RIA Holding Firm Aspen Acquires $1.3B CWS Financial Advisors
Aspen Standard Wealth, a New York-based holding company that takes majority stakes in registered investment advisors, has acquired a wealth manager based in Kalamazoo, Mich., managing $1.3 billion in client assets across the United States.
CWS Financial Advisors, which dates back to 1983, will join the Aspen platform while maintaining its fee-only, RIA structure, the firms announced Tuesday. The 10-person RIA is led by Principal and co-owner Joe Splendorio, a former Wells Fargo advisor who joined CWS in 2014, according to BrokerCheck.
CWS was started as an A.G. Edwards office. That firm was acquired by Wachovia, which was then taken over by Wells Fargo. CWS broke away to become a fee-only RIA in 2018.
Aspen was founded by CEO Aly Kassim-Lakha, a former hedge fund manager, and is backed by private equity firm Alpine Investors. Aspen takes a majority stake in RIAs, with those RIA owners getting a minority stake in the Aspen holding company.
“We look forward to providing additional resources and strategic support to help CWS’s team and clients thrive over the long term,” Kassim-Lakha said in a statement.
CWS was advised on the deal by Turkey Hill Management.
