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Podcast

An Inside Look at Partnering With Bluespring Wealth Partners

by Stuart Silverman
June 03, 2021

Take it from the experts as they discuss their experiences with Bluespring Wealth Partners and why joining the firm was the best move for their businesses. 

by Stuart Silverman

One of our core missions at Bluespring is to empower our partner firms’ next generation of wealth managers to grow themselves and their businesses. On a recent edition of Bluespring Out Loud, I sat down with three of our recently acquired wealth management firms — Bedell Frazier Investment Counselling, LLC President and CEO Mike Frazier, one of U.S. Financial Services founding partners Steve Gallo, and Vector Wealth Management Managing Partner Thomas Fee.

Mike, Steve, and Tom shared their firsthand experience with the transition and lessons learned from monetizing their businesses:

  • What motivated you to sell your business?
    • Mike: I initially had no plans to sell. As a G2, I planned to continue growing the business independently and was grooming a third-generation successor. However, with the tectonic shifts of consolidation taking place in our industry, I knew scale would be essential to our continued growth. With this partnership, we secured our legacy as well as our future.

  • How did your employees and clients react to the acquisition?
    • Steve: Our staff had some initial reservations, but now they agree the changes have only been for the better. We are running our business the way we’ve always run it, but Bluespring has offloaded some of the back-office tasks to further empower my partners to do what they do best — take care of their clients.
    • Whether they voice the concern or not, clients are always wondering what will happen if you are no longer around one day. This move gave our clients peace of mind that we have a succession plan in place.

  • Do you have any seller’s remorse?
    • Mike: None at all. I have no plans to retire ever, and my younger partners are onboard with that. I love the intellectual challenge of finding new ways to deliver value to clients. Outsourcing our non-revenue generating tasks gives us more time to do just that. We are now able to take on challenges we were unequipped to successfully tackle independently.
    • Our partnership allows us to be the best version of ourselves. Bluespring is very much a partner, investing in us and recognizing the value we provide.

  • What has changed for your firm since the acquisition?
    • Tom: One of the things I found most attractive about Bluespring is that it is truly entrepreneurial. Having Bluespring lift so many of the legal, accounting, and human resources responsibilities off our plate has been liberating. It has allowed us to focus on where we can bring value to our clients.

  • How is the G2 training going?
    • Steve: Our younger partners are loving the G2 academy. They realize that this partnership gives them the opportunity to grow without taking on debt. I am confident that I will feel much more comfortable stepping aside and letting them run the business once they complete the G2 academy.

  • Knowing what you know now, what would you have done differently during the transition process?
    • Tom: I would have made this decision earlier. As fiduciaries, we are stewards for our clients’ financial lives and who we bring on as partners matters. Partnering with Bluespring was about doing what’s best for them.

Tune in to my full conversation with Mike, Steve, and Tom here. For more information on how we can help support your transition, please contact Bluespring Wealth Partners.

 

*Responses have been condensed for brevity and clarity.


 

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