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Summit Investment Management Review

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Summit Investment Management Review

Summit Investment Management, Ltd.

Located in Milwaukee, Summit Investment Management, Ltd. is a financial advisor firm that currently manages nearly $75 million in assets. The firm employs three financial advisors that offer services including investment portfolio management and financial planning. Summit services a base of mainly individual clients, though it has some institutional accounts as well.

Summit is a fee-only financial advisor firm. This means that its compensation comes entirely from client fees, which are based on a percentage of their assets under management (AUM). This is notably different from a fee-based firm, which may also earn commissions from the sale of certain securities or insurance products.

Summit Investment Management Background

Summit Investment Management was founded in 1987 by Marvin Swentkofske, who has since passed away. It currently has four employees, with Ronald E. Chandler serving as the firm's president since 2012. Thomas J. Czech is the chariman of the firm, Thomas Carroll is the chief investment officer (CIO) and vice president and Kendra L. Debaets handles daily operations and client services. Czech and Carroll are both chartered financial analysts (CFAs).

What Types of Clients Does Summit Investment Management Accept?

Summit primarily works with individuals without a high net worth, as well as some high-net-worth individual clients. It also works with pension plans, profit-sharing plans, charities and a number of corporations. Of the firm's approximately 150 clients, approximately 90% are individuals.

Summit Investment Management Minimum Account Size

Summit has two separate minimum account sizes. Full-service accounts carry a minimum investment of $250,000. For Summit's Direct and Catholic Values Direct services, the minimum account size is $10,000. Both of these minimums may be waived at the discretion of the firm.

Services Offered by Summit Investment Management

Summit offers both full and web-based financial advisory services. Full-service accounts are managed on a discretionary basis and involve a direct relationship with one of Summit's advisors. The services available for these clients include general wealth management and financial planning, as well as customized investment management and portfolio design.

The firm offers internet-based robo-advisor services through the Summit Direct and Catholic Values Direct programs. These online software platforms are automated, non-discretionary and do not include access to a financial advisor. Clients fill out a survey and then the programs suggest a certain portfolio allocation. 

Summit also offers their full service accounts as wrap fee programs. Wrap fee accounts are managed in the same way as non-wrap fee accounts.

Summit Investment Management Investment Philosophy

Summit looks to invest client assets in a wide range of securities, with a particular focus on stocks and bonds. In the firm's analysis of appropriate stocks and bonds, it looks to judge a number of macroeconomic and microeconomic factors. These include inflation, interest rates, fiscal policies, the overall economy and industry sectors. It also relies on a range of quantiative and qualitative analyses when it comes to crafting portfolios. With each client account, Summit looks to maximize long-term growth while mitigating risk according to the preferences of the client.

Fees Under Summit Investment Management

Summit's full-service account programs charge fees based on which specific offering you subscribe to. The firm's wealth mangement oversight service carries an annual fee of 1.20%, whereas investment management services come with a fee of 1.00%. On the other hand, the annual fee for web-based robo-advisor services is unsurprisingly much lower, at 0.40%.

Fees are calculated and paid on a quarterly basis, despite the fact that the firm shows its fee schedule in annual percentages. When the times comes, fees will be subtracted from your account's balance.

Disclosures

Summit Investment Management doesn't have any legal or regulatory disclosures listed on its Form ADV.

Opening an Account With Summit Investment Management

Interested in becoming a client of Summit? You can go on its website and submit a form to schedule a free consultation. You can also call the firm's office at (414) 291-4488. Otherwise, you can visit its office in Milwaukee, Wisconsin at 400 East Wisconsin Avenue in Suite 102.

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How Many Years $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

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Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology To determine how long a $1 million nest egg would cover retirement costs in cities across America, we analyzed data on average expenditures for seniors, cost of living and investment returns.

First, we looked at data from the Bureau of Labor Statistics (BLS) on the average annual expenditures of seniors. We then applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in the largest U.S. cities.

We assumed the $1 million would grow at a real return (interest minus inflation) of 2%. This reflects the typical return on a conservative investment portfolio. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.

Sources: Bureau of Labor Statistics (BLS), Council for Community and Economic Research