Summit Financial Consultants, Inc. (Westlake Village)

Name: Summit Financial Consultants, Inc.
Address: 3075 Townsgate Rd., Westlake Village, CA, 91361
Telephone: 805-418-4565

Summit Financial Consultants, Inc. is a large advisory firm based in Westlake Village. It manages $175.55 million of regulatory assets for 854 client accounts. It has been registered with the SEC as an adviser since 2015 and has operated in the jurisdictions of California and Florida.

Summit Financial Consultants provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, and selection of other advisers. It prepares financial plans for more than 50 clients. On top of advisory services, the firm doesn't engage in other business activities.

Summit Financial Consultants: assets under management

The assets under management (AUM) of Summit Financial Consultants, Inc. is $175.55 million. The firm's AUM has grown by 74% since the beginning of its operation, and the company doesn't manage any assets belonging to foreign clients.

The firm manages $159.58 million in discretionary accounts and $15.97 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $193.43 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $550.84 thousand.

Summit Financial Consultants has custody of $76.87 million in cash and securities for 103 clients in total but doesn’t act as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 52% of the total AUM. The second-largest asset type is exchange traded securities, which make up 30% of the firm’s portfolio. Investments in investment grade corporate bonds form 7% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Summit Financial Consultants, Inc. for their services and products based on a percentage of assets under management, hourly charges, and fixed fees. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Summit Financial Consultants serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, corporations or other businesses, and pension and profit sharing plans. The largest group of clients of Summit Financial Consultants is high net worth individuals with 97 clients and $125.09 million of assets under management. Among the 11 most similar advisory firms, Summit Financial Consultants has the 4th highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $175.55 million for 254 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. None of the firm’s clients are foreign persons or businesses.

Summit Financial Consultants doesn't advise any private funds.

Careers at Summit Financial Consultants, Inc.

The company employs 11 people that are either part- or full-time employees. 36 percent of the employees work as investment advisers or researchers. 4 employees are registered as investment adviser representatives with the state securities authorities.

There isn’t anyone with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
Neil Eric Elmouchi	President & chief compliance officer	1 Oct 1985	75% - 100%	200624
Neil Eric Elmouchi	Ceo, chairman, senior wealth advisor & chief compliance officer	1 Jul 2016	25% - 50%	200624
Jeffery M (Initial Only) Sorensen	President and senior wealth advisor	1 Jul 2016	25% - 50%	1623946
Kimberly Allison Lau	Chief operating officer	1 Jul 2016	Other	4523943
Angela Marie Dowling	Chief complaince officer	1 Mar 2018	Other	6601815

Based in Westlake Village

The principal office where Summit Financial Consultants, Inc. performs its advisory services is located at 3075 Townsgate Rd., Westlake Village, CA 91361, which is also the mailing address of the firm. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 805-418-4565 or by fax 805-418-4570. The normal business hours are 9:00 am to 5:00 pm on Monday - Friday. You can find more information about the New York firm at thewiseinvestor.net.