Bluespring Wealth Partners, the RIA acquisition arm of Kestra Holdings, has picked up a firm overseeing $500 million in Herndon, Va., just a short drive from Dulles International Airport.
Founded in 2009, Hughes Financial Services is a 10-person team led by father and son, Paul and Scott Hughes, along with managing partners Patrick Hughes (Scott’s brother) and Berkeley Meredith.
It is one of three firms to join Bluespring last year, with the third expected to be announced in the coming months.
The Hughes team provides holistic wealth management for around 700 families, medical professionals, corporate executives and government employees. The team offers specialized retirement planning services for government, public safety and public school employees in Virginia’s Fairfax and Loudon counties, as well as employees of George Mason University and Inova Health System.
Introduced to Bluespring by existing partner firms, Hughes expects the sale will allow the team to retain autonomy while providing the benefits of scale, enabling them to spend more time with clients and attracting new ones.
“In the last four years our firm has doubled in size and with Bluespring Wealth Partners on our team we can focus on continuing to take our business to new heights,” the Hughes management team said in a statement.
Bluespring was launched under Kestra's dual registrations in July 2019 with the aim of acquiring firms in need of succession; those without a plan in place are enrolled in a two-year program that trains next generation advisors to eventually take the reins. But the firm has since broadened that focus.
“We specialize in acquiring established, high-growth, ensemble practices, with a 2024 pipeline that’s stronger than ever,” said Bluespring Chairman Stuart Silverman. “We’re working with a few dozen independent RIA and hybrid firms now, so keep an eye out for more acquisition announcements later in the year.”
With a total of 32 acquisitions under its belt, Bluespring has combined nine firms along the way. Hughes and the other 2023 acquisition bring the platform to 23 partners.
Former President David Canter, who had been with the firm only a year, announced he would be stepping down in August, transitioning to a strategic advisor role before officially cutting ties in November.
Silverman, who has been acting in a dual capacity as both chair and president since Canter’s departure, said the search for a new replacement is “going well,” and that Bluespring remains focused on “maturing” the platform and facilitating organic and inorganic growth for its platform firms.
“We’re proud to be in an industry that has such a wide range of strong talent,” he said. “We want to be sure we find the right candidate for the next phase in Bluespring’s growth. While I can’t share any specifics yet, we expect to share an announcement later this year.”
Owned by Warburg Pincus, Kestra Holdings doesn’t disclose assets across its subsidiary firms but reported more than $100 billion across three RIAs and one broker/dealer at the end of 2022, about half of which was under management.
The sale of subsidiary Grove Point Financial, with $15 billion in assets, to Atria Wealth Solutions was completed in the fall of last year.
