Bluespring Wealth Partners, a newly launched business focused on acquiring registered investment advisors and a wholly owned subsidiary of Kestra Financial based in Austin, Texas, Tuesday announced its first transaction with the acquisition of Hickory Asset Management.

Based in Concord, Ohio, Hickory Asset Management is an independent RIA offering comprehensive financial planning and portfolio management services to individuals, corporate executives, and business owners with $153 million in assets under management, according to the latest ADV filing with the SEC.

The transaction is the first for Bluespring Wealth, which was created specifically to acquire RIAs, and is part of the succession plan for Hickory Asset Management, which is led by Daniel G. LeScoezec, who has more than three decades of financial services experience.

“The Hickory Asset Management team has operated a well-run firm and employed a disciplined approach to client service since their founding in 2008,” said Stuart Silverman, president of Bluespring Wealth.

“Establishing an effective succession plan is paramount to our business and the most important step in building our legacy as a firm,” said LeScoezec. “Partnering with Bluespring Wealth will help us devise a customized plan for the future and grow our practice.”

Bluespring Wealth Partners was created to acquire and service wealth management firms seeking continuity for clients and the business they have built. It was established to help entrepreneurs transition their business to the next level of growth through successor identification and training, flexible ownership arrangements, institutional-level capital support, and earn-out optimization.