Clients
Summit Trail Advisors serves 742 clients, 588 of them high-net-worth individuals. The average client has about $27 million with the firm, and high-net-worth clients hold 82% of its $19.9 billion in assets.
- High-net-worth individuals588 clients82%
- Charitable organizations9 clients5%
- Corporations and other businesses56 clients12%
- OtherIndividuals, Pension and profit-sharing plans1%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 51 | $194,326,483 | 1.0% | $3.81M |
| High-net-worth individuals | 588 | $16,333,311,810 | 81.9% | $27.8M |
| Pension and profit-sharing plans | 38 | $16,088,953 | 0.1% | $423K |
| Charitable organizations | 9 | $925,099,140 | 4.6% | $102.8M |
| Corporations and other businesses | 56 | $2,472,789,424 | 12.4% | $44.2M |
| Total | 742 | $19,941,615,810 | 100% | $26.9M |
- Clients
- 51
- Regulatory AUM
- $194,326,483
- Share
- 1.0%
- Avg. per client
- $3.81M
- Clients
- 588
- Regulatory AUM
- $16,333,311,810
- Share
- 81.9%
- Avg. per client
- $27.8M
- Clients
- 38
- Regulatory AUM
- $16,088,953
- Share
- 0.1%
- Avg. per client
- $423K
- Clients
- 9
- Regulatory AUM
- $925,099,140
- Share
- 4.6%
- Avg. per client
- $102.8M
- Clients
- 56
- Regulatory AUM
- $2,472,789,424
- Share
- 12.4%
- Avg. per client
- $44.2M
Total
- Clients
- 742
- Regulatory AUM
- $19,941,615,810
- Share
- 100%
- Avg. per client
- $26.9M
What it does
Summit Trail Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities. It is paid through a percentage of assets, hourly charges, fixed fees and performance-based fees.
Summit Trail Advisors provided financial planning to 51–100 clients last fiscal year and advises 16 private funds.
55.5% of assets ($11.06B across 5,100 accounts) are managed with discretion; $8.88B across 4,678 accounts are not. $9.54M sits in a wrap fee program the firm both sponsors and manages. 0% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Stocks39%
- Funds48%
- Pooled vehicles39%
- Registered funds9%
- Bonds8%
- State and local bonds6%
- Sovereign bonds1%
- Investment grade corporate bonds1%
- Cash4%
- Other1%
- Real estate1%
Custodians
Summit Trail Advisors’ client accounts are held mainly at Pershing, with 31% of managed assets, and Charles Schwab, with 14%. Summit Trail Advisors has custody of $5.79B for 1,632 clients.
- PershingPershing LLC · Jersey City, NJ · $6.24B31%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $2.86B14%
- FidelityFidelity Brokerage Services LLC · Smithfield, RI · $2.34B12%
- All other custodians$8.51B43%
Ownership and leadership
Summit Trail Holdings, LLC owns 75% or more of Summit Trail Advisors.
- Owns 75% or more of Summit Trail Advisors, LLC
Summit Trail Holdings, LLC
Control person · since January 2020
- Owns 5% to 10% of Summit Trail Advisors, LLC
Kilo Summit Trail, LLC
since January 2018
- Owns 75% or more of Kilo Summit Trail, LLC
Hyperion Investments, LLC
since January 2018
- Owns 25% to 50% of Hyperion Investments, LLC
Cedar Investments, LLC
since September 2016
- Owns 75% or more of Cedar Investments, LLC
Cedar Trust
since January 2018
- Owns 75% or more of Cedar Trust
South Dakota Trust Company LLC
since January 2018
- Owns 25% to 50% of Hyperion Investments, LLC
Magnolia, LLC
since January 2018
- Owns 75% or more of Magnolia, LLC
Magnolia Trust
since January 2018
- Owns 25% to 50% of Hyperion Investments, LLC
Redwood Investments, LLC
since January 2018
- Owns 75% or more of Redwood Investments, LLC
Redwood Trust
since January 2018
Leadership
- Alan RaboyChief Financial Officer
- Joseph ErigoChief Compliance Officer
- Jack PetersenManager/Member
- David RomhiltChief Investment Officer
Staff
- 94 employees
- 31 in advisory functions
- 31 state-registered reps
- 25 broker-dealer reps
- 3 insurance agents
- 7 soliciting firms
Reported holdings
Summit Trail Advisors’ reported 13F holdings total $7.95B across 1,474 positions, and the ten largest make up 33.4% of it.
- $7.95B
- Reported 13F value
- 1,474
- Positions
- 33.4%
- In the 10 largest
- +13.9%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs8.2%
- Wisdomtree TR · Floatng Rat Trea7.1%
- Broadcom Inc.3.6%
- Apple Inc.2.6%
- Vanguard Tax-managed Fds · Van FTSE Dev Mkt2.2%
- Nvidia Corporation2.1%
- Alphabet Inc. · Cap Stk CL A2.1%
- Invesco Exchange Traded FD T · S&P500 Eql Wgt2.1%
- Alphabet Inc. · Cap Stk CL C1.8%
- Ollies Bargain Outlet Hldgs1.6%
Together, the ten largest are 33.4% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $7.95B is not its $19.94B in regulatory assets and does not represent any individual client's portfolio.
Fees
Summit Trail Advisors is paid through a percentage of assets under management, hourly charges, fixed fees (other than subscription fees) and performance-based fees.
Summit Trail Advisors’ fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Summit Trail Advisors has 16 offices (6 private residences, listed without an address), with 11 listed addresses across 11 states.
California · 1 listed address
- 44 Montgomery Street, San Francisco
Colorado · 1 listed address
- 4600 South Syracuse, Denver
Illinois · 1 listed address
- 167 N. Green Street, Chicago
Maryland · 1 listed address
- 2 Wisconsin Circle, Chevy Chase
Massachusetts · 1 listed address
- 101 Federal Street, Boston
Minnesota · 1 listed address
- 800 East Wayzata Boulevard, Wayzata
New York · 1 listed address
- 2 Grand Central Tower, 140 E 45th Street, 28th Floor, New YorkHQ
Oregon · 1 listed address
- 5 Centerpointe Drive, Lake Oswego
Pennsylvania · 1 listed address
- 108 Locust ST, Harrisburg
Texas · 1 listed address
- 100 Crescent Court, Dallas
Washington · 1 listed address
- 400 University Street, Seattle
Registration details
- Legal name
- Summit Trail Advisors, LLC
- Headquarters
- 2 Grand Central Tower, 140 E 45th Street, 28th Floor, New York, NY 10017
- Phone
- 212-812-7010
- Website
- summittrail.com
- SEC file
- 801-99352
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Summit Trail Advisors have?
Summit Trail Advisors has 742 clients and manages $19.9 billion for them, as of September 2026. They include 588 high-net-worth individuals, 56 corporations and other businesses and 51 other individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 4 September 2026
What services does Summit Trail Advisors offer?
Summit Trail Advisors provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, selecting other managers and other activities.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Summit Trail Advisors use?
Summit Trail Advisors’ separately managed account assets are held at Pershing LLC (Jersey City, NJ), with $6,242,412,911, Charles Schwab & Co., Inc. (San Francisco, CA), with $2,858,691,705 and Fidelity Brokerage Services LLC (Smithfield, RI), with $2,335,270,243. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 4 September 2026
How many financial advisors does Summit Trail Advisors have?
Summit Trail Advisors has 31 investment adviser representatives registered with state securities authorities, out of 94 employees, and 31 perform investment advisory functions. 25 are registered representatives of a broker-dealer and 3 are 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 Trail Advisors invest in?
At the end of its last fiscal year, Summit Trail Advisors’ separately managed accounts held 39% exchange-traded equities, 39% pooled vehicles (private funds and similar), 9% registered funds (mutual funds, ETFs, BDCs), 6% state and local bonds, 4% cash and equivalents, 1% sovereign bonds, 1% investment grade corporate bonds and 1% real estate. It advises 16 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Summit Trail Advisors?
Summit Trail Advisors is owned through a chain of holding companies by Magnolia Trust, Redwood Trust and South Dakota Trust Company LLC. Its direct owners are Summit Trail Holdings, LLC (75% or more) and Kilo Summit Trail, LLC (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 4 September 2026
How does Summit Trail Advisors get paid?
Summit Trail Advisors is paid through a percentage of assets under management, hourly charges, fixed fees and performance-based fees. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file