Kestra Financial's new rollup lands its first RIA

Kestra Financial's new rollup lands its first RIA
Bluespring acquires $152.6 million firm in Ohio, Hickory Asset Management Inc.
AUG 20, 2019

Bluespring Wealth Partners, an RIA rollup firm launched by independent broker-dealer Kestra Financial Inc. just last month, has acquired its first firm. Hickory Asset Management Inc. of Concord, Ohio, which has $152.6 million in client assets, is Bluespring's first acquisition. Terms of the sale were not disclosed. [Recommended video: How the client experience will be different in five years] Bluespring is concentrating on buying registered investment advisers from owners looking to retire or who want to begin the process of turning over their business to new owners. Private equity shop Warburg Pincus bought a majority stake in Kestra Financial earlier this year. Merger and acquisition deals are on a record pace this year. First-half data released at the end of July by DeVoe & Co. show 65 acquisitions of RIAs through June, which compares with 50 during the same period last year. The boost this year occurred during the second quarter, when there were 33 transactions, compared with 18 during the same quarter a year ago.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound