Another local financial advisory has landed in the arms of a larger business.
Rodgers & Associates Wealth Advisers, based in Manheim Township, Lancaster County, has been acquired by Bluespring Wealth Partners, an Austin, Texas-based firm that has scooped up more than two dozen wealth management firms since it was founded five years ago.
Rodgers & Associates referred questions to Bluespring.
Founded in 1996 by Rick and Jessica Rodgers, the firm will retain its leadership, name and staff, according to a Bluespring spokesperson.
“We’re very excited about the Rodgers team,” the spokesperson said, declining to disclose the deal’s financial terms. “They’re a phenomenal team, a phenomenal firm.”
The players: Rodgers & Associates employs about 25 people and manages assets of more than $1.35 billion for nearly 1,000 clients.
“From the beginning, we were drawn to Bluespring’s emphasis on growth at scale while staying true to the core of our business,” Rick Rodgers said in a statement.
Bluespring was formed in 2019 by Kestra Financial, which provides services to wealth management firms.
Kestra is backed by private equity firm Warburg Pincus, which bought a majority stake in Kestra in 2019.
Over the last five years, Blueprint has acquired 27 advisory firms, including Rodgers.
Recent acquisitions include Shelton Financial Group in Fort Wayne, Indiana, and KDI Wealth Management in Scottsdale, Arizona.
The company offers back-office support in areas such as HR and payroll, freeing its acquired firms to focus on clients.
“We are excited to accompany Rick, Jessy, their team and their clients on this next chapter of growth and success,” Bluespring chairman Stuart Silverman said of the Rodgers & Associates acquisition.
The trend: A wave of M&A has been sweeping through the world of independent financial advisors.
The impetus has come, in part, from owners seeking to retire but also from smaller firms looking to compete more effectively and operate more efficiently. Private equity firms, meanwhile, see an opportunity to consolidate a historically fragmented sector.
The advisory industry nationwide is on pace this year to notch 332 transactions, which would be a 3.4% increase over 2023 but below a peak of 341 set in 2022, according to industry research firm Echelon Partners.
There were 203 transactions in 2019.
Targets in Central Pennsylvania over the last few years include ISI Financial Group and Domani Wealth in Lancaster and Comprehensive Financial Associates and FMA Advisory in the Harrisburg area.
