Bluespring Wealth Partners LLC, an Austin, Tex.-based subsidiary of Kestra Holdings, acquired Capital Planning Advisors, the companies announced in a recent news release.
Founded by Michael Miller as Capital Planning Corporation in 1983, Capital Planning is located in Roseville and Walnut Creek, Calif., managing more than $1.1 billion in assets.
“Our holistic, relationship-centered approach to uniting our clients’ financial and personal lives is at the forefront of our business model,” Jim Wilson, partner, Capital Planning said in the news release. “We saw similar values in Bluespring Wealth Partners and were attracted to their intimate network of like-minded firms.”
Under the deal's terms, Capital Planning’s leadership and advisor team will remain in place. Financial details were not disclosed.
The partnership expands Bluespring’s regional footprint in California as its second M&A deal in the region.
“We’ve built a strong reputation in Northern California,” Wilson said in the news release. “Aligning with Bluespring Wealth Partners will empower us with the resources to perpetuate our legacy and deepen the service we provide to clients.
Capital Planning’s client relationships and business model complemented his firm’s goals as well, Bluespring President Stuart Silverman said in released comments.
“We are excited to partner with them and further support their personalized holistic financial planning offerings, and goals for both organic and inorganic growth,” he said.
In an email to Financial Advisor, Silverman further discussed his firm’s plans for growth as well, and why its latest acquisition was key to achieving them in 2022.
Asked why California was so strategically important to his firm’s scale, Silverman said that it was a major hub for premier businessses and high-net-worth individuals.