Brothers Launch New RIA with LPL; Bluespring Adds Independent RIABrothers Launch New RIA with LPL; Bluespring Adds Independent RIA

A newly created $630 million registered investment advisor is seeking greater independence by joining broker/dealer LPL, while Kestra’s Bluespring Wealth Partners is rolling in an independent RIA with $560 million in client assets.

LPL announced that brothers who were working as advisors at Corebridge Financial are leaving to start their own firm, LPL affiliate Lex Wealth Management.

Carmen and Chris Lex are starting their firm with $630 million in advisory, brokerage and retirement plan assets. The pair, based in Marlton, N.J., started working together in 2014 and have experience in financial planning and pension and social security analysis.

The Lex brothers said the move to create an LPL-backed firm was spurred by a desire to focus on tailored strategies and high-level client service.

“As we work with more clients in the distribution phases, we realized there are more personalized options available to us as independent advisors,” Carmen said in a statement. “By joining LPL Financial, we’ll benefit from innovative technology, strategic business resources, a comprehensive product selection and the support of an industry-leading wealth management firm.”

LPL, as the largest independent broker/dealer, is at the forefront of the battle for advisor talent and has been notching wins lately, especially from competitor Osiac.

In a separate advisor move, the RIA acquisition arm of Kestra Holdings,  Bluespring Wealth Partners, acquired Louisville, Ky.-based Reliant Wealth Planning.

Through the deal, Bluespring will add $560 million in assets under management from the firm founded in 2017 by Shaun Chelf and Laura Clark.

The firm of 13 employees offers wealth management, retirement planning and cash flow strategies, investment management, estate planning, charitable strategies and risk management.

Bluespring was the only potential acquirer “that wanted us to keep doing the exact things in advanced planning and investing that made us very successful and unique,” Chelf said in a statement.

Kestra does not break out Bluespring’s total AUM, but the holding company has about $86 billion in client assets. Kestra’s acquisition push was renewed last year by a recapitalization that saw private equity firm Stone Point Capital become a majority stakeholder as Warburg Pincus exited its investment.