Bluespring and Merit are continuing to expand their national presence as they both welcome new partners to their RIA networks.
On Tuesday, leading RIA and hybrid firm acquirer Bluespring Wealth Partners announced it has snapped up Reliant Wealth Planning, a Louisville, Kentucky-based RIA with more than $560 million in assets under management.
Founded in 2017, Reliant is led by Shaun Chelf and Laura Clark and has a team of 13 professionals providing financial planning, investment management, and estate planning services.
After an extensive due diligence and selection process, the firm said Bluespring won out over other potential RIA platforms for its ability to support Reliant's existing model without major operational changes.
“Bluespring alone wanted us to keep doing the exact things in advanced planning and investing that made us very successful and unique,” Chelf said Tuesday. “Their offer to come alongside to enhance, but not change, our DNA made them not just the obvious choice, but the only choice.”
Bluespring President Pradeep Jayaraman, who joined the firm in September last year, highlighted Reliant’s alignment with the firm’s acquisition strategy.
“Their expertise, dedication to excellence, and commitment to clients align perfectly with the profile of success-driven and entrepreneurial-focused financial professionals we seek to work with at Bluespring,” he said.
Jayaraman inherited the president role from Stuart Silverman, who in turn took over from Fidelity alum David Canter in August 2023.
Separately, Merit Financial Advisors revealed it has acquired Hershey Wealth Advisors, a Pennsylvania-based firm with $233 million in assets. The deal establishes Merit’s fifth office in Pennsylvania and adds to its network of over 40 locations across the US.
As of June 30, Merit oversaw $11.84 billion in assets across advisory, brokerage, and assets under advisement.
Hershey specializes in financial planning, investment management, and tax preparation. Founder Gregory K. Richards will join Merit as a wealth manager and partner, along with the firm’s existing team.
“By joining forces with Merit, we're infusing more resources into our offering, providing us more time to spend with clients,” Richards said. “Merit's offering will simplify our back-office complexities, broaden our access to technology, and increase our reach in the region.”
The Hershey deal marks Merit’s thirty-third acquisition since securing a minority investment in 2020 from Wealth Partners Capital Group and a group of strategic investors led by HGGC’s Aspire Holdings. Last month, Merit acquired Wisconsin-based Pillar Wealth Management Co., adding $179 million in assets and two offices.
Prior to that, Merit announced a trifecta of acquisitions in December which included Trinity Financial Partners, another Pennsylvania-based firm; ClearBridge Wealth Management; and Roth Asset Management in Oregon.
Merit Managing Principal and Partner Tyler Vernon welcomed Hershey’s addition. “Greg and his team of professionals are closely aligned with Merit's core values, and we're looking forward to a prosperous partnership,” he said.
The latest father-son additions at Merill include a tandem originally with Wells Fargo and an Iowa-based trio that crossed over from Baird.
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