management content
through Summit’s RepOffice Website allows Summit advisors access to
business materials, whitepapers, manuals and interactive on-demand tools
and calculators to analyze and benchmark their business. Library areas include:
u Business Managementu Client Managementu Human Capitalu Investments
• Practice Analytics
Ongoing analysis of your business, including detailed client-based Pareto reports,
business mix analysis, goal calculations and current and future business valuations.
In addition, the Commission Viewer allows you to track your production over various
time periods and the product mix comprising this data.
• Coaching Programs
Working with a coach can be a game changer for financial advisors. The top athletes
in the world utilize the best coaches to take their game to the next level. Likewise,
Summit has partnered with the best coaches in the industry to help our advisors achieve
actual and substantial change in the way they do business, so they can work fewer
hours while being more productive. Many current Summit advisors are utilizing coaches
to help them achieve this success.
• Consultation
Our consulting services provide advisors with expert assistance in evaluating their
business through a detailed, comprehensive and personalized process, including:
u Extensive, targeted discovery analysis of all facets ofthe business.
u Ongoing consultation with advisors and key team members.
u Recommendations delivered in the form of an actionchecklist, with tools and resources to help implementation. Pr
acti
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izat
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Streamlined and Effective Communications and Marketing
We understand the importance to advisors for having a systematized approach for
all communications with both prospects and clients. Many advisors do not spend
the time necessary to set an ongoing process to market their business because they
view it as a time consuming project. At Summit, it doesn’t have to be an imposition
to advisors and their business. That’s because Summit provides all the pre-approved
materials advisors will ever need to effectively market their business.
• For communications with prospects, clients and social media sites,Summit provides complimentary access to:
Pre-approved brochures, newsletters, seminars, social media posts, advertising
materials, concept pieces and articles through MarketingLibrary.net, which
contains over 3,500 pieces. All marketing materials are accessible through single
sign-on and client and prospect information is integrated to allow easy and
streamlined communications.
• Website Design and Branding
Access to top website development and branding firms that specialize in
designing a site around an advisor’s company vision and message.
• Leads
Summit has developed its own proprietary method for delivering leads to its
advisors on a monthly basis.
Efficient and Burden-Free Operations
When it comes to running a successful business, most advisors understand the
importance of technology, but it’s sometimes difficult to know how to choose it or use
it efficiently. Therefore, Summit offers eSolutions “best of breed” technology, giving
advisors the best technology options that fit their business.
Summit’s technology offering supports every facet of your business including the
following areas:
• Account Setup & Storage - including Paperless Office
• Brokerage Platforms: Trading, News & Quotes
• Client Access • Client Relationships (CRM)
• Client Review & Reporting • Financial Planning
• Portfolio Analysis & Research • Sales & Marketing
Streamlined
Summit’s eSolutions
eSolutions leverages the following features:
• Single Sign-On via RepOffice (desktop, tablet or mobile)
• Full Integration
• Mobile and iPad Functionality
• Summit eSupport and Training
• Complete Flexibility
eSol
utio
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SummitRep Office
Sales &Marketing
AccountSet-Up and
Storage
FinancialPlanning
Client Review& Reporting
PortfolioAnalysis & Research
ClientAccess
Client Relationships
Brokerage Platforms -
Trading, News & Quotes
These training programs include nationally known business and financial experts who
offer insight on industry trends, market analysis, products and practice management.
In addition, Summit offers peer-to-peer coaching programs designed to allow advisors
to share their “Best Practices” with like-minded advisors.
• National Convention
Summit’s convention is one of the leading conventions in the industry. The convention is
held, annually, at the Boca Raton Resort & Club, Boca Raton, FL, a world class landmark
resort. This three day event features top industry speakers, advisor-lead sessions, high level
networking events with your peers and strategic partners, hands on technology training and
value added breakouts and panel sessions.
• Regional Meetings
One-day meetings designed to assist advisors in growing their business and fostering
interaction with other Summit advisors. The meetings feature keynote speakers,
innovative business development strategies and peer roundtables.
• Summit Education Series
Ongoing webinars that are exclusive to Summit advisors, feature the top industry
subject matter experts to assist advisors in timely issues affecting their business
and clients.
• SNOW (Summit News Of The Week)
SNOW is a weekly newsletter that provides relevant news and events that advisors
need to know to stay current in our industry.
• Onsite Visits
Working with our strategic partners – Summit will arrange for on-site visits to assist in
developing product knowledge.
• Online Continuing Education
From the convenience of home or office, Summit offers the ability to expand your
knowledge through online continuing education.
Maintaining and Enhancing Your Competitive Edge
As both a financial advisor and entreprenuer, Summit understands the
amount of time it takes to get through all the tasks at hand. Often, there is
not enough time at the end of the day to continue to take advantage of all
of the practice development tools you need to maintain your competitive
edge. To help advisors through this process, Summit offers one of the most
comprehensive training programs in the industry. Our programs consist of
live meetings, interactive off-site meetings and conventions and on-demand
learning solutions. All in an effort to work around advisors’ busy schedules.
Maximize and Protect Your BusinessWhile you help your clients maximize and protect their assets, Summit providesits advisors with the methods and resources to do the same for their practices.To maximize the value of your practice, protect your business and insure your family’s security, Summit has developed a two-step succession process.
The first step is Summit’s Continuing Commission Agreement which provides continuous compensation to your designee upon retirement, disability or death.
The second step is working with our team to develop a comprehensive valuationand succession program.
• Summit’s Continuing Commission Agreement The Continuing Commission Agreement pays a percentage of your commissions for a specified period to an assigned heir or beneficiary upon your retirement, disability or death. This is a less formal solution and may not reflect the true valuation of your practice.
• A Strategic Partnership For a more complete succession solution, Summit has partnered with FP Transitions, the nation’s leading provider of equity management, valuation, and succession planning services for the financial services industry. Summit’s specialists will work with you every step of the way through Comprehensive Valuation and Benchmarking of your practice to the full development of a Continuity and Succession Plan.
u Valuation and Benchmarking These two processes work together to quantify the value of your practice and identify opportunities for business growth. FP Transitions will work with you to gather pertinent data and develop a comprehensive valuation of your practice. Once the valuation of your practice has been completed, they will review the data points and benchmark your practice against industry averages to enhance the value of your practice. Valuation and Benchmarking can be done on an annual basis to help you track the growth and value of your practice.
u Continuity Plan A continuity plan addresses the shorter-term needs of an advisor looking to protect the execution of the succession plan. Think of it as your “emergency plan” that protects you and your business in the event of a life altering situation. If you or your succession plan partner dies or becomes disabled during the execution of the succession plan, the continuity plan will protect the value of the business and insure the proper transition of the practice.
Maxim
ize & Protect
u Succession Plan
The final step in protecting your practice is the Succession Plan. Through our
partnership with FP Transitions, you have access to a complete succession planning
solution; the Succession Management Program (SMP). Our team will work with you to
identify a potential succession partner who is aligned with your goals and ideals.
The SMP includes:
n A Comprehensive Valuation Report
n A Succession Management Program Manual with over 200 pages of options, strategies and valuation information
n Formal continuity agreements
n An on-going Continuity Planning Profile backup listing
n A Plan to create the best succession plan for your practice
• Practice Acquisition Solutions
Many Summit advisors have focused on purchasing existing books of business to increase
the value of their practice and protect their family’s future. In addition to providing financial
support, Summit will assist you in identifying practices to acquire through our extensive
network of advisors.
Practice Solutions™
595 S. Federal HighwayBoca Raton, Florida 33432
TF 800 354 5528P 561 338 2684F 561 362 6999
joinsummit.com
FOR FINANCIAL PROFESSIONAL USE ONLY
Practice Solutions™ is a trademark of Summit Brokerage Services
Voted the #1 Independent Boutique Broker-Dealerin the Country*
*Based on a national independent survey conducted by a leading trade publication.
Practice Solutions Made Easy!
As a small business owner and entrepreneur, running an efficient and streamlined practice is paramount to your firm’s long-term success.
Practice Solutions is one of the many reasons why you should join Summit Brokerage Services.
For more information on Summit’s Practice Solutions and other services, call our Business Development Experts today at 800-354-5528 or visit us at joinsummit.com.
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SAt Summit, we are focused on offering you the resources you need to succeed as a financial advisor and also as a small business owner.
Summit’s Practice Solutions program is a comprehensive package that covers a broad array of services.
From business development and product support, to educational opportunities and marketing ideas, Summit offers you an entire suite of business building options, all designed to help you run a more efficient and profitable practice.
We invite you to review our programs and look forward to helping you grow your business.
Marshall T. LeedsChairman & CEO
“My Business Coach helps me focus on growing my practice.”
Building Your Practice
Summit has engaged the industry’s best partners, leaders, products and third party suppliers to help you grow, brand, communicate, market, streamline and navigate your practice.
Through these relationships, Summit can help you:
• Discover what makes your business unique and valuable to your ideal clients, prospects and referral sources
• Clarify and communicate the vision and value proposition of your practice
• Maximize you and your staff’s effectiveness by streamlining your operations
• Offer high level research and nonproprietary product support to deliver the best products to your clients
• Gain knowledge on business and product education to keep you ahead of your competitors
Steve Loflin, North Carolina
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Business Coaching
Like many professionals, successful financial advisors have found that using the services of a skilled business coach can help them become more proficient, increase their revenue and create a more profitable and sustainable practice. In fact, many of Summit’s top producers currently utilize a business coach.
A coach can assume the role of your business advisor, mentor, or partner, yet doesn’t share in your business profits.
The value of a coach becomes evident as you team up to make tactical business modifications, such as creating a clear vision, setting achievable goals, creating a viable business plan and keeping you focused and accountable throughout the year.
Summit has alliances with many of the top coaches in our business, at reduced rates, and will work with you to identify the right coach for you.
More than just a logo, a brand is actually the process of developing and shaping your unique message to your marketplace. A successful brand is easily recognizable and distinguishes you from your competition.
Summit has partnered with the premier branding specialists in the financial services business so you can feel confident in the development of a winning brand.
*Source: Cerulli Associates, 2012
Michael Oana, South Carolina
“Summit was instrumental in helping me brand my practice.”
Branding
It is estimated that there are over 300,000 financial advisors in the U.S.* and the Department of Labor Statistics project a 30 percent growth in the occupation through 2018.
With competition so strong, developing a clear and recognizable brand is essential to your success.
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Marketing
Advisors without a comprehensive marketing plan often find it difficult to build their practices. Through our partnerships with some of the leading marketing organizations in the country, Summit offers extensive knowledge and expertise to help you create a unique marketing plan.
Available through our system are turnkey seminars, newsletters, pre-approved collateral, direct and email marketing programs, social media services, public relations firms and web site developers.
Because Summit’s top marketing partners work specifically with financial advisors, you can be assured they are focused on developing effective, integrated marketing strategies that can help expand your practice.
“The Summit National Convention is the best place to learn from both my peers and industry experts.”
Business Management
To help blend your client responsibilities with those of running an office Summit offers its advisors access to several leading management consulting firms. The goal is to make you a better advisor and business owner by providing proven business development, practice management and client classification systems that can boost efficiency among your office staff, allow you to focus on your most productive clients and position your practice to climb to the next level.
In its commitment to help you expand your client base and manage your office staff as efficiently as possible, Summit also facilitates ‘Best Practice’ discussions where our top advisors share their expertise in areas such as marketing, time management and technology with other Summit advisors.
Lindsey Chrystan, Michigan
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Education and Training
Summit offers one of the most comprehensive training programs in the industry, covering new products, services, regulations, practice management, marketing and finance.
Our programs feature nationally known business and financial experts offering insight on industry trends, market analysis, products and practice management.
We also offer peer-to-peer coaching programs designed to allow advisors to share their successes, challenges and opportunities with “like-minded” advisors within our network.
Financial Research
At Summit we understand the importance of providing our advisors and their clients with the best available financial research. Whether you manage your clients’ portfolios yourself or choose a third-party manager, we provide you with the ability to access a wide variety of high quality and well-regarded research. More importantly, we operate without any bias or preference for particular products or sponsors.
Through our clearing firms and other providers, Summit makes available many thousands of pages of constantly updated and vital information on the latest news and stock information, plus a multitude of online, investment strategy reports and industry leading economic forecasts.
Stan Smith, Florida
“The Research provided through Summit rivals that of the largest wirehouse firms.”
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Wells Fargo BNY Jaywalk
Credit Suisse
Dorsey Wright & Assoc.
Standard & Poor’s
Morningstar
Sanford Bernstein
Market Edge
Thomson Financial
Research provided includes:
In addition, we maintain relationships with several Brokerage General Agents/Insurance Marketing Organizations (BGAs / IMOs) for you to channel your fixed annuity and traditional insurance business. Through these agreements, you have access to an abundance of highly rated Insurance carriers who underwrite and provide field support for traditional life, disability, fixed annuities, EIAs, long term care and other insurance contracts.
Richard Brown, Florida
“Summit gives me a full range of products to service my clients.”
Products
Summit is product neutral and does not offer any proprietary products. If there’s a product that we do not currently offer, just ask and we’ll conduct the necessary due diligence to determine if it can be made available.
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Investment Advisory Mutual Funds
Annuities
Equities
Fixed Income
Alternative Investments
Life Insurance
Options
Structured Products
Summit offers a wide variety of products in the following areas:
“Summit understands the needs of the independent advisor and they are always there when I need them.”
Support As a recognized leader in Practice Management Solutions, Summit offers information on all of our programs through our website and live phone support.
Our in-house consultants have decades of experience in the independent broker-dealer industry and will work with you on product selection, business development and marketing strategies.
Gerry Taylor, Michigan
eSolutions™
595 S. Federal HighwayBoca Raton, Florida 33432
TF 800 354 5528P 561 338 2684F 561 362 6999
joinsummit.com
FOR FINANCIAL PROFESSIONAL USE ONLY
eSolutions™ is a trademark of Summit Brokerage Services
Voted the #1 Independent Boutique Broker-Dealerin the Country*
*Based on a national independent survey conducted by a leading trade publication.
eSolutionsMade Easy!
For next generation technology, support and applications designed to streamline your practice, look no further than Summit.
Summit eSolutions is one of the many reasons why you should join Summit Brokerage Services.
For more information on Summit eSolutions or other Services call our Business Development Experts today at 800-354-5228 or visit us at joinsummit.com.
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SOur Summit team is committed to evaluating and incorporating industry leading technology that will empower our advisors to integrate data, compile research and connect with their clients while marketing their businesses.
A recognized leader in providing next generation Technology, Summit’s eSolutions seamlessly integrates best of breed applications to bring your critical client data together, whether on your computer or on your mobile device.
Summit’s eSolutions is a 10 point advantage that will help you grow your practice with easy mobile access and industry leading technology.
At Summit, it’s all about choice. We invite you to review Summit eSolutions and experience the freedom that seamless technology will give you.
Marshall T. LeedsChairman & CEO
“A choice of top clearing firms gives me flexibility when servicing my clients.”
Advantage 1 - Clearing Firms To give our advisors the flexibility they need to be successful intoday’s financial services industry, Summit technology offers access tomultiple state of the art clearing platforms:
Pershing LLC is a subsidiary of BNY Mellon, the nation’s oldest continuously operating bank, and one of the world’s leading providers of securities services.
First Clearing, LLC provides the benefit of a firm with a long heritage in the full-service brokerage business and the strength of Wells Fargo & Company, one of the nation’s strongest financial services companies.
John W. Harrison, III, Kansas
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SPershing’s NetX360™ offers a complete solution that combines the best of the brokerage and advisory worlds onto one platform to make it easier to monitor and grow your business. In addition, the market data, tools, and analytical capabilities available throughout NetX360 will help you identify potential revenue generating opportunities from both new and existing clients. Pershing offers clients and advisors secure online and mobile application access to their data.
First Clearing Correspondent’s (FCC) Smartstation allows you to easily monitor and maintain client records and perform transactions, such as placing trades, opening new accounts and transferring funds. You can also access market data and research and analyze your book of business to identify business development opportunities. With FCC’s industry leading Envision, a strategic analysis program that helps identify and prioritize a client’s goals related to their portfolio and InfoMax, the standard for distributing clearing firm products and services, you get the full benefit of FCC’s wealth of resources. FCC offers both online and mobile client access.
Advantage 2 - RepOffice
Summit’s RepOffice back office portal is second to none in the industry, allowing you 24/7 access to all of the Summit resources you need to run your practice, such as:
• Links to business development programs
• Operations/Compliance forms library and Summit procedures
• Summit’s next generation Commission DashBoard and Reporting
• Access to Compliance Bulletins
• Our Strategic Partner Programs
• Available Corporate Discounts and much more
The Rep-Office Advantage includes Single Sign-On access to Summit’s technology partners and Webmail.
Micah Shilanski, Alaska
“Access to next generation technology is critical to the success of my practice.”
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• More new clients. Albridge users acquired 341.5% more clients than non-users while growing their book of business by more than double the rate of non-users*
• More new accounts. Albridge users grew the number of accounts they manage by 183.4% more than non- users, including the opening of new accounts for new and existing clients*
While Summit supports Albridge as its Portfolio Management Solution, Summit has relationships with additional portfolio providers to offer a full range of portfolio management solutions.
*Source: Albridge Built for Performance report, 2011
Summit has partnered with industry leading portfolio management system provider Albridge Wealth Reporting to integrate portfolio accounting and performance reporting that delivers an accurate, single view of all of your clients’ assets. Albridge consolidates client account data from multiple sources, making it the industry’s most scalable and reliable wealth reporting solution.
The Portfolio Management Advantage allows Albridge users to outperform non-users in every meaningful growth and profitability measurement:
• More assets. Albridge users grew assets by 74.5% more than non-users through both existing clients and the acquisition of new clients*
Advantage 3 - Portfolio Management
“Seamless integration of client data allows me to effectively communicate with my clients.”
Summit has aligned with Redtail Technology. Redtail is a web-based, robust yet easy-to-use client management solution designed specifically for financial professionals.
Redtail integrates with Summit’s key Technology applications and allows everyone in your office to access the same client notes, schedules, and account data. Its web-based cloud functionality allows you to access client information and calendar notes on the go from anywhere with internet access at any time.
In addition, the Redtail CRM mobile app is available for your iPhone, iPad, Android or Blackberry devices.
While Summit supports and integrates Redtail Technology as our CRM of choice, we also give our advisors the option to use industry standard CRMs.
Mark Saunders, Virginia
Advantage 4 - Client Relationship Management (CRM)
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Advantage 5 - Paperless Office
Summit has partnered with Docupace, the industry’s first web-based SEC/FINRA compliant paperless processing system. It is the most comprehensive straight-through processing platform for independent broker-dealers on the market; it’s driven by an integrated document management processing engine that allows you to achieve a completely paperless office environment.
The Paperless Office advantage, using Docupace, allows users to:
• Keep Compliant: Supervision, and any audits, can be quick and painless with Docupace’s FINRA and SEC Books and Records audit ability and fully compliant solution
• Scan and Store: All your documents are quickly and efficiently scanned and catalogued
• Stay Secure: With Docupace providing completely compliant, always-secure storage for all of your client’s information, you can be assured their information is safe
• Grow: Docupace’s online subscription model and Software as a Service (SaaS) solution allows you to grow with no additional capital expenditures
• Efficiency: Summit’s integration with Docupace allows for direct submission of New Accounts, Cash Processing and Direct Business
With Docupace you save time and space, gain peace of mind that all of your documents are secure, and get the added benefit of reducing your expenses. Summit will review other specific FINRA/SEC approved applications for use.
Advisors are finding that their clients now want to form relationships using social media as a means to communicate.
Summit’s relationship with Erado allows our advisors to use Facebook, LinkedIn, Twitter and Blogs to form these relationships with clients and get their messages to the general public.
Erado interfaces directly with all Social Media outlets to capture and track all content and provide a record for our compliance department.
This benefits you by being able to post interactive content immediately without the requirement for pre-approval by Home Office compliance personnel.
Kathleen Almulla, Florida
“I have compliance and marketing support for my website, blogs and social media.”
Advantage 6 - Social Media Support
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Advantage 7 - Website Connect
Online branding of your practice is no longer an option, it is a necessity. Summit’s Website Connect program is designed to help our financial services professionals use the internet to grow and brand their practices.
Our Website Connect partners can create a superior website that will help establish your web presence and represent your unique value proposition while also meeting FINRA/SEC compliance requirements.
Summit has multiple providers to choose from, not locking you into one provider. You make the choice on which firm you want to help you with your website development.
As part of our Website Connect program, we support the use of third party domain names for email. We will assist you in configuring your email to insure compliance with all FINRA/SEC requirements.
• Your production percentile ranking within the Firm
• Tracking your production for Chairman’s and President’s Club
• Your previous day, month, year-to-date and trailing 12-month gross production
• Your payment detail summary and pending payments
• A graphic summary of your production, product mix and assets under management.
Richard Azouz, California
“I can be anywhere in the world and be able to manage my practice.”
Advantage 8 - Commission Viewer
Summit’s Commission Viewer and Dashboard set a new industry standard for commission processing and reporting. By providing detailed reporting on commissions and charges, Summit’s Commission Viewer empowers our financial advisors with clear and concise information to manage their practice.
Features included in our proprietary Dashboard are:
• Consolidation of all your commission detail into one easy-to-read page
• Key commission indicators to help track the growth of your business
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Advantage 9 - Communications
Summit offers you the tools you need to keep abreast of industry trends and policies along with 24/7 access to support questions and answers.
Our eSummit communications provides a regular update on Summit’s current technology offerings, industry best practices and new technologies.
The FAQ section focuses on answering common SummitOperations, Processing and Technology questions as well asproviding you the ability to submit questions that will beincorporated into the FAQ’s.
Our IT Essentials section provides common IT links and downloads that are used by Summit advisors on a daily basis.
Summit’s DaPP (Data Protection Policy) Programcomplies with FINRA’s expectation that all devices used toaccess account information and/or store non-public customerinformation be adequately secured for protection of client information.
At Summit we are committed to offering new technologies,desktop/mobile applications and security practices within thetechnology field.
“Working with Summit’s technology team allowed me to streamline my office, eliminate paper and function more efficiently.”
After every request we ask for your feedback to allow us to learn from every advisor experience and improve our service and support.
Summit’s Service and Support advantage provides personalized IT assistance to quickly and professionally help with all of your technology needs.
eSupport – Technology is only as good as the people behind it. At Summit we pride ourselves on service excellence. Backed by a team of technology professionals, Summit’s eSupport provides each of our financial advisors with the resources they need to quickly address any technology-related issues.
In addition, our eSupport process enables our technology professionals to remotely connect (with your permission) to your computer which allows us to address and complete any service and support request.
Doug Becker, Pennsylvania
Advantage 10 - Service and Support
Advisory Solutions™
Summit Financial Group is a wholly-owned subsidiary of Summit Brokerage Services, Inc. member FINRA, SIPC.
595 S. Federal HighwayBoca Raton, Florida 33432
TF 800 354 5528P 561 338 2684F 561 362 6999
joinsummit.com
FOR FINANCIAL PROFESSIONAL USE ONLY
Advisory Solutions™ is a trademark of Summit Financial Group
Voted the #1 Independent Boutique Broker-Dealerin the Country*
*Based on a national independent survey conducted by a leading trade publication.
Advisory SolutionsMade Easy!
When it comes to Advisory Solutions, Summit is a recognized leader with one of the most robust fee-based offerings in the industry.
Summit’s Advisory Solutions is one of the many reasons why you should join Summit Brokerage Services.
For more information about Summit’s Advisory Solutions and other services, call our Business Development Experts today at 800-354-5528 or visit us at joinsummit.com.
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The ability to combine commission and fee-based business is an essential requirement for today’s most successful financial advisor.
Being independent is all about choice and Summit’s commission and fee-based platforms offer you the best of both worlds, allowing you to meet the demanding needs of your clients while keeping ahead of the competition.
Summit’s models provide you the freedom to run your practice as you desire, offering a wide array of services to help you build a successful advisory practice.
We invite you to explore Summit’s Advisory Solutions and the many opportunities available to you as a Summit advisor.
Marshall T. LeedsChairman & CEO
“At Summit, you get the best of both worlds!”
Why Fee-Based?
In today’s marketplace, being a fee-based advisor is shifting from a competitive advantage to a competitive necessity driven by the demand for advice, the impending boomer wave, and the expanded role of the advisor. PriceMetrix* found that advisors moving clients more aggressively into fee-based accounts saw revenue growth of 47% over the past three years compared to an average growth rate of 21%; these advisors also had above-average growth in assets under management as well as return on assets.
Other results from the study which support fee-based accounts include:
• The average fee-based account is 46% larger than the average transactional account.
• The average fee-based account generates three times as much revenue – $2,900 per account vs. $870.
• Households with at least one fee-based account generate a return on assets that is 40% -70% higher than households that are purely transactional.*Source: PriceMetrix, 2012
E. Martin von Känel, California
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Fee-Based Benefits
Client Interest. Fee-based pricing aligns the advisor’s interests with their clients.
Objectivity. Because the advisor is compensated on the value of their client’s assets, they can be unbiased in their use of investment products.
Predictable Revenues. Fee-based pricing provides anongoing revenue stream that typically provides the advisor with more stable income.
Client Retention. Fee-based advisors provide ongoing investment advice as a component of their fee, which means spending more time with clients.
Unlock More Assets. Advisory relationships can translate into capturing more client assets through increased trust and the ability to provide broader services.
Valuation. Fee-based practices are more attractive to acquire, leading to a higher multiple for selling a practice and/or creating a succession plan.
Summit’s Advisory Solutions When choosing the right independent broker dealer, you want to make sure any potential partner has a vast array of fee-based options.
Summit offers a complete line of flexible fee-based programs so you can deliver personalized portfolios that meet the needs of each of your clients.
At Summit, you have the ability to conduct your fee-based business under your own individual RIA or Summit’s Corporate RIA. And you can utilize platforms including Separately Managed Accounts (SMA), Mutual Fund/ETF Wrap, Advisor Directed, Client Directed, Unified Managed Accounts (UMA), Third Party Money Management and more!
Jay Black, Florida
“Summit’s fee-based platforms provide unparalleled flexibility.”
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Summit Investment Advisory Platforms
Advisor directed Client directed
Unified managed accounts
Mutual fund wrap
Multiple discipline accounts
ETF wrap
Separately managed accounts
Hybrid advisor
Third-party money managers
“Transitioning to fees was the best decision I ever made.”
Questions to Consider
Regardless of which platform you choose, there are several questions you may wish to consider.Because of the wide range of fee-based programs available, you’ll have to make some importantdecisions regarding what type of account(s) you’ll want to set up.
• Will I personally manage the fee- based business? • Will my client, with my assistance, manage the account?
• Will my client and I rely upon a third party professional manager? • What products will fund the portfolios? • Do I personally wish to be an asset manager or an asset gatherer? • Do I need “discretion?” • Which clearing platform offers the best program(s) for my needs and the needs of my clients?
Summit will assist you in finding the best fee-based option for your practice.
Fred Hensler, Michigan
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Multi-Affiliation and Licensing Options for Summit Advisors
Commisson-Only Fees & Commissions Hybrid Advisor Fees-Only
CommissionBusiness
Through Summit
Brokerage Services
Through Summit
Brokerage Services
Through Summit
Brokerage Services
N/A
Fee-BasedBusiness
N/A
Under Summit’s RIA
Under YOUR own RIA
Under Summit’s RIA or
YOUR own RIA
Clearing Firms
Summit offers nationally recognized clearing platforms to execute your securities business and also manage your fee-based practice. Summit clears through First Clearing Correspondent Services (FCC)and through Pershing, LLC. FCC leverages their parent company, Wells Fargo Advisors, while Pershing utilizes their affiliate, Lockwood Advisors, to provide investment advisory services to customers.
Choose the clearing firm you wish to execute trades and process your fee-based business. If you prefer, you are able to utilize both clearing firms.
Both FCC/Wells Fargo and Pershing/Lockwood offer ongoing webinars, conference calls and education meetings to broaden your knowledge and help you build your practice.
Brian Broberg, Pennsylvania
“Summit offers significantly more fee-based options than my previous wirehouse firm.”
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FCC Fee-Based Business at a Glance
At FCC, you have an abundance of platforms from which to choose, ranging from programs managed by Wells Fargo Advisors, to outside third party managers, to those directed by you and your client. Please refer to the FCC Fee-Based Products At A Glance document found in the back of this brochure for more details.
Pershing Fee-Based Business at a Glance
At Pershing, you can choose from many different platforms. The Lockwood Advisors team is dedicated to helping RIAs implement thoughtful, deliberate investment solutions. Please refer to the Pershing/Lockwood Fee-Based Products At A Glance document located in the back of this brochure.
SeparatelyManagedAccount
UnifiedManagedAccount ETFs
MutualFunds
ClientAdvised
FA Advised Hybrid
FCCPershing
✓ ✓ ✓ ✓ ✓ ✓ ✓✓ ✓ ✓ ✓ ✓ ✓ ✓
Hybrid Advisor If you are interested in maintaining your own RIA, while at the same time continuing to generate commissions, Summit’s hybrid RIA solution may be right for you. Summit’s hybrid solution allows advisors to benefit from the flexibility of having their own independent RIA, while at the same time leveraging the resources of Summit and its multiple clearing platforms to process their securities transactions.
Advisors can also benefit from Summit’s proprietary Hybrid PRO platform.
John Kuykendall, Florida
“Summit’s Hybrid solution gives me the opportunity to have my own RIA and continue to do my commission business through Summit.”
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Summit’s Hybrid PRO
Summit‘s Hybrid PRO, offered through our partnership with Pershing Advisory Services (PAS), is a comprehensive program designed to help you gather new assets, increase client retention and compete for high net worth individuals in an increasingly challenging environment.
Hybrid PRO’s open-architecture technology, powered by Pershing’s NetX360, is specifically designed to support both commission and fee-based business in a single, integrated environment.
PAS offers assistance in developing your overall business strategy, financial modeling, sales processes and marketing programs, as well as expert consulting to help you optimize technology, processes and workflows.
More information about Hybrid PRO can be found in the back of this brochure.
“My transition to Summit was seamless!”
Transition Upon joining the firm, you will have an entire transition team dedicated to taking you through the process, from licensing and registration, to transferring your clients’ accounts and to establishing your office.
From our perspective, no transition is complete until your new business is up and running at 100%.
Lee Sussman, Florida
Succession Solutions™
595 S. Federal HighwayBoca Raton, Florida 33432
TF 800 354 5528P 561 338 2684F 561 362 6999
joinsummit.com
FOR FINANCIAL PROFESSIONAL USE ONLY
Succession Solutions™ is a trademark of Summit Brokerage Services
Voted the #1 Independent Boutique Broker-DealerVoted the #1 Independent Boutique Broker-Dealerin the Country*in the Country*
*Based on a national independent survey conducted by a leading trade publication.
As a recognized leader in helping advisors achieve financial security, Summit Brokerage Services is committed to ensuring that you have a succession plan in place, and offers professional consultation to help you maximize the value of your business.
Summit’s Succession Solutions is one of the manyreasons why you should join Summit Brokerage Services.
For more information on Summit’s Succession Solutions and other services call one of our Business Development Experts today at 800-354-5528 or visit us at www.joinsummit.com
Succession PlanningSuccession PlanningMade Easy!Made Easy!
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SAt Summit, we are focused on helping our advisors develop a fair and profitable business transition.
That is why we created the Summit Succession Solutions program which provides a process focused on enhancing, protecting and executing an effective succession plan.
Summit is also focused on supporting advisors who wish to grow their business through our Practice Acquisition Solutions program.
We invite you to explore Summit’s Succession Solutions to ensure your legacy through a well conceived and properly executed succession plan.
Marshall T. LeedsChairman & CEO
“Summit’s Plan assured my family’s financial future.”
Creating a Succession Plan To maximize your net worth, protect your business, andinsure your family’s financial security, Summit has developed a two-step succession process.
The first step is Summit’s Continuing Commission Agreement which provides continuous compensation upon retirement, disability or death.
The second step is working with our team to develop a comprehensive valuation and succession program.
Jeff Poosch, Michigan
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Summit’s Continuing Commission Agreement
The Continuing Commission Agreement pays a percentage of your commissions for a specified period to you upon your retirement or disability, or to an assigned heir or beneficiary upon your retirement, disability or death.
This is a less formal solution and may not reflect the true valuation of your practice.
A Strategic Partnership For a more complete succession solution, Summit has partnered with FP Transitions, the nation’s leading provider of equity management, valuation, and succession planning services for the financial services industry.
Summit’s specialists will work with you every step of the way through Comprehensive Valuation and Benchmarking of your practice to the full development of a Continuity and Succession Plan.
Robin Davis, Florida
“Summit’s team helped me obtain a clear valuation for my practice.”
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Valuation and Benchmarking
These two processes work together to quantify the value of your practice and identify opportunities for business growth.
Our team will work with you to gather pertinent data and develop a comprehensive valuation of your practice.
Once the valuation of your practice has been completed, we will review the data points and benchmark your practice against industry averages to determine how you can best increase the value of your practice.
Valuation and Benchmarking can be done on an annual basis to help you track the growth and value of your practice.
“Summit was instrumental in helping me create a Succession Plan.”
Continuity Plan A continuity plan addresses the shorter-term needs of an advisor looking to protect the execution of the succession plan. Think of it as your “emergency plan” that protects you and your business in the event of a life altering situation.
If you or your succession plan partner passes away or becomes disabled during the execution of the succession plan, the continuity plan will protect thevalue of the business and insure the proper transition of the practice.
Craig Hauger, Arizona
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Succession Plan
The final step in transitioning your practice is the Succession Plan. Through our partnership with FP Transitions, you have access to a complete succession planning solution; the Succession Management Program (SMP).
Our team will also work with you to identify a potential succession partner who is aligned with your goals and ideals.
The SMP includes: • A Comprehensive Valuation Report
• A Succession Management Program Manual with over 200 pages of options, strategies and valuation information
• Formal continuity agreements
• An on-going Continuity Planning Profile backup listing
• Creating the best succession plan for your practice
Practice Acquisition Solutions Many Summit advisors have focused on purchasing existing books of business to increase the value of their practice and protect your family’s future.
In addition to providing financial support, Summit will assist you in identifying practices to acquire through our extensive network of advisors.
Jeremy Swank, Ohio
“Summit provided financing for my acquisition of another practice.”
“There are great players. Some become legends.”
—Don ShulaWinningeSt CoaCh in nFl hiStory
hall oF Fame ClaSS oF 1997
“All play for winning teams.”
www.joinsummit.com • 800-354-5528 • Member FINRA/SIPC
“The difference between a great player and a legend is often the team they’re playing on. My assistant coaches, trainers, scouts, and even the groundskeepers were always focused on supporting every athlete on the field. That support allowed all of my players to perform at the highest level, and made championships possible. Summit shares this same commitment by providing each of its independent advisors with the support they need to reach their full potential. Contact Summit to find out how you can become a legend.”
FOR BROKER DEALER USE ONLY
Summit Brokerage Services in Investment Advisor Magazine 2014 Top 25 Broker-Dealer RankingsJune 2, 2014 – Investment Advisor, one of the industry’s leading publications, recently recognized Summit Brokerage Services in its annual 2014 B-D rankings as one of the top 25 independent broker-dealers for average production per financial advisor and for the highest ratio of home office support staff to advisors.
Summit Brokerage Services Voted Highest-Rated Independent Broker-DealerMarch 10, 2014 - Summit is proud to announce that it has been voted as the overall highest-rated independent broker-dealer by Rep magazine. In the magazine’s fourth annual Broker-Dealer Report Card, they surveyed advisors between January 10 and February 3, 2014 from over 80 independent brokerage firms. In the survey they asked advisors to rate their broker-dealer on 26 different factors related to their satisfaction on a scale from one (lowest) to ten (highest). Summit Brokerage garnered the highest overall score of 9.9.
Summit Brokerage Services Recognized As a Top 25 Independent Broker-Dealer by Investment AdvisorJune 19, 2013 - Summit was recognized among the Top 25 independent broker-dealers by Investment Advisor for average production per financial advisor, as well as for the ratio of home office support staff to advisors.
Summit Brokerage Services Recognized As a Top 50 Independent Broker-Dealer by Financial PlanningJune 19, 2013 - Summit was recognized among the Top 50 independent broker-dealers by Financial Planning in a total of five categories, including total payout to financial advisors; total commission revenue; total account assets; highest average production per financial advisor; and home office support staff.
Summit Brokerage Services, Inc. Number One in InvestmentNewsMay 8, 2013 – InvestmentNews magazine reported on the top independent broker-dealers ranked by financial advisors producing $100,000 to $499,000 a year as a percentage of total financial advisors. Number one on the list was Summit Brokerage Services Inc., with 88% of its financial advisors falling into that range.
Summit Brokerage Services Recognized as One of the Top Independent Broker-Dealers by Investment Advisor in their 2012 RankingsAugust 2, 2012 – Summit Brokerage Services, Inc. is pleased to announce its inclusion as one of the Top 25 Independent Broker-Dealers by trade publication Investment Advisor. Summit was recognized in two categories – our advisors have some of the highest average production in the industry and our home office support staff per advisor ratio is one of the best in the industry.
Summit Brokerage Services in Financial Advisor’s 2012 B-D RankingsApril 12, 2012 – Financial Advisor recognized Summit Brokerage Services in its 2012 B-D rankings as one of the top 50 independent broker-dealers as measured by gross revenue.
About Summit Brokerage Services, Inc.Summit Brokerage Services, Inc. is a Florida-based financial services company that provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.
Summit is registered with the Securities and Exchange Commission (SEC), and is a member of FINRA, the Municipal Securities Rule Making Board, and the National Futures Association. The company currently offers its services through a network of approximately 300 registered representatives, and its business plan is focused primarily on increasing its network of affiliated registered representatives through recruitment as well as by acquistions.
SUMMIT IN THE NEWS
TYPE OFSECURITY Type of Transaction Per Trade ($) Per Trade ($) Execution ($) Per Trade ($) Execution ($)
MUTUALFUNDS FundVest Eligible Funds1 n/a n/a Free Load & No-Load Free 19.50 19.50 Liquidation & Exchanges – All Funds Free 10.00 10.00 Periodic Investments – PIPS/SWIPS Free 3.50 1.00 Trails Free Free FreeEQUITIES Listed and AMEX 24.50 .02 per share2 24.50 .02 per share2, 5
OTC 24.50 24.50FIXEDINCOME Municipal & Zero-Coupon Bonds 40.00 40.00 Corporate Bonds 35.00 35.00 Treasury & Government Bonds 45.00 45.00 Listed Bonds 35.00 $2 per $1,000 face2 35.00 $2 per $1,000 face2
UITs 25.00 25.00 CDs 40.00 40.00OPTIONS Orders 20.003 $2 per contract 20.00 $2 per contract Assignments & Exercises 20.003 30.00ANNUITIES New Purchases & 1035 Exchanges4 Free n/a 35.00 Subsequent Purchases4 Free n/a 20.00OTHER Syndicate Participation 25.00 25.00 Limited Partnerships Free 25.00 50.00 Extensions 12.00 12.00
DIRECT BUSINESS FIRST CLEARING6 PERSHING6
1FundVest is a no transaction fee mutual fund program offered exclusively through Pershing. 2Applies to Exchange-executed trades only.3Including option trades executed in PIM and Asset Advisor accounts.4Electronic processing of annuity applications is available only through Pershing. There is no charge for the processing of annuities on a direct basis.5A charge of $.02 per share will apply to trades executed by Pershing’s trading desk.6The amounts above are intended to reflect the charges associated with the most common types of transactions. Certain charges may be assessed even though they are not included above, including, but not limited to, for option exercises and assignments as well as execution, clearance and other settlement costs for non-U.S traded securities. Please contact the accounting department to determine the exact costs.
Revised Feb 2014
CLEARING CHARGES
FOR BROKER DEALER USE ONLY