Bluespring Wealth Partners has snapped up Security Financial Management, which offers wealth management services for HNWIs and families.
Financial terms of the transaction were not divulged.
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The purchase of Security Financial Management, co-founded by Dave Allen and Frank Lovaglio, marks Bluespring’s third takeover this year.
Bluespring will accelerate the company’s capabilities and expand its scope, with consultative resources and back-office support.
The deal will drive growth through mergers, expansion of client service offerings and hirings.
Bluespring president Stuart Silverman said: “Dave, Frank, Mike, and Keith are a powerful management team who have an incredible depth of client relationships and engagement.
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By GlobalData“They have assembled an outstanding team of advisers, who we’re excited to work with and continue investing in heavily.”
Security Financial Management manages more than $950m in assets. The firm, with more than 15 employees, has an office in Minnesota along with three offices in Florida.
Allen noted: “Bluespring Wealth Partners’ emphasis on culture and the value of delivering on promises was critical to our decision to align with them.
“As we learned about their unique partnership model, which empowers firms like ours to be the best possible version of ourselves, it was clear that this was the right step for our organisation.”
Bluespring enables entrepreneurs to drive growth of their businesses through successor identification and training, institutional capital support, ownership arrangements, as well as consulting and operational resources.
Last year, Bluespring, a subsidiary of Kestra Holdings, concluded five takeovers.
These include the acquisitions of Ritter Daniher Financial Advisor, and Hedeker Wealth.
