Bluespring Wealth Partners LLC, an Austin, Texas-based subsidiary of Kestra Holdings, has acquired CD Wealth Management LLC, a Kestra Financial associate firm headquartered in Dallas managing over $850 million in client assets, the companies announced.
Kestra Financial provides its associated independent financial advisory practices with access to its wealth management platform. Bluespring Wealth Partners is an investment subsidiary Kestra launched in 2019 for the purpose of acquiring partner firms seeking to grow their business.
According to the CD Wealth website, the practice traces its roots to Waldman Bros., a family-run business established in Dallas in 1939. At that time, Bill Waldman, the great uncle of CD Wealth founder and CEO Scott Cohen, started work as a life insurance agent for State Mutual. Ten years later, Waldman’s brother Erwin—Cohen’s grandfather—joined the business, which the two brothers renamed to reflect their family ties. A half-century later, Cohen followed in their footsteps.
After graduating from the University of Texas in 1993, Cohen decided to join the family business as a financial planner, expanding the agency’s service offerings. In 2014, he parted ways by launching CD Wealth with the blessing of his family and business partners, the website said.
By partnering with Bluespring Wealth, CD Wealth will have access to the backoffice support and operational resources the practice needs to scale its business even further, according to the news release. The company will continue doing business under the CD Wealth Management name, and its founder and partners will maintain a significant equity interest in the partnership.
“We believe in the power of independence when it comes to wealth management, so it was important to us to find a partner that would allow us to remain autonomous while complementing our expertise,” Cohen said in the news release. “With Bluespring Wealth Partners’ institutional support, we will continue to retain our clients with best-in-class service, and we will add more tools, research capabilities, and sophistication to our work.”
Upon closing its transaction to acquire CD Wealth Management, Bluespring completed its fourth acquisition of 2022. The company transacted five acquisitions during 2021.