Bluespring Wealth Partners has acquired an undisclosed stake in Beacon Financial Group, a Texas-based registered investment adviser (RIA).

Financial details of the agreement were not disclosed, but the acquired RIA has more than $800m in assets under management (AuM).

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Founded by Steve Engro in 1995, Beacon Financial Group offers full financial planning, fee-based wealth management, and insurance services. It has offices in Dallas and Austin, Texas.

Bluespring Wealth Partners, the RIA acquisition arm of Kestra Financial, noted that it acquired Engro’s stake in the company.

Bluespring Wealth Partners president Stuart Silverman said: “Steve’s strong leadership, entrepreneurial spirit, and desire to establish a sound succession strategy for his firm were evident in our first meeting.

“We appreciate his initiative to plan for the future and look forward to working together to kick-start Beacon Financial Group’s next chapter.”

Engro said: “At this time in our firm’s history, it’s critical to fully align with a strategic partner who can ensure we’re well-positioned for the years to come.

“I have full confidence in our relationship with Bluespring Wealth Partners will enhance the experience for our clients and allow Beacon Financial Group to serve our clients and their heirs for the decades to come.”

The acquisition comes close on the heels of Bluespring Wealth Partners’ takeover of Believeland and Hickory Asset Management.