Kestra’s Bluespring Buys $500M Virginia RIA

Bluespring Wealth Companions, the RIA acquisition arm of Kestra Monetary, has picked up a agency overseeing $500 million in Herndon, Va., only a brief drive from Dulles Worldwide Airport.

Based in 2009, Hughes Monetary Providers is a 10-person group led by father and son founders, Paul and Scott Hughes, together with managing companions Patrick Hughes (Scott’s brother) and Berkeley Meredith.

It’s one in every of three corporations to affix Bluespring final yr, with the third anticipated to be introduced within the coming months.

The Hughes group supplies holistic wealth administration for round 700 households, medical professionals, company executives and authorities workers. The group affords specialised retirement planning providers for presidency, public security and public faculty workers in Virginia’s Fairfax and Loudon counties, in addition to workers of George Mason College and Inova Well being System.

Launched to Bluespring by current associate corporations, Hughes expects the sale will permit the group to retain autonomy whereas offering the advantages of scale, enabling them to spend extra time with shoppers and attracting new ones.

“Within the final 4 years our agency has doubled in measurement and with Bluespring Wealth Companions on our group we are able to concentrate on persevering with to take our enterprise to new heights,” the Hughes administration group stated in an announcement.

Owned by and dually registered below Kestra Monetary, Bluespring was launched in July 2019 with the intention of buying corporations in want of succession; these with out a plan in place are enrolled in a two-year program that trains subsequent era advisors to ultimately take the reins, however the agency has since broadened that focus.  

“We focus on buying established, high-growth, ensemble practices, with a 2024 pipeline that’s stronger than ever,” stated Bluespring Chairman Stuart Silverman. “We’re working with a couple of dozen impartial RIA and hybrid corporations now, so hold a watch out for extra acquisition bulletins later within the yr.”  

With a complete of 32 acquisitions below its belt, Bluespring has both mixed or shed 9 corporations alongside the way in which. Hughes and the opposite 2023 acquisition deliver the platform to a complete of 23 companions.

Former President David Canter, who had been with the agency solely a yr, introduced he could be stepping down in August, transitioning to a strategic advisor function earlier than formally reducing ties in November.

Silverman, who has been performing in a twin capability as each chair and president since Canter’s departure, stated the seek for a brand new alternative is “going nicely,” and that Bluespring stays targeted on “maturing” the platform and facilitating natural and inorganic progress for its platform corporations.  

“We’re proud to be in an business that has such a variety of robust expertise,” he stated. “We wish to be certain we discover the appropriate candidate for the subsequent section in Bluespring’s progress. Whereas I can’t share any specifics but, we anticipate to share an announcement later this yr.”

Owned by Warburg Pincus, Kestra Monetary doesn’t disclose belongings throughout its subsidiary corporations however reported greater than $100 billion throughout three RIAs and one dealer/seller on the finish of 2022, about half of which was below administration.

The sale of subsidiary Grove Level Monetary, with $15 billion in belongings, to Atria Wealth Options was accomplished within the fall of final yr.

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