Summit Asset Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, education planning, insurance, and philanthropic planning.
Summit Asset Management reports 532 clients. They include 315 individual clients, 200 high-net-worth individuals, and 12 pension and profit-sharing plans. Of its assets, 89.5% ($966M across 1,427 accounts) are managed with discretion; $114M across 95 accounts are not. Of its clients, 1% are outside the U.S.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 59% | 10% |
| High-net-worth individuals | 38% | 81% |
| Pension and profit-sharing plans | 2% | 2% |
| Charitable organizations | <1% | 7% |
| Corporations and other businesses | Fewer than 5 | <1% |
Client shares use reported counts. Client types without a reported count are excluded from that total.
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 315 | $108M | 10.0% | $344K |
| High-net-worth individuals | 200 | $877M | 81.2% | $4.39M |
| Pension and profit-sharing plans | 12 | $17.3M | 1.6% | $1.44M |
| Charitable organizations | 5 | $76.1M | 7.1% | $15.2M |
| Corporations and other businesses | Fewer than 5 | $675K | 0.1% | — |
| Total | 532 | $1.08B | 100% | — |
- Clients
- 315
- Regulatory AUM
- $108M
- AUM share
- 10.0%
- Avg. per client
- $344K
- Clients
- 200
- Regulatory AUM
- $877M
- AUM share
- 81.2%
- Avg. per client
- $4.39M
- Clients
- 12
- Regulatory AUM
- $17.3M
- AUM share
- 1.6%
- Avg. per client
- $1.44M
- Clients
- 5
- Regulatory AUM
- $76.1M
- AUM share
- 7.1%
- Avg. per client
- $15.2M
- Clients
- Fewer than 5
- Regulatory AUM
- $675K
- AUM share
- 0.1%
- Avg. per client
- —
Total
- Clients
- 532
- Regulatory AUM
- $1.08B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 1%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 0
Summit Asset Management charges 0.25%–1.00% a year for its Portfolio management fees. Each asset band is charged at its own rate. The fee is billed in arrears. The brochure also prices one other service, listed under fee details.
| Asset band | Annual rate |
|---|---|
| $0–$500K | 1.00% |
| $500K–$1M | 0.80% |
| $1M–$3M | 0.50% |
| $3M and above | 0.25% |
Fee details and sources
Other fees
- Special services
- Services outside investment management, provided on a project basis with fees negotiated before the engagement.
Lance Hollingsworth owns 25% to 50% of Summit Asset Management. John Laughlin is CEO; the leadership team includes President Peggy Adler and Chief Investment Officer Lance Hollingsworth. It has 8 employees, 6 of them in advisory roles.
Leadership
- John LaughlinChief Executive Officer, President and Chief Compliance Officer
- Peggy AdlerSenior Vice President
- Peggy AdlerChief Administrative Officer
- Peggy AdlerCompliance Officer
- Lance HollingsworthChief Investment Officer, Treasurer
- Samuel ThompsonChairman
Investment adviser representatives
6 representatives listed in the SEC register as of 9 October 2026.
- Leslie Hill Drummond
- Sarah Russell Haizlip
- Lance Wayne Hollingsworth
- John Norfleet Laughlin
- Soleil Katherine Lum
- Samuel Alexander Thompson III
Staff
- 8 employees
- 6 in advisory functions
- 6 state-registered reps
- 1 soliciting firm
- Owns 25% to 50% of Summit Asset Management LLC
Lance Hollingsworth
Control person · since February 2021
- Owns 25% to 50% of Summit Asset Management LLC
John Laughlin
Control person · since February 2021
- Owns 10% to 25% of Summit Asset Management LLC
Peggy Adler
since February 2021
Summit Asset Management’s regulatory assets grew 1.6× from $674M (March 2021) to $1.08B (March 2026); clients rose from 478 to 532 and employees fell from 9 to 8.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| March 2026 | $1.08B | 532 | 8 | 2 |
| July 2025 | $939M | 523 | 8 | 2 |
| February 2024 | $851M | 513 | 8 | 2 |
| May 2023 | $682M | 514 | 9 | 2 |
| July 2022 | $786M | 509 | 9 | 1 |
| March 2021 | $674M | 478 | 9 | 1 |
Besides its headquarters, Summit Asset Management has 1 office (1 private residence, listed without an address), with 1 listed address in Tennessee.
Tennessee · 1 listed address
- 5100 Wheelis Drive, Suite 107, MemphisHQ
Contact and registration details
- Legal name
- Summit Asset Management LLC
- Headquarters
- 5100 Wheelis Drive, Suite 107, Memphis, TN 38117
- Website
- summitassetmanagement.com
- Phone
- 901-729-8100
- @summit-asset-management-llc
- SEC file
- 801-56221
- Founded
- 1991
- Structure
- Tennessee LLC
- Fiscal year end
- December
Summit Asset Management uses Charles Schwab ($1.03B) as custodian for its separately managed accounts. Summit Asset Management has custody of $253M in client assets for 124 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.03B100%
At year end, Summit Asset Management’s separately managed accounts were mostly in funds (69%) and stocks (16%). Its reported 13F holdings for the quarter ended 30 June 2026 total $780M across 183 positions; the largest are Schwab Strategic TR (8.4%), Schwab Strategic TR (6.2%) and Schwab Strategic TR (5.9%).
What the accounts hold
- Stocks16%
- Funds69%
- Bonds3%
- U.S. government and agency bonds1%
- State and local bonds1%
- Investment grade corporate bonds1%
- Cash7%
- Other5%
- Hedge funds and private equity5%
Reported 13F holdings
- $780M
- Reported 13F value
- 183
- Positions
- 51.9%
- In the 10 largest
- +8.6%
- Value vs. prior quarter
- Schwab Strategic TR · US Dividend EQ8.4%
- Schwab Strategic TR · US Lcap GR ETF6.2%
- Schwab Strategic TR · US Mid-cap ETF5.9%
- Schwab Strategic TR · Intl Eqty ETF5.7%
- Schwab Strategic TR · US Lcap VA ETF5.5%
- Vaneck ETF Trust · Mrngstr Wde Moat5.2%
- Vanguard Scottsdale Fds · Int-term Corp.4.4%
- iShares TR · Core US Aggbd ET4.1%
- iShares TR · Core S&P Scp ETF3.3%
- iShares TR · Core S&P500 ETF3.1%
Together, the ten largest are 51.9% of reported value.
How many clients does Summit Asset Management have?
Summit Asset Management has 532 clients and manages $1.08 billion for them, as of March 2026. They include 315 individual clients, 200 high-net-worth individuals, and 12 pension and profit-sharing plans.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 March 2026
What services does Summit Asset Management offer?
Summit Asset Management provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers, education planning, insurance, and philanthropic planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Summit Asset Management charge?
Summit Asset Management charges 0.25%–1.00% a year for its Portfolio management fees. Each asset band is charged at its own rate. The fee is billed in arrears.
Source: SUMMIT ASSET MANAGEMENT BROCHURE, filed 16 March 2026
Which custodians does Summit Asset Management use?
Summit Asset Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1.03B. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 16 March 2026
How many financial advisors does Summit Asset Management have?
Summit Asset Management has 6 investment adviser representatives registered with state securities authorities, out of 8 employees, and 6 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Summit Asset Management invest in?
At the end of its last fiscal year, Summit Asset Management’s separately managed accounts held 69% registered funds (mutual funds, ETFs, BDCs), 16% exchange-traded equities, 7% cash and equivalents, 5% other, 1% U.S. government and agency bonds, 1% state and local bonds and 1% investment grade corporate bonds. The 5% other category is described as: Hedge Funds and Private Equity.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Summit Asset Management?
Summit Asset Management’s direct owners are Lance Hollingsworth, John Laughlin and Peggy Adler, each holding 50% or less.
Source: Form ADV Part 1A, Schedules A and B, filed 16 March 2026
How does Summit Asset Management get paid?
Summit Asset Management is paid through a percentage of assets under management and hourly charges. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Summit Asset Management registered with the SEC?
Yes, Summit Asset Management has been registered with the SEC as an investment adviser since 21 January 1999. Its CRD number is 109606 and its SEC file number is 801-56221.
Source: Form ADV Part 1A, Item 1, filed 16 March 2026; IAPD firm record
How do I contact Summit Asset Management?
Summit Asset Management’s main office is at 5100 Wheelis Drive, Suite 107, Memphis, TN 38117. Its phone number is 901-729-8100. Its website is summitassetmanagement.com.