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Aspen Standard Wealth, a holding company that takes majority stakes in registered investment advisors, has made its seventh acquisition since its 2024 founding, with a deal for BlueSky Wealth Advisors, based in New Bern, N.C. The deal brings total client assets by RIAs in the holding company to about $14 billion.

BlueSky, founded in 1999 by CEO David Blain, is a fee-only financial advisory firm with a staff of 13, including eight advisors. The firm provides investment management and financial planning services focused on tax mitigation, passive income generation and legacy planning. 

New York-based Aspen was founded by CEO Aly Kassim-Lakha, a former hedge fund manager, and is backed by private equity firm Alpine Investors. 

Rather than bring firms onto a single Form ADV, Aspen takes a majority stake in RIAs, with those RIA owners getting a minority stake in the Aspen holding company.

“We endeavor for this to be a meaningful source of wealth creation,” Kassim-Lakha said.

Kassim-Lakha calls the setup a “permanent home for independent RIAs,” rather than an acquisition for eventual resale. He said Aspen considers taking stakes in RIAs across the U.S., with the focus on being with “the highest quality firms.”

The firm tends to make deals with RIAs of $1 billion-plus, including $2.9 billion New England Private Wealth Advisors in April 2025 and $1.1 billion MG Financial in August 2025. 

Aspen’s first deal upon entering the market in November 2024 was a majority stake in the $2.8 billion firm Summitry. That firm had $3 billion in assets under management as of its most recent Form ADV in May 2025.

“We anticipate a busy year [in 2026],” Kassim-Lakha said. “Our model continues to resonate, and this year we expect to bring it to more firms across the country.” 

Sherman & Co. was the investment banker on the BlueSky deal.