Wealth M&A Group Snaps Up Another Business

Editorial Staff

28 August 2019

Kestra Financial’s newly-minted Bluespring Wealth Partners, which was formed to buy RIAs and other wealth firms, has acquired Believeland. The firm is an entity operating under oXYGen Financial.

The firm is run by managing partner Brandon Hayes and senior industry figure Ted Jenkin.

“We’re confident our partnership with Believeland will set the stage for many future successful acquisitions,” Stuart Silverman, president of Bluespring Wealth Partners, said.

The Bluespring business was formed at a time when Kestra saw big opportunities in working with advisors thinking about selling up and retiring, or considering succession plans for their business. Recent months have been busy for wealth management M&A in various sectors, especially RIAs.

A few days ago, Bluespring acquired Hickory Asset Management, a firm based in Concord, Ohio. And as part of its own M&A story, Kestra is now majority-owned by private equity house Warburg Pincus.

“Most independent advisors lack succession plans. Bluespring Wealth’s new G2 model is going to sweep the country,” Believeland’s Jenkin said.

Recent data from M&A advisory firm ECHELON Partners has shown brisk merger and acquisition activity in recent months.