David Canter is stepping aside as president of Bluespring Wealth Partners just one year after joining the firm.
Canter will remain with Bluespring as a senior strategic advisor and will assist in the search for a new president, the company announced Wednesday. Stuart Silverman, who helped found the business and was president before Canter’s appointment, will serve as chairman and interim president of the firm.
Canter previously spent nearly 13 years with Fidelity Investments and was the head of the firm’s RIA business. Bluespring, an RIA consolidator and subsidiary of Kestra Holdings, announced Canter’s hiring in July 2022, two days after an internal email at Fidelity revealed his departure.
The firm has made 30 acquisitions since launching in 2019 and supports 24 firms in its network. However, the company has not made any acquisitions in 2023. Canter recently appointed two vice presidents of corporate development — Tom Valverde and Josh Bartholomew — to focus on finding new acquisition targets.
Changing the leadership again just one year later is intended to “harness new opportunities for growth,” according to James Poer, CEO of Kestra.
“We remain excited about the future of Bluespring and look forward to continuing to strengthen the business,” Poer said in a statement.
Silverman will assume day-to-day leadership responsibilities, including overseeing Bluespring’s business development and acquisition strategy.
“Elevating my involvement above the day-to-day management of the firm will allow me to focus more strategically on supporting what Bluespring does best — developing financial advisor partnerships that give business owners the flexibility, independence, support and resources they need to succeed,” Canter said.
A spokesperson for Bluespring said Canter’s new role will “better strategically serve the business.” The company declined any additional comment.
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