Deals & People August 5, 2024

Advisory M&A News – 8/5/24

Bluespring Wealth Partners acquires $1.35B Rodgers & Associates Wealth Advisers; Sentinel Advisory Group, with $300M in client assets, joins Commonwealth from Northwestern Mutual; Ameriprise adds $150M UBS adviser Walstien.

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Bluespring Wealth Partners Brings on $1.35B Advisory

Bluespring Wealth Partners, which is acquiring independent registered investment advisers and hybrid wealth management firms, has acquired Rodgers & Associates Wealth Advisers, a wealth and retirement planning firm based in Lancaster, Pennsylvania.

The deal marks Bluespring’s 27th partner firm in five years of operations and adds $1.35 billion in client assets and more than 1,000 household clients to the aggregator.

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Rodgers & Associates was founded by husband-and-wife partners Rick and Jessica Rodgers, who will make the move over to Bluespring. They will be joined by Sandra Skrodinsky, president and chief compliance officer; Susan Connors, director of operations; Patrick Carney, manager of adviser services; and Clint Krushinsky, business development specialist, as part of a 25-employee shop.

Rodgers & Associates joined Bluespring for factors including “marketing, other back-office resources, and educational tools on succession planning,” according to an announcement.

“From the beginning, we were drawn to Bluespring’s emphasis on growth at scale while staying true to the core of our business,” said Rick Rodgers in a statement.

Sentinel Advisory Group Chooses Commonwealth as New Firm Partner

Sentinel Advisory Group of Middleton, Wisconsin, has joined the Commonwealth Financial Network of independent financial advisers.

Sentinel joins from Northwestern Mutual, bringing its $300 million in client assets to Commonwealth’s advisory network.

Nine advisers will make the move, including Brent Cashore, Peter Shulla and Nathan Keeling, all co-founders, and adviser Cary Grunder.

“Of all seven of the potential partner firms we explored, only Commonwealth checked every box,” said Shulla in a statement. “We needed unified technology systems that could both ease how we do business now and enable us to extend our range of services over time while leveling up our client experience.”

Cashore noted that the move will help Sentinel “evolve faster with the breadth of tools available to us” and “develop our next generation of advisers and pursue an aggressive growth path for our practice.”

Walstien Leaves UBS for Ameriprise

Ameriprise Financial has brought on financial adviser Michael Walstien from UBS Financial Services. Walstien will join with $150 million in client assets and continue to be based in Wayzata, Minnesota, according to an announcement.

The adviser said in the announcement he made the move for client service support, technology and culture.

“Ameriprise invests in technology, tools and services that make it more efficient for advisers to run their businesses, while offering a streamlined digital experience for clients,” said Walstien.

He is joined by team member Kaeli Williams, a client service associate, and they are being supported by Ameriprise Complex Director Adam Lukens and Ameriprise Regional Vice President Mitch Doren. Walstien had been with UBS for more than 17 years.

Client Service August 5, 2024

Student Loan Repayment Startup Summer Acquires Vault

Summer buys the student loan benefits firm that has worked with recordkeepers such as Voya and Schwab. 

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Student loan repayment benefits startup Summer PBC has acquired Vault Student Loan Benefits, formerly Student Loan Genius, the firm announced Thursday. 

Founded in 2013, Austin, Texas-based Vault was an early financial wellness innovator, working with more than 3,000 employers and 401(k) recordkeepers like Voya and Schwab Retirement Plan Services. 

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Vault’s platform helped bolster HR leaders’ employee recruiting and retention efforts by offering student loan repayment services, contributing to employee 529 college savings plans and facilitating student loan retirement matching, according to Summer’s announcement.  

This acquisition “cements Summer’s status as a leader in the student loan and education benefits category and marks a significant milestone for the seven-year-old company,” according to the announcement.  

Summer partners with employers and institutions to deliver tailored student loan benefits that help employees save for education, better manage their student loans, find forgiveness options and lower monthly payments.  

By integrating Vault’s technology and expertise, Summer plans to further enhance its product suite for HR leaders looking to offer or enhance their for student loan benefits. 

“We are thrilled to welcome Vault into the Summer family,” said Will Sealy, Summer’s founder and CEO, in a statement. “This acquisition brings talent and expanded resources that will empower us to better serve our existing employer clients as well as grow to support many more.” 

Heather Lowe, Vault’s former chief operating officer who joined Summer as vice president, also said in a statement, “Summer’s technology platform immediately enhances our ability to tackle the major generational challenge of student debt and rising college costs for employees and their families across the country.” 

In an all-cash transaction, Summer is acquiring certain Vault assets, intellectual property and select client contracts. Following the acquisition, Vault’s existing products will be phased out, and Vault’s core team will join Summer. 

Some of Summer’s products include: 

  • Summer Save, a platform for student loan optimization and college savings; 
  • Summer Boost, which provides employer student loan contributions and tuition reimbursement; and 
  • Summer Secure, offering a student loan retirement matching compliant with the SECURE 2.0 Act of 2022. 

Summer also recently announced hiring Don Weinstein, ADP’s former chief product and technology officer, as Summer’s first chief innovation officer. Earlier this year, Summer partnered with ADP to enhance its capabilities for 401(k) student loan matching for retirement plan participants.  

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