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.
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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