Aspen Standard Adds $1.3 Billion RIA in Michigan

Aspen Standard Wealth, a two-year-old RIA aggregator based in New York City, has notched its eighth deal with the acquisition of a firm managing approximately $1.3 billion, according to an announcement on Tuesday. Aspen has purchased CWS Financial Advisors, a Kalamazoo, Michigan-based firm with a team of 10, including five advisors, according to its website. The RIA, which also has an office in San Francisco, serves 800 households and five charities, according to its Form ADV. CWS was founded and owned by Joseph P. Splendorio, his wife, Lindsey E. Splendorio, and Cory D. Wietfeldt. The team, which traces its roots to Wells’ A.G. Edwards predecessor, left the wirehouse’s independent FiNet unit in 2018 to launch CWS. The Splendorios both began their careers in 2002, according to registration records. Lindsey Splendorio started with Goldman Sachs and also worked at UBS before joining A.G. Edwards in 2007. Joe Splendorio started his career as a broker with Bank of America, moved to Macquarie in 2007 and joined Wells Fargo in 2011. Wietfeldt began as a broker at a local Kalamazoo bank 1994 and moved to A.G. Edwards in 1996. Aspen, which is owned by private equity firm Alpine Investors, owns RIAs with approximately $15 billion in collectively managed assets. Its firms operate under their own ADVs. The deals include a mix of cash and equity in Aspen. A firm spokesperson was not immediately able to provide additional comment on the deal or the firm’s M&A targets this year.