RIA moves: Aspen Standard adds $1.1B Boston RIA, Ashton Thomas enters Hawaii market

Aspen Standard Wealth and Ashton Thomas have each bolstered their reach with new acquisitions, while Merchant Investment Partners continues to expand its capacity to support RIAs through a new partnership.

Aspen Standard expands with Boston acquisition

Aspen Standard Wealth has acquired MG Financial, a Boston-area RIA with $1.1 billion in assets under management. MG Financial, founded in 1996, works with entrepreneurs, business owners, and executives, offering a team-based approach that includes tax and estate planning.

This marks Aspen’s fourth RIA acquisition since its late 2024 launch and its deal to acquire $2.8 billion RIA Summitry that same year.

Aspen’s approach centers on long-term partnerships, aiming to preserve firm identity and empower leadership rather than pursue short-term exits.

“Aspen is focused on supporting our tight-knit, energetic culture and high standards of service,” Mary Gilligan, chief executive and chief investment officer of MG Financial, said in a statement Wednesday.

Gilligan added that the partnership will help the firm “amplify our growth as we continue to provide our clients with strategies tailored to their specific needs and objectives.” 

Earlier this year, Aspen Standard also announced the acquisition of New England Private Wealth Advisors, which manages $2.9 billion, and SKY Investment Group, a Connecticut-based RIA. The firm continues to position itself as a permanent home for successful independent RIAs.

Ashton Thomas enters Hawaii market

As part of its ongoing national expansion, Ashton Thomas Private Wealth has established a new presence in Hawaii by welcoming Kobo Wealth Conservancy. 

Ashton Thomas, part of Arax Investment Partners, has focused on attracting established advisor teams and providing a broad suite of services.

The firm’s strategy emphasizes supporting entrepreneurial advisors and delivering client-focused solutions. Ashton Thomas’ leadership has positioned the firm as a partner for advisors seeking to grow in new regions.

Earlier this year, the firm strengthened its West Coast presence by welcoming a pair of advisors formerly with SVB Private, a division of First Citizens Bank.

Ashton Thomas continues to build its footprint by focusing on financial planning, investment management, and estate and trust solutions. The firm’s recent moves underscore its commitment to supporting advisors and clients across a growing national platform.

Merchant and Sterling Trustees partner on trust services

Merchant has also announced a strategic partnership with Sterling Trustees, a South Dakota-chartered trust company administering more than $11 billion in client assets.

The collaboration aims to provide RIAs with flexible, conflict-free trust administration options for high- and ultra-high-net-worth clients.

Sterling’s advisor-centric model ensures advisors maintain control of client relationships, with a focus on long-term legacy planning.

Tim Bello, co-founder and managing partner at Merchant, said the partnership is “a direct response to [the] demand” for independent trust services and reflects Merchant’s commitment to connecting advisors with essential service providers.

Bello added that Sterling brings “the objectivity, scale, and cross-border expertise that RIAs need to meet the complex estate planning needs of today’s high-net-worth families.”

Sterling’s technology-forward approach, including its proprietary trust and accounting platform built on Salesforce, was highlighted as a differentiator. 

Merchant's ecosystem spans over 115 partner firms and RIA practices in six countries, collectively managing more than $250 billion in assets. Recently, it enhanced its platform's breadth of financial service offerings through a partnership with WR Valuation, a boutique valuation service provider.