Bluespring Wealth Partners, the RIA arm of Kestra Holdings, recently made a significant acquisition by acquiring SHP Financial, a Massachusetts-based firm with $2.3 billion in assets under management. This move not only adds to Bluespring’s W-2 model but also brings a 50-person team, including seven producing advisors and 18 financial services professionals, across three offices in Massachusetts.
Founded in 2003 by Derek Gregoire, Matthew Peck, and Keith Ellis Jr., SHP Financial started as an employee-owned RIA after the founders transitioned from the insurance industry. The firm specializes in serving mass-affluent and high-net-worth clients with financial planning services, including their proprietary retirement road map program. Custody of client assets is held with Fidelity Investments’ NFS.
In a statement, Peck mentioned that the decision to partner with Bluespring was driven by the desire to expand and bring the ‘SHP Way’ to the Northeast. The firm had explored various options and ultimately chose Bluespring for its instant infrastructure, expertise, and network that aligned with their vision.
Unlike other potential partners who offered integration models, Bluespring stood out by allowing SHP to maintain its operating model and autonomy. This approach resonated with SHP’s leadership, who valued the opportunity to continue leading their firm’s growth trajectory.
This acquisition marks Bluespring Wealth Partners’ largest deal by assets since its inception in 2019 and the largest under President Pradeep Jayaraman, who assumed the role in 2024 after his tenure at Focus Financial Partners. The move positions Bluespring on track to surpass its 2025 goal of adding $6 billion in assets, including teams affiliated with Kestra Financial.
President Jayaraman expressed enthusiasm for the partnership with SHP, emphasizing the firm’s existing scale and ambition for further growth. He characterized the deal as an acceleration story, highlighting SHP’s potential to propel Bluespring’s growth trajectory.
Overall, the acquisition of SHP Financial by Bluespring Wealth Partners signifies a strategic move to enhance the firm’s presence in New England and strengthen its position in the RIA industry. The partnership underscores Bluespring’s commitment to supporting independent advisors and fostering growth opportunities within the organization.
