DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
SEC-registered adviser
Summit Investment Advisory Services
Legal name Summit Investment Advisory Services, LLC
Latest filing Jul 22, 2026
First filing on the tape May 17, 2017 · 37 filings
SEC status approved since Jun 9, 2017
RAUM
$746M
reported, Item 5.F
Discretionary
99%
of RAUM
Private clients
100%
$745M individuals and HNW
Advisors
8
registered through the firm on IAPD
RAUM per advisor
$93.2M
derived; firm RAUM over IAPD count
Employees
11
8 advisory (5.B.1)
Offices
2
beyond the principal office
Private funds
0
reported on Schedule D
History
37 filings and snapshots on the tape
RAUM$746M as of Jul 22, 2026
Feb 1, 2018$202M then
HNW client RAUM$445M as of Jul 22, 2026
Feb 1, 2018$90.0M then
State-registered IARs (5.B.3)8 as of Jul 22, 2026
Feb 1, 20186 then
Employees (5.A)11 as of Jul 22, 2026
Feb 1, 20186 then
Private funds: no history
RAUM +18% over the last fiscal year+18% a year over threeIARs 5 to 8
Practice profile
derived from the filing of Jul 22, 2026; every figure names its basis
Archetypes, each a printed rule
- HNW wealth manager · private-client share of RAUM at least 50 percent and HNW share of private-client RAUM 50 to 90 percent
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $93.2MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 134derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $1.4MderivedHNW RAUM over HNW clients
- Average account
- $302,442derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 99%derivedof RAUM
- Institutional
- 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.4derivedItem 5.A over advisors
- Advisors per office
- 2.7derived3 offices incl. principal (1.F.5)
- RAUM growth, one year
- +18%derivedbetween the last two annual amendments
- Advisor growth, one year
- +60%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- -20%derived
- Compensation
- percentage of assets, hourly, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individuals, selection of other advisersreportedItem 5.G
- Wrap fee program
- $17.0MreportedItem 5.I
- Custody
- $129M, 105 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- compensates persons for client referrals (8.G.1)
- compensates non-employees for client referrals (8.G.2)
- has custody of client cash or bank accounts (9.A.1.a)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$445M60%
- Individuals$300M40%
- Corporations and businesses$458,6970.1%
- Individual clients
- 755reported
- HNW clients
- 320reported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 2,466reported
- Financial planning clients
- 0reported
- Wrap fee programs
- $0 sponsored, $0 managedreported
- Custody of client assets
- $129M for 105 clientsreported
- Compensation
- % of AUM, fixed, hourlyreported
- Class basis
- private_client_share=1.0 fund_share=0.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=8.0derived
Advisors registered through the firm
8 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| Sean Patrick McdermottCertified Financial Planner | Boca Raton, Fl | Feb 19, 2014 | 36 y | 0 |
| Joel Michael Budd | Roseville, Mn | May 28, 2014 | 36 y | 0 |
| Russell David RogersCertified Financial Planner | Roseville, Mn | Feb 4, 2015 | 18 y | 0 |
| Scott Edward CaskeyCertified Financial Planner | Roseville, Mn | Dec 8, 2017 | 13 y | 0 |
| Brian Jeremy CarlsonCertified Financial Planner | Roseville, Mn | Nov 4, 2020 | 26 y | 0 |
| Emerson D Grovender | Roseville, Mn | Sep 24, 2025 | 13 y | 0 |
| Samantha Lynn Beavens | Roseville, Mn | Oct 17, 2025 | 13 y | 0 |
| Jack R Schwartz | Roseville, Mn | Dec 11, 2025 | 13 y | 0 |
Advisor movement
0 left, 0 joined in 12 months
net 0 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 0.0% of current headcount1 left over 36 months
Left, latest
- Christopher Alan Swanson to Great Valley Advisor Group, LLCFeb 6, 2025 · RIA to RIA
- David Kenneth Pung to Lions Wealth ManagementOct 23, 2020 · RIA to a state-registered adviser
- Nathan Andrew Krampe to Lions Wealth ManagementMar 28, 2019 · RIA to a state-registered adviser
Joined, latest
- David Kenneth Pung from LPL Financial LLCMay 21, 2019 · Affiliated broker-dealer or bank to independent RIA
- Nathan Andrew Krampe from LPL Financial LLCMay 28, 2014 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- Patrick Sean Mcdermott · Ceo/Presidentcontrolsince 09/2013 · owns less than 5%
- David Russell Rogers · Chief Compliance Officercontrolsince 02/2015 · owns less than 5%
- Patrick Sean Mcdermott · Ownercontrolsince 11/2014 · owns 75% or more of Summit Advisors, Inc.
Entity owners
- Summit Advisors Holdco, LLC · Holding Companydirect · owns 75% or more
- Summit Advisors, Inc. · Managing Memberindirect · owns 75% or more of Summit Advisors Holdco, LLC
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Roseville, Mn · principal | 8 | 3 | 0 | ||
| Hudson, Wi | 0 | 0 | 0 |
Offices
Schedule D 1.F, the 25 largest
- St. Louis Park, MN2 employees
- Boca Raton, FL1 employees
- Hudson, WI1 employees
ADV anomalies
2 against comparable advisers; where to look, not conclusions
- clients down average size upCombination · filing Feb 17, 2026private clients fell 20 percent or more while RAUM per client rose 30 percent or more: a move up-market or the departure of small accounts. RAUM $632,510,025 to $745,821,237, advisors 5 to 8, private clients 1352 to 1075, offices 2 to 2 (2025-03-12 to 2026-02-17)peers: independent wealth managers, $500M to $1B (1,482)
- advisor count surgeChange between filings · filing Feb 17, 2026advisory representatives (Item 5.B.3) moved from 5.0 to 8.0 (+60.0%) between the annual amendments of 2025-03-12 and 2026-02-17; the peer median change was 0.0% (795 comparable advisers, 98.0th percentile of changes)peers: independent wealth managers, $500M to $1B (795) · 98% percentile
What changed
consecutive filings, newest first
- Accounts · 2,251 to 2,466Mar 12, 2025 to Feb 17, 2026
- Advisory employees · 5 to 8Mar 12, 2025 to Feb 17, 2026
- BD registered reps · 9 to 8Mar 12, 2025 to Feb 17, 2026
- HNW clients · 461 to 320Mar 12, 2025 to Feb 17, 2026
- Individual clients · 891 to 755Mar 12, 2025 to Feb 17, 2026
- Assets in custody · $35.2M to $129MMar 12, 2025 to Feb 17, 2026
- Employees · 13 to 11Mar 12, 2025 to Feb 17, 2026
- State-registered IARs · 5 to 8Mar 12, 2025 to Feb 17, 2026
- Discretionary RAUM · $628M to $740MMar 12, 2025 to Feb 17, 2026
- HNW RAUM · $378M to $445MMar 12, 2025 to Feb 17, 2026
- Individual RAUM · $255M to $300MMar 12, 2025 to Feb 17, 2026
- Non-discretionary RAUM · $4.8M to $5.8MMar 12, 2025 to Feb 17, 2026
- RAUM · $633M to $746MMar 12, 2025 to Feb 17, 2026
- Wrap assets (sponsor) · $21.2M to $0Mar 12, 2025 to Feb 17, 2026
- Financial planning clients · 0 to 0Feb 27, 2025 to Mar 12, 2025
- Accounts · 2,243 to 2,251Jul 31, 2024 to Feb 27, 2025
- Advisory employees · 6 to 5Jul 31, 2024 to Feb 27, 2025
- HNW clients · 274 to 461Jul 31, 2024 to Feb 27, 2025
- Individual clients · 1,154 to 891Jul 31, 2024 to Feb 27, 2025
- Assets in custody · unset to 35190166.0Jul 31, 2024 to Feb 27, 2025
- Custody of client assets · false to trueJul 31, 2024 to Feb 27, 2025
- Employees · 12 to 13Jul 31, 2024 to Feb 27, 2025
- State-registered IARs · 6 to 5Jul 31, 2024 to Feb 27, 2025
- Other offices · 3 to 2Jul 31, 2024 to Feb 27, 2025
- Discretionary RAUM · $557M to $628MJul 31, 2024 to Feb 27, 2025
- HNW RAUM · $322M to $378MJul 31, 2024 to Feb 27, 2025
- Individual RAUM · $241M to $255MJul 31, 2024 to Feb 27, 2025
- Non-discretionary RAUM · $5.5M to $4.8MJul 31, 2024 to Feb 27, 2025
- RAUM · $562M to $633MJul 31, 2024 to Feb 27, 2025
- Wrap assets (sponsor) · $17.0M to $21.2MJul 31, 2024 to Feb 27, 2025
- Accounts · 2,087 to 2,243Jul 11, 2023 to Jan 29, 2024
- BD registered reps · 8 to 9Jul 11, 2023 to Jan 29, 2024
- HNW clients · 207 to 274Jul 11, 2023 to Jan 29, 2024
- Individual clients · 734 to 1,154Jul 11, 2023 to Jan 29, 2024
- Employees · 13 to 12Jul 11, 2023 to Jan 29, 2024
- Financial planning clients · 1-10 to 0Jul 11, 2023 to Jan 29, 2024
- Discretionary RAUM · $453M to $557MJul 11, 2023 to Jan 29, 2024
- HNW RAUM · $146M to $322MJul 11, 2023 to Jan 29, 2024
- Individual RAUM · $310M to $241MJul 11, 2023 to Jan 29, 2024
- Non-discretionary RAUM · $3.0M to $5.5MJul 11, 2023 to Jan 29, 2024
Signals
2 dated events
- Christopher Alan Swanson left Summit Investment Advisory Services for Great Valley Advisor Group, Llc (registered 2025-02-14)Feb 6, 2025 · Advisor changed firm · fact
- Summit Investment Advisory Services filed its initial SEC registration (Form ADV)May 17, 2017 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Business email
- info@summitinvest.comreportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 651-490-2939reportedpublished by the firm, firm site, Sep 15, 2026
- Business phone
- 866-314-1993reportedpublished by the firm, firm site, Sep 15, 2026
- Firm profile
- linkedin.com/company/summit-investment-advisorsreportedpublic record, Form ADV, Sep 18, 2026
- Website
- SUMMITINVEST.COMreportedpublic record, Form ADV, Sep 18, 2026
- Principal office phone
- (651) 490-2939reportedpublic record, Form ADV, Jul 22, 2026
- Team page
- SUMMITINVEST.COM/team-member/sean-mcdermottreportedpublished by the firm, firm site, Sep 15, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $93.2Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026