A five-person team has left Wells Fargo Advisors to launch their own independent practice with Summit Financial, a Parsippany, N.J.–based registered investment advisor. Summit has taken a minority, noncontrolling stake in Great Lakes Private Wealth, the Farmington Hills, Mich.–based practice that oversaw more than $400 million in assets under management while at Wells Fargo.
The firm joins under Summit’s custom capital model, Summit Growth Partners, launched in early 2021 with the help of Merchant Investment Management, which owns a minority stake in the firm.
Great Lakes Private Wealth is led by founder and Chief Investment Officer Daniel Murphy, who previously spent almost 12 years at Wells Fargo and more than 30 years with UBS. He is joined at the new firm by Patrick Patin, partner and portfolio manager; Carla Stamps, wealth relationship manager; Anne Nordloh, wealth relationship manager; and Melissa Hauer, director of client experience.
The firm will operate under Summit Financial’s Form ADV, which currently claims a little more than $6 billion in client assets. Murphy hopes to bring all of the team’s $400 million in client assets over from Wells Fargo.
