Austin, Texas-based Bluespring Wealth Partners on Tuesday announced the acquisition of Kestra Financial firm SilverStar Wealth Management, which the acquirer of independent RIAs and hybrid wealth management firms said it is merging into existing Bluespring firm LifeBridge Financial Group to form one advisory team overseeing $1.4 billion in assets under management (AUM).
The transaction, which occurred in the current quarter, will strengthen Bluespring’s presence in Texas, it said, noting LifeBridge is based in Houston and SilverStar is based in Cypress, Texas, in the Houston area.
“SilverStar brings $110 million in AUM to LifeBridge,” Pradeep Jayaraman, President of Bluespring, told WSR.
“SilverStar will still cooperate under the name SilverStar Wealth Management, Inc. for the foreseeable future, but will eventually operate under one common name, LifeBridge Financial Group,” he told WSR.
He added, “The Principals met through the community within Kestra. Given their philosophical and cultural alignment, the leaders of the two firms quickly discovered that they should join forces. The Principals also realized that a combined firm would bolster LifeBridge's presence in Texas and the Houston area.”
“We’re pleased to support SilverStar and LifeBridge on their shared journey,” he said in a news release.
“Both firms have been strong, successful partners within the Kestra ecosystem, and Bluespring is proud to further enable their combined success.”
LifeBridge is led by Managing Director Michael Rudelson and Lead Financial Advisors Selena Krampota and Grayson Palmer. The LifeBridge team serves individuals and institutions, Bluespring said.
SilverStar is led by President and Lead Principal Tim Hudson and is focused on business owners, professionals and other investors.
“The two teams share aligned values and a commitment to providing tailored wealth management solutions for their clients,” Bluespring said in the news release. “Both firms will continue managing their respective teams and look forward to working together to strengthen their collective operations.”
“We are excited about our future with LifeBridge and the expanded opportunities it will open up for our clients,” said Hudson. “This merger simply enhances our ability to remain fully dedicated to our mission – helping our clients grow, protect, and distribute their wealth with purpose.”
“SilverStar’s dedication to empowering clients to live purposeful, fulfilling lives makes them an ideal partner for us,” said Rudelson. “We look forward to welcoming the team and continuing to uphold our shared vision of client-first, purpose-driven wealth management.”
Bluespring in March said it bought Charter Capital Management, a wealth management and financial advisory firm based in Brookfield, Wisconsin, that manages over $400 million in AUM.
In February, Bluespring said it was acquiring Reliant Wealth Planning, a Louisville, Kentucky-based financial advisory firm with $560 million in AUM.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
