Bluespring Wealth Partners, a subsidiary of Austin, Texas-based Kestra Financial, has acquired Vector Wealth Management, a $1.1 billion Minneapolis-based RIA, according to a news release.
The acquisition is the latest for Bluespring, which was formed by Kestra in August to acquire and service wealth management firms seeking continuity for their business.
Founded in 1993, Vector Wealth Management offers comprehensive financial planning and investment management for clients including individuals, families, business owners and corporate executives. Vector Wealth Management uses a goals-based planning approach to help guide their clients through complicated life events and major financial decisions, the release said.
Vector Wealth Management is led by managing partner Thomas G. Fee, senior wealth advisor Sharon L. Calhoun, director of portfolio management Jason D. Ranallo, senior wealth advisor Tyler J. Schelhaas, portfolio manager Daniel J. Powers and senior wealth advisor Todd C. Stueve.
Fee said there were three central questions that drove the search to Bluespring. “First, does this partnership serve our clients well? Second, will this benefit the next generation of leadership? Third, does this decision help ensure Vector Wealth Management will continue serving our clients for decades to come? After a long and rigorous process, Bluespring emerged as the best partner for us. We are eager to capitalize on the resources and support available through our partnership to keep our firm on the leading edge of our evolving industry,” he said in a prepared statement.
Stuart Silverman, president of Bluespring Wealth Partners, said Vector skillfully integrates life planning into its approach and provides optimal, ongoing client support. “Together, we look forward to preserving Vector Wealth Management’s legacy as an industry-leading RIA,” he said in a statement.
This latest acquisition is Bluespring’s largest. In September, it acquired Beacon Financial Group, with offices in Dallas and Austin and $800 million in assets under management. And in August, a couple weeks after it was created, it bought its first RIA, Concord, Ohio-based Hickory Asset Management, with $153 million in AUM.