Summit Trail Advisors has added an 11-person financial planning team from estate planning multi-family office Heritage Strategies.
Alex Shapses leads the team, which has four advisors and seven financial planning professionals. He was previously a partner at Heritage Strategies and is now a partner at Summit.
Shapses’ team has clients in Colorado, Florida, and the northeastern U.S., with an average client size of around $150 million in net worth, according to Summit.
At Summit, the team will serve clients across the U.S. and will focus on legacy planning, according to Jack Petersen, managing partner and advisor at Summit. The team will be based in Summit Trail Advisors’ New York City headquarters and in a new location on Long Island that is still being scouted, Petersen says.
“Legacy planning is as important as it’s ever been. As a family becomes wealthier and ages, they start to think about generation two and even generation three. That’s where Alex and his expertise around estate planning and tax comes in,” Petersen says.
Shapses’ team adds a key capability to Summit, which has $12 billion in client assets and is part of the Dynasty Financial Partners network.
“This expansion represents an important step toward delivering the full suite of family office services that many of our families have been seeking,” Petersen says in a statement.
Summit’s emphasis on client relationships, meanwhile, appealed to Shapses’ team.
“Summit approaches families in the same way we do. They treat them like their own family, and in our financial planning process, we do a deep dive into all of our clients’ financial and legal structures,” he says.
“A lot of good structural advice comes out of that, but almost more importantly we also end up being emotional advisors for our clients because we’re dealing with their families, their children and how wealth may affect their children,” he adds.
Shapses is also a registered representative of The Leaders Group, a broker-dealer for brokerage general agents, insurance agents and independent financial professionals, according to his BrokerCheck and LinkedIn profiles. He first joined the industry in 2002, when he registered with Walnut Street Securities.
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