Bluespring Wealth Partners, a subsidiary of Kestra Financial, has acquired Minneapolis-based $1.1bn RIA Vector Wealth Management.

Financial details of the transaction were not disclosed.

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Established in 1993, Vector Wealth Management provides financial planning and investment management services to business owners, corporate executives, individuals and families.

The acquired firm is headed by Thomas Fee and includes Sharon Calhoun, Tyler Schelhaas and Todd Stueve as wealth advisers.

Fee said: “Three central questions drove our search for the right partner.

“First, does this partnership serve our clients well? Second, will this benefit the next generation of leadership? Third, does this decision help ensure Vector Wealth Management will continue serving our clients for decades to come?

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“After a long and rigorous process, Bluespring emerged as the best partner for us. We are eager to capitalise on the resources and support available through our partnership to keep our firm on the leading edge of our evolving industry.”

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

Lately, the company acquired Hickory Asset Management and Believeland, and bought a stake in Beacon Financial Group.

Commenting on the Vector Wealth Management deal, Bluespring Wealth Partners president Stuart Silverman said: “With nearly three decades of serving clients, the team at Vector Wealth Management is high-quality in every way.

“The firm skilfully integrates life planning into its approach and provides optimal, ongoing client support. Together, we look forward to preserving Vector Wealth Management’s legacy as an industry-leading RIA.”