Kestra Financial-backed Bluespring Wealth Partners has taken over Walnut Creek, California-based RIA Bedell Frazier Investment Counselling, which manages over $500m in assets.
Financial terms of the deal were not shared.
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Bluespring Wealth Partners will provide Bedell Frazier access to capital and industry expertise to drive its growth.
Additionally, Bedell Frazier will utilise Bluespring Wealth Partners’ back-office support and operational insights to bolster its client service.
Bedell Frazier is led by president and CEO Mike Frazier, COO Meredith Rosen and CIO Mike Harris.
The firm provides a range of customised financial planning and investment management services.
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By GlobalDataFrazier called the purchase by Bluespring Wealth Partners a “major milestone”.
He said: “Integrity, values and culture are everything to our firm. Bluespring Wealth Partners shares those same characteristics, which made it clear that this partnership would help catapult Bedell Frazier to the next phase of our professional existence.”
Bedell Frazier is expected to serve as a hub for Bluespring Wealth Partners in the Northern California marketplace.
Bluespring Wealth Partners plans to expand its reach in the region through further investments.
Commenting on the development, Bluespring Wealth Partners president Stuart Silverman said: “Client satisfaction will always be the top priority for Bedell Frazier.
“As part of this newfound partnership, our job is to help elevate Bedell Frazier’s platform and secure its legacy so that the team can continue to provide exceptional, personalised client service for generations to come.”
In January this year, Bluespring Wealth Partners acquired Florida-based Retirement Wealth Specialists.
Last year, the company purchased Minneapolis-based $1.1bn RIA Vector Wealth Management.
