$1.9B Merrill Lynch California Breakaway Team Joins Summit Financial, Marking the 11th Summit Transaction This Year, Chooses Goldman Sachs as Custodian

$1.9B Merrill Lynch California Breakaway Team Joins Summit Financial, Marking the 11th Summit Transaction This Year, Chooses Goldman Sachs as Custodian

PARSIPPANY, N.J.--Summit Financial Holdings (“Summit”), an innovative leading architect of advisor success and client satisfaction for over four decades, today expands its national footprint with the launch of SRM Private Wealth (“SRM”). Headquartered in Pasadena, California, this newly formed independent practice is led by managing partner and private wealth advisor Richard McWhorter, CFP®, CRPC® and is the eleventh firm this year to join Summit Growth Partners (SGP), Summit’s innovative partnership model that combines cash monetization with equity participation and exclusive partnership privileges. By adding SRM, Summit has strengthened its West Coast presence and boosted its assets, bringing the total added to more than $5 billion so far in 2024. This makes Summit one of the fastest-growing firms in the independent space in the country.

“We will provide institutional-grade solutions from across Goldman Sachs to enable SRM to deliver an enhanced experience to their high-net-worth and ultra-high-net-worth clientele.”

SRM will become an affiliate partner of Summit Financial, utilizing Summit’s platform to facilitate its launch, enhance its operations and accelerate long-term growth by meeting the complex and evolving needs of its high-net-worth clientele. The Summit platform of family office-style services for wealth advisors includes comprehensive planning expertise via an Advanced Planning team; exclusive, diversified investment solutions; integrated top-tier technology; deep risk management capabilities; and essential operational support, enabling SRM to remain keenly focused on their clients. McWhorter and his team will also become part of Summit’s collaborative network of advisor peers, colleagues and other strategic partners.

Joining McWhorter, who ranked as a Forbes 2024 Best-in-State Wealth Advisor at Merrill Lynch, are partner and director of client services Sandra Parracino, AWMA and client associate Kyle Szesnat. Collectively, they specialize in serving high-net-worth and ultra-high-net-worth individuals, including executives in the sports and entertainment industry, with a keen focus on asset protection and growth. The team’s ability to cater to the complex needs of this client base, combined with a personalized service model, enabled SRM to attract more than $1.9 billion in assets under management (AUM) while at Merrill Lynch.

“What drew me to Summit was its powerhouse of resources designed to accelerate our growth,” McWhorter said. “Throughout the due diligence process, it became evident that Summit’s open-architecture approach to investment opportunities, combined with Goldman Sachs’ custody solution, was precisely what my team needed in order to succeed. Equipped with these powerful tools and solutions, I’m excited to focus on further enhancing my client service and acquiring new business.”

Summit offers top independent and breakaway advisors like SRM an opportunity to align with the firm through partnership options that provide significant flexibility. Affiliate firms gain access to Summit’s full suite of services, including technology, financial planning, investment management, insurance and operational support. Advisors joining Summit’s RIA maintain full ownership of their businesses, and advisors who meet certain criteria are invited to join SGP. Additionally, firms have the freedom to choose their preferred custodial provider. SRM has taken advantage of the recent integration of Goldman Sachs Custody Solutions (GSCS) into the Summit platform, opting to employ the digital-forward custodial provider’s services on behalf of its clients.

“Throughout Summit’s rich forty-year history, we have championed and supported advisors in their quest for independence,” said Stan Gregor, CEO of Summit Financial Holdings. “We pride ourselves on fostering a vibrant community where top advisors can thrive via independence and innovation. Today, we’re delighted to welcome Richard, one such high-performing advisor with a deep commitment to putting clients first, and to help his team define success on their own terms. We look forward to empowering his continued growth with the launch of SRM Private Wealth.”

“Goldman Sachs Custody Solutions is excited to work closely with SRM and Summit Financial to transition a team of this scale to independence," said Cooper Rey, managing director at Goldman Sachs Custody Solutions. "We will provide institutional-grade solutions from across Goldman Sachs to enable SRM to deliver an enhanced experience to their high-net-worth and ultra-high-net-worth clientele."

A 2023 Forbes and Barron’s Top 100 RIA Firm, Summit remains committed to its founding principles of independence and comprehensive financial planning. Interested advisors and firm leaders can learn more about Summit’s comprehensive platform of fully integrated, industry-leading services, thought leaders and innovative technology — known as the SummitVantage™ — at summitfinancial.com.


As an independent financial services firm with legacy business from its predecessor going back over 40 years, Summit and its affiliates are proud to continue their vision of guiding clients toward financial success by aligning extensive experience with a forward-thinking philosophy, adapting to industry changes for the sake of best serving our clients now and well into the future. With customized, holistic, and hands-on advice, we help turn life’s aspirations into success stories. Our financial advice focuses on individual needs and values, not industry norms.

Summit Financial Holdings, LLC’s affiliated firms include, but are not limited to, Summit Financial, LLC, Summit Risk Management, LLC, Summit Advisory Services, LLC, Summit Services IT, LLC, and Summit Growth Partners, LLC.


Goldman Sachs Custody Solutions offers clients of independent advisors access to institutional-grade solutions and custody services. We transform the client experience with an intuitive, digital-forward platform to enhance your advisor’s transparency. Our modern, nimble, and ever-evolving open architecture network connects advisors to best-in-class services and tools. More than just a custodian, we are a gateway to the institutional power of Goldman Sachs.

Custody, clearing and certain brokerage services are provided by Folio Investments, Inc. d/b/a Goldman Sachs Custody Solutions (GSCS), an SEC-registered broker-dealer and member FINRA/MSRB/SIPC. Additional brokerage services are provided by Goldman Sachs & Co. LLC (GS&Co.), an SEC registered broker-dealer and investment adviser, and member FINRA/MSRB/SIPC. GSCS and GS&Co. are not your investment advisors and do not provide investment advice to you or your investment advisor. The information provided here shall not constitute an offer, solicitation, or advice by GSCS or GS&Co. to buy or sell securities. GSCS and GS&Co. do not control, and are not responsible for, any information or other content provided on the Summit Financial website, including any prospectuses, reports, summaries, or other data provided herein.