Financial Planning Consultants
Summit Financial PartnersInformation and Alerts
Service Area
- MA
Important Information
Pending Government Action
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.On 12/17/2019 the Massachusetts Securities Division announced that it had filed an Administrative Complaint against Ryan Skinner, president of Summit Financial. The Complaint alleges that Skinner acted as an unregistered investment adviser along with Summit Financial Partners. The MA Securities Division alleges that the business transacts as investment advisers while encouraging MA residents to liquidate their retirement accounts to purchase high-commission insurance products. The MA Securities Division alleges that, although Skinner/Summit Financial Partners purport to offer personalized financial advice and planning services to their clients, they merely sell the same fixed indexed annuity products to virtually of their clients.The business provided the following response: “Summit Financial Partners, Inc. has an unblemished record in the Commonwealth of Massachusetts in its business of providing annuities, insurance policies and related products to its clientele. Ryan Skinner, a principal of Summit, also has a similarly unblemished record. Summit does not sell securities nor does it provide security advice. The Massachusetts Securities Division is incorrect in stating that Summit may have provided such advice. Summit is working with the Division to correct its confusion on the issue. Summit Financial Partners, Inc. has an unblemished record in the Commonwealth of Massachusetts in its business of providing annuities, insurance policies and related products to its clientele."
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