Summit Trail Advisors has earned much recognition for its industry expertise over the years. In 2022, the financial advisor once again appeared on Barron's list of America's Top 1,200 Financial Advisors by State.
This New York-based firm currently manages retail and institutional clients. Advisory compensation includes asset-based fees, hourly fees and fixed fees.
Summit Trail Advisors has a fee-based fee structure, meaning advisors can earn compensation both from the services provided and from product sales, which presents a potential conflict of interest.
Summit Trail Advisors Background
Summit Trail is a limited liability company that was founded in 2015. The registered investment advisor (RIA) is also a wholly-owned subsidiary of Summit Trail Holdings, LLC. In addition to its headquarters in New York, it has offices in San Francisco, Chicago, Boston, Seattle and Harrisburg, Pennsylvania.
The firm’s management team includes Jack Petersen, David Romhilt and Thomas Harms.
Summit Trail Advisors Client Types and Minimum Account Sizes
Summit’s client types include individuals, high-net-worth individuals, trusts, estates, business entities, pension and profit sharing plans and charitable organizations.
The firm doesn’t impose a set account minimum. While Summit Trail Advisors has a wrap fee program, the firm doesn't offer it to new clients.
Services Offered by Summit Trail Advisors
Summit provides the following advisory services:
- Financial planning
- Portfolio management
- Pension consulting
- Selection of other advisors (including private fund managers)
- Private fund investments
- Outsourced chief investment officer services
- Family office services
Summit Trail Advisors Investment Philosophy
Summit says on its website that its team constantly researches economies, capital markets and strategies for the best investment outcomes. When offering investment recommendations, the firm’s investment process focuses on the following three areas: asset allocation, investment selection and portfolio construction. In addition, Summit uses fundamental analysis and technical analysis to evaluate securities.
The firm mainly invests in exchange-traded funds (ETFs), separate accounts, mutual funds and limited partnerships.
Summit Trail Advisors Fees
Investment advisory fees at Summit generally range up to 1.50% of assets. Outsourced chief investment officer (CIO) services come with an annual fee of $150,000. For financial planning and consulting services, Summit generally charges flat fees ranging from $5,000 to $75,000, though such fees are negotiable. The firm offers hourly fees ranging from $500 to $1,000. See how much you might pay for investment advisory services below:
|*Estimated investment management fees do not include brokerage, custodial, third-party manager or other fees, which can vary in amount.|
|Estimated Investment Management Fees at Summit Trail Advisors*|
|Your Assets||Summit Trail Advisors Maximum Fee Amount|
|$500K||Up to $7,500|
|$1MM||Up to $15,000|
|$5MM||Up to $75,000|
|$10MM||Up to $150,000|
Learn more about advisors' typical costs here.
What to Watch Out For
Summit doesn’t have any disclosures on its record, but it’s important to consider that the firm’s fee structure may present conflicts of interest. Because some advisors may recommend or sell investment products for additional compensation in the form of commissions, a client's needs may be neglected if such advisors push products with higher fees but lower suitability for clients.
Opening an Account with Summit Trail Advisors
You can set up an account with Summit by visiting the firm’s New York office or any of its other locations. You can also contact the firm at (212) 812-7010.
All information is accurate as of the writing of this article.
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