Beacon Financial Group is the latest RIA to join Bluespring Wealth Partners, a recently launched business that focuses exclusively on acquiring experienced registered investment advisor and wealth management firms, according to a news release.

Bluespring Wealth Partners is a wholly owned subsidiary of Austin-based Kestra Financial, Inc.

With offices in Dallas and Austin, Texas, Beacon Financial Group was established by Steve Engro in 1995. The professionals of Beacon Financial Group collectively oversee $800 million in assets, the release said.

“At this time in our firm’s history, it’s critical to fully align with a strategic partner who can ensure we’re well-positioned for the years to come,” Engro said in a prepared statement.

Kestra formed Bluespring last month to identify RIAs to acquire and assisting those firms with succession planning.

A couple weeks later, Bluespring acquired its first RIA, Concord, Ohio-based Hickory Asset Management.