On Nov. 1, 2024, Aspen Standard Wealth acquired Summitry, a leading $2.8 billion registered investment advisor (RIA) based in the San Francisco Bay area. We sat down with Summitry CEO Colin Higgins to learn why he chose to partner with Aspen and why Aspen’s commitment to long-term investments in RIAs proved to be so compelling.
Colin, Summitry could have chosen to partner with any number of firms. Why did you choose Aspen?
From my first interaction with the team at Aspen, I felt that they had a differentiated and unique offering that was unlike any of the other alternatives we had been exploring. Our goal was to find a partner who would enable us to remain independent and retain our brand and identity. We wanted to build upon the success that we have built over the past 20 years and accelerate our growth ambitions. The industry is increasingly consolidating, and to be successful over the long term, we knew that we needed to find a partner who would bring additional resources and perspectives.
Aspen describes itself as a permanent partner to the RIAs it works with. Why was that attractive to you and your team?
The success of our business and industry is based upon building long-term relationships with our clients, team and partners. Having a permanent partner provides us with the confidence to focus on what truly matters, the success of our clients and team. Human capital is our greatest asset, and having partners that are aligned and committed to building something enduring removes the uncertainty that too many RIAs in this industry are facing. Our team and clients joined and stay with us because we are Summitry. Partnering with Aspen provides certainty that what allowed us to attract and retain our clients in the first place will not only remain but be strengthened.
What are your goals for the partnership with Aspen? What is your vision?
Our vision is to be the most admired firm in our industry and continue to offer our clients exceptional service and resources to navigate the complexities and opportunities of life in the Bay area. The issues that our clients face here – a high cost of living, high taxes, concentrated stock positions and complex financial planning issues – are also relevant to other markets. We believe we are uniquely positioned to serve these clients because of our experience and believe that our expertise resonates in any market that has these challenges. In Aspen, we’ve found a partner that shares this vision and is committed to building a platform that will help us attract top talent and amplify our ability to both market and reach these sophisticated clients and better serve them.
Talk about the importance of an alignment of organizational cultures. What does Aspen bring in terms of culture that appeals to you?
Having alignment with your partner is critical. From day one, it was clear that Aspen views people as its greatest asset and is committed to finding firms that share this view. Our culture at Summitry is driven by our core values, which are “Care, Grow and Drive.” We care about our clients, colleagues and community. We have an intrinsic desire to grow, both personally and professionally. We are driven to achieve our goals and those of our clients. The success of our business, meaning successful outcomes for our clients, all comes down to the quality and capability of our people. Aspen understands this and is committed to building as organization that values its people and invests in their development.
What additional resources and capabilities does Aspen provide that you believe will help facilitate future growth?
I view Aspen’s leadership team as an extension of my team here at Summitry. They act as a sounding board and strategic thought partner, allowing me to execute my vision with more speed, scale and confidence. I not only have the benefit of their knowledge, but I also have access to their network of advisors and other RIA leaders that bring a depth and breadth of experience that I can leverage and bring to my team.
In terms of future growth, I now have more bandwidth and resources to focus on many of the initiatives that we have already been working on but with greater conviction that we will be able to fully execute on them. In addition to helping us recruit and retain talent, Aspen has developed a growth playbook that we are leveraging to help drive share of wallet, referrals and retention.
Marketing will be a large contributor to our future growth. Aspen brings expertise here that was beyond the scope and scale of our internal resources, allowing us to bring the value of our offer to a more targeted audience that we could not have done as effectively on our own. Lastly, as CEO, I wanted an accountability partner to help me continue to grow and develop into the leader that I want and need to become to achieve our goals and serve my team. That is something I actively sought out in a partner and has been invaluable to me.
Any final advice for other RIA leaders who are considering a partnership?
The most important advice I would give to fellow RIA leaders is to start now to determine what the future path will be when it comes to either succession or partnership for you and your firm going forward. Being clear on what you, and if you have partners, want takes time. There are multiple considerations that need to be factored into the decision. Ultimately, you want to find a partner that is the best possible fit for you and your clients, and if you are not 100% aligned on what you are looking for, the more difficult it will be to find the right partner and desired future for you, your firm and your clients.
