Stratos Wealth Enterprises makes strategic investment in Summit Wealth
Stratos Wealth Enterprises (Stratos), part of Stratos Wealth Holdings, a family of wealth management firms on a mission to support the development of growth-minded financial advisors across the country, has made a strategic investment in Summit Wealth Partners (Summit), an SEC-registered investment adviser firm that oversees USD600 million in client assets.
Summit is led by Co-Presidents/CEOs Jason Print and Chad Warrick, with offices in Naples, Fla., and Grand Rapids, Mich., along with its headquarters in Orlando, Fla. Summit offers comprehensive wealth management for retirees and pre-retirees, with focuses on financial planning, tax strategies and cash flow planning. The firm includes six financial advisors among its 18 employees.
Lou Camacho, President of Stratos, says: "We are thrilled to join with Summit as we invest in the growth and expansion of this truly dynamic firm. Jason and Chad are the type of young, growth-minded advisors we enjoy collaborating with – they are smart and strategic in their approach to running their business, enhancing their capabilities, and offering their clients a top-notch technology and service experiences. We look forward to the opportunity to work with them for years to come."
Stratos' investment will go towards enhancing Summit's already-robust client service and operational capabilities, with the goal of helping the firm run more efficiently, grow through enlistment of new clients and deepening of wallet-share of current clients, and recruit more advisors to its platform.
As part of the investment, Stratos is taking a non-voting, minority stake in Summit, which will continue to be led by Print and Warrick and do business under the Summit brand. Print and Warrick, along with Summit General Counsel William P Kovacs, an investment lawyer with more than four decades in the wealth management industry, are maintaining stakes in the business. Other terms of the investment were not disclosed.
Print says: "Numerous RIAs and aggregators have knocked on our door to propose joining forces. We chose to partner with Stratos because the team there structured a deal that gives Chad and I the freedom and flexibility to run our business in the way we choose while leveraging Stratos' significant scale, resources, and expertise. Chad and I still have decades to go before we retire, and we firmly believe that the sky's the limit in terms of our potential thanks in large part to this strategic partnership. We're excited to hit the ground running with Stratos as we strive to achieve our highest business aspirations."
Stratos Wealth Enterprises is under the umbrella of Stratos Wealth Holdings.
Jeff Concepcion, Founder and CEO of Stratos Wealth Holdings, says: "On behalf of the entire Stratos family, we offer Jason, Chad and their team the heartiest welcome as we embark on a new journey together. They have already built a track record for strong growth and exceptional client service, yet they possess that rare entrepreneurial 'fire in the belly' to do more. That is where Stratos can help with our resources, scale and expertise, and where we relish the chance to collaborate with financial advisors for whom the sky is the limit. Working together, we will reach new levels of success."