RIA Holding Firm Aspen Standard Pens Deal for $1.3B Michigan-Based RIA

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Aspen Standard Wealth, a New York-based holding institution that takes bulk stakes successful registered concern advisors, has acquired a wealthiness manager based successful Kalamazoo, Mich., managing $1.3 cardinal successful lawsuit assets crossed the United States.

CWS Financial Advisors, which dates backmost to 1983, volition articulation the Aspen level portion maintaining its fee-only, RIA structure, the firms announced Tuesday. The 10-person RIA is led by Principal and co-owner Joe Splendorio, a erstwhile Wells Fargo advisor who joined CWS successful 2014, according to BrokerCheck.

CWS was started arsenic an A.G. Edwards office. That steadfast was acquired by Wachovia, which was past taken implicit by Wells Fargo. CWS broke distant to go a fee-only RIA successful 2018.

Aspen was founded by CEO Aly Kassim-Lakha, a erstwhile hedge money manager, and is backed by backstage equity steadfast Alpine Investors. Aspen takes a bulk involvement successful RIAs, with those RIA owners getting a number involvement successful the Aspen holding company.

"We look guardant to providing further resources and strategical enactment to assistance CWS's squad and clients thrive implicit the agelong term," Kassim-Lakha said successful a statement.

CWS was advised connected the woody by Turkey Hill Management.