Bluespring Establishes $1.4B Florida Hub
Bluespring Wealth Partners, a subsidiary of brokerage firm Kestra Financial, has combined two of its partner firms, Retirement Wealth Specialists (RWS) and Security Financial Management (SFM), to create a hub in Florida managing approximately $1.4 billion in assets.
The combined firm will retain the SFM brand and maintain five locations across the state. RWS and SFM have been independently affiliated with Bluespring for several years.
“Two of our Partners merging to become a leading wealth management firm in the southeast is a testament to the high level of quality and like-mindedness we’ve built in the Bluespring community, further echoing the advantage of integration into the BWP ecosystem,” said Bluespring Chairman Stuart Silverman.
Bluespring bought RWS in early 2020. The company was founded in 1998 by Mitchell B. Walk and Bruce S. Udell. The firm offers investing and tax solutions, as well as estate planning services, to both retail and institutional clients.
Bluespring acquired Security Financial Management in 2022. The firm was founded more than three decades ago by Dave Allen and Frank Lovaglio and provides wealth management to high-net-worth individuals and families.
Kestra Financial, which launched Bluespring in 2019, is backed by private equity firms Warburg Pincus and Oak Hill Capital.