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Stratos Wealth Enterprises, part of Stratos Wealth, has made a strategic investment in Orlando-based RIA Summit Wealth Partners, which manages $600m in assets.

Financial details of the investment were not disclosed.

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Summit provides wealth management for retirees and pre-retirees, with focuses on financial planning, tax strategies and cash flow planning.

The is headquartered in Orlando, Florida, with offices in Naples and Grand Rapids. It has a team of 18 employees, including six financial advisers.

As part of the investment, Stratos is acquiring a non-voting, minority stake in Summit, which will continue to be led by co-presidents and CEOs Jason Print and Chad Warrick.

Print and Warrick, along with Summit general counsel William Kovacs, will retain stakes in the firm.

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Stratos’ investment will enable Summit to enhance its client service and operational capabilities.

Summit will use the investment to expand through the enlistment of new clients and to scale up the wallet-share of current clients and hire more advisors to its platform.

Stratos president Lou Camacho said: “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.”

Commenting on the development, Print added: “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.”

Last year, Stratos made a strategic investment in Brown Wealth Management headquartered in San Diego, California.