Bluespring Wealth operates as Kestra Financial’s RIA aggregator and wealth management firm-acquisition business. Credit: Constantin Wenning on Unsplash.

Kestra Financial-backed Bluespring Wealth Partners has acquired Chicago-based Hedeker Wealth, which manages over $350m in assets.

Financial terms of the deal were not shared.

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Founded in 2002, Hedeker Wealth specialises in wealth planning and investment management as well as tax and estate planning.

Hedeker Wealth founder and principal Dean Hedeker said: “Having diligently served clients for more than 30 years, it was very important to find the right fit as I explored potential partners in the industry.”

“With Bluespring Wealth, our client agreements, investment management, and financial planning approaches remain unchanged, ensuring a seamless transition for clients,” he added.

As part of the deal, Bluespring Wealth will offer personalised support to Hedeker as the firm looks to identify and onboard advisor talent to enhance client experience.

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Bluespring Wealth president Stuart Silverman said: “Hedeker Wealth has a long history of strong client relationships, exceptional client service, and an outstanding team.

“Dean is also a great cultural fit who proved quickly that he would be an excellent partner, helping to drive growth well beyond his current footprint especially as we work to integrate another advisor into the firm.”

Bluespring Wealth operates as Kestra Financial’s RIA aggregator and wealth management firm-acquisition business.

The company focuses on the acquisition and servicing of wealth management firms looking for continuity for clients and the business through succession strategies.

In January last year, it acquired Florida-based Retirement Wealth Specialists, following a series of consolidation activities.

These include the takeover of Hickory Asset Management, Believeland, and Vector Wealth Management.