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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.