Kestra’s Bluespring Buys $2.3B Massachusetts-Based RIA

Bluespring Wealth Partners, the RIA arm of Kestra Holdings, has recently made a significant acquisition, adding $2.3 billion in assets under management by acquiring SHP Financial, a Massachusetts-based RIA. This move not only expands Bluespring’s presence in New England but also brings a 50-person team, including seven producing advisors and 18 financial services professionals, across three Massachusetts offices to Bluespring’s W-2 model.

SHP Financial, founded in 2003 by Derek Gregoire, Matthew Peck, and Keith Ellis Jr., started as an employee-owned RIA after the founders transitioned from the insurance industry. The firm, which custodies with Fidelity Investments’ NFS, caters to mass-affluent and high-net-worth clients, offering financial planning services such as its proprietary retirement road map program.

According to SHP Financial co-founder and Partner Peck, the decision to partner with Bluespring was driven by a desire to expand and bring the ‘SHP Way’ to the Northeast. After exploring various options, the firm chose Bluespring due to its hands-off approach to integration, allowing SHP to maintain its operating model and autonomy.

President Pradeep Jayaraman, who joined Bluespring in 2024 after leaving Focus Financial Partners, sees the acquisition of SHP as a significant milestone for Bluespring Wealth Partners. With this deal, Bluespring is on track to exceed its 2025 goal of adding $6 billion in total assets, positioning the firm for accelerated growth.

Jayaraman emphasized that SHP’s existing scale and growth mindset make this acquisition an acceleration story rather than a transition. The acquisition of SHP Financial represents Bluespring’s commitment to supporting RIAs with strong potential for growth while allowing them to maintain their unique identity and operating model.

In conclusion, the acquisition of SHP Financial by Bluespring Wealth Partners signifies a strategic move to expand their presence in the Northeast and support the growth of RIAs with a focus on maintaining autonomy and operational independence. This partnership highlights Bluespring’s commitment to fostering growth and innovation within the RIA industry.