Merchant Investment Management, an RIA investment firm, took a minor equity interest in Parsippany, New Jersey-based RIA Summit Financial.

Merchant bought into Summit Financial as it launches its new advisory platform, SummitVantage. The platform will offer independent advisors access to a gamut of resources, including client relationship management services, financial planning software and performance reporting services.

Chief executive Stan Gregor (pictured) said that Summit Financial had been developing SummitVantage over the past few years.

Summit Financial manages $3.3 billion in assets.