DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
A•••• C•••••• M••••••••• L••
Legal name A•••• C•••••• M•••••••••
Latest filing Feb 24, 2026
First filing on the tape Jan 23, 2012 · 21 filings
SEC status approved since Aug 19, 2004
RAUM
$1.3B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
91%
$1.2B individuals and HNW
Advisors
10
registered through the firm on IAPD
RAUM per advisor
$134M
derived; firm RAUM over IAPD count
Employees
12
9 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
0
reported on Schedule D
History
21 filings and snapshots on the tape
RAUM$1.3B as of Feb 24, 2026
Jan 23, 2012$170M then
HNW client RAUM$1.1B as of Feb 24, 2026
Mar 27, 2018$468M then
State-registered IARs (5.B.3)9 as of Feb 24, 2026
Jan 23, 20120 then
Employees (5.A)12 as of Feb 24, 2026
Mar 5, 20132 then
Private funds: no history
RAUM +18% over the last fiscal year+16% a year over threeIARs 6 to 9
Practice profile
derived from the filing of Feb 24, 2026; every figure names its basis
Archetypes, each a printed rule
- Independent boutique · a wealth manager with no broker-dealer, bank or insurance affiliate, 2 to 25 advisors, one to three offices, no public reporting company control
- RAUM per advisor
- $134MderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- 44derivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- $4.0MderivedHNW RAUM over HNW clients
- Average account
- $881,611derivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 9.2%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- 1.2derivedItem 5.A over advisors
- Advisors per office
- 10.0derived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- +18%derivedbetween the last two annual amendments
- Advisor growth, one year
- +50%derivedItem 5.B.3 between annual amendments
- Client growth, one year
- +12%derived
- Compensation
- percentage of assets, fixed feesreportedItem 5.E
- Advisory activities
- financial planning, portfolio management for individualsreportedItem 5.G
- Custody
- $864M, 295 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- receives research or other products from a broker-dealer, soft dollars (8.E)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- marketing includes testimonials (5.L.1.c)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- High-net-worth individuals$1.1B86%
- Charitable organizations$123M9.2%
- Individuals$65.8M4.9%
- Individual clients
- 159reported
- HNW clients
- 284reported
- Pension plan clients
- n/areported
- Charitable clients
- 32reported
- Accounts
- 1,518reported
- Financial planning clients
- 251-500reported
- Wrap fee programs
- noreported
- Custody of client assets
- $864M for 295 clientsreported
- Compensation
- % of AUM, fixedreported
- Class basis
- private_client_share=0.91 fund_share=0.0 institutional_share=0.09 related_bd=false related_bank=false bd_reps=0.0derived
Advisors registered through the firm
10 on IAPD today, longest tenure first
| Name | Branch | Here since | In industry | Prior firms |
|---|---|---|---|---|
| M••• S••• M••• | Boise, Id | Sep 9, 2005 | 24 y | 0 |
| R••••• A••• L•••• | Boise, Id | Oct 24, 2018 | 10 y | 0 |
| L•••• G•••• T•••••Certified Financial Planner | Boise, Id | Jun 8, 2021 | 21 y | 1 |
| N••••• R••• B••••• | Boise, Id | Nov 16, 2022 | 14 y | 0 |
| T••••• H••••• | Boise, Id | Jun 20, 2024 | 14 y | 0 |
| M•••••• K••••• B••••••• | Boise, Id | Jan 15, 2025 | 11 y | 0 |
| T•• P••••••Certified Financial Planner | Boise, Id | Jun 19, 2025 | 11 y | 2 |
| S•••• W••••• | Boise, Id | Jun 19, 2025 | 14 y | 0 |
| M•••••• K••••• | Boise, Id | Oct 1, 2025 | 14 y | 0 |
| J••••• S•••••• | Boise, Id | Jan 16, 2026 | 10 y | 0 |
Advisor movement
1 left, 0 joined in 12 months
net -1 in 12 months0 left in 90 days0 joined in 90 daysdeparture rate 10% of current headcount3 left over 36 months
Left, latest
- K•••••••• G•••• D•• to D••••••••• F••••••••• L••Nov 17, 2025 · RIA to RIA
- J••• J•••• T••••• to A•••• W••••• M••••••••• L••Apr 10, 2025 · RIA to a state-registered adviser
- J•••• R•••• S•••• to V••••••• W•••••Mar 7, 2025 · RIA to a state-registered adviser
- J•••••• S•••••• A•••••• to L•••• W••••• L••May 12, 2021 · RIA to RIA
- M•••••• V•••••• C••••• to I•••••• W••••• P•••••••Jul 21, 2019 · RIA to a state-registered adviser
Joined, latest
- T•• P•••••• from S•••••••• A••••••• L••Jun 19, 2025 · Affiliated broker-dealer or bank to independent RIA
- L•••• G•••• T••••• from L••••• W••••• M••••••••• L••Jun 8, 2021 · RIA to RIA
- J•••••• S•••••• A•••••• from A•••• P•••••••• L••Jun 18, 2020 · RIA to RIA
- M•••••• V•••••• C••••• from T••••••••• W•••••Aug 24, 2017 · Other
Private funds
No private fund reported.
Owners and control persons
Schedule A and B, latest filing
- M•••• M•••• S••• · Membercontrolsince 01/2002 · owns 75% or more
- D••• K••••••••• G•••• · Membersince 01/2023 · owns 10% to 25%
- L••••• R•••••• A••• · Chief Compliance Officersince 01/2023 · owns 5% to 10%
- T•••••• L••••• G•••• · Membersince 07/2025 · owns 5% to 10%
Related persons
Schedule D 7.A
No related person reported.
Office movement
IAPD branch city; joins and departures in 12 months
| Office | Advisors | Joined | Left | Teams out | Forming |
|---|---|---|---|---|---|
| Boise, Id · principal | 10 | 2 | 1 |
Offices
Schedule D 1.F, the 25 largest
No branch office listed.
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- advisor count surgeChange between filings · filing Feb 24, 2026advisory representatives (Item 5.B.3) moved from 6.0 to 9.0 (+50.0%) between the annual amendments of 2025-03-05 and 2026-02-24; the peer median change was 0.0% (999 comparable advisers, 95.0th percentile of changes)peers: independent wealth managers, $1B to $5B (999) · 95% percentile
What changed
consecutive filings, newest first
- Accounts · 1,458 to 1,518Nov 21, 2025 to Feb 24, 2026
- Charity clients · 3 to 32Nov 21, 2025 to Feb 24, 2026
- HNW clients · 234 to 284Nov 21, 2025 to Feb 24, 2026
- Individual clients · 161 to 159Nov 21, 2025 to Feb 24, 2026
- Assets in custody · $684M to $864MNov 21, 2025 to Feb 24, 2026
- Discretionary RAUM · $1.1B to $1.3BNov 21, 2025 to Feb 24, 2026
- HNW RAUM · $974M to $1.1BNov 21, 2025 to Feb 24, 2026
- Individual RAUM · $62.7M to $65.8MNov 21, 2025 to Feb 24, 2026
- Non-discretionary RAUM · $22.2M to $1.1MNov 21, 2025 to Feb 24, 2026
- RAUM · $1.1B to $1.3BNov 21, 2025 to Feb 24, 2026
- Advisory employees · 6 to 9Mar 5, 2025 to Nov 21, 2025
- Employees · 9 to 12Mar 5, 2025 to Nov 21, 2025
- State-registered IARs · 6 to 9Mar 5, 2025 to Nov 21, 2025
- Accounts · 1,424 to 1,458Nov 28, 2024 to Mar 5, 2025
- Advisory employees · 7 to 6Nov 28, 2024 to Mar 5, 2025
- Charity clients · unset to 3.0Nov 28, 2024 to Mar 5, 2025
- HNW clients · 188 to 234Nov 28, 2024 to Mar 5, 2025
- Individual clients · 84 to 161Nov 28, 2024 to Mar 5, 2025
- Assets in custody · $589M to $684MNov 28, 2024 to Mar 5, 2025
- Employees · 10 to 9Nov 28, 2024 to Mar 5, 2025
- Financial planning clients · 101-250 to 251-500Nov 28, 2024 to Mar 5, 2025
- State-registered IARs · 7 to 6Nov 28, 2024 to Mar 5, 2025
- Discretionary RAUM · $0 to $1.1BNov 28, 2024 to Mar 5, 2025
- HNW RAUM · $902M to $974MNov 28, 2024 to Mar 5, 2025
- Individual RAUM · $45.5M to $62.7MNov 28, 2024 to Mar 5, 2025
- Non-discretionary RAUM · $1.0B to $22.2MNov 28, 2024 to Mar 5, 2025
- RAUM · $1.0B to $1.1BNov 28, 2024 to Mar 5, 2025
- Business name · A•••• C•••••• M••••••••• to A•••• C•••••• M••••••••• L••Mar 29, 2024 to Nov 28, 2024
- Accounts · 1,940 to 1,424Dec 7, 2023 to Mar 29, 2024
- Advisory employees · 6 to 7Dec 7, 2023 to Mar 29, 2024
- HNW clients · 197 to 188Dec 7, 2023 to Mar 29, 2024
- Individual clients · 36 to 84Dec 7, 2023 to Mar 29, 2024
- Assets in custody · unset to 588710452.0Dec 7, 2023 to Mar 29, 2024
- Custody of client assets · false to trueDec 7, 2023 to Mar 29, 2024
- State-registered IARs · 0 to 7Dec 7, 2023 to Mar 29, 2024
- HNW RAUM · $777M to $902MDec 7, 2023 to Mar 29, 2024
- Individual RAUM · $17.2M to $45.5MDec 7, 2023 to Mar 29, 2024
- Non-discretionary RAUM · $850M to $1.0BDec 7, 2023 to Mar 29, 2024
- RAUM · $850M to $1.0BDec 7, 2023 to Mar 29, 2024
- Employees · 9 to 10Mar 30, 2023 to Dec 7, 2023
Signals
5 dated events
- K•••••••• G•••• D•• left A•••• C•••••• M••••••••• L•• for D••••••••• F••••••••• L•• (registered 2026-04-13)Nov 17, 2025 · Advisor changed firm · fact
- J••• J•••• T••••• left A•••• C•••••• M••••••••• L•• for A•••• W••••• M••••••••• L•• (registered 2025-04-15)Apr 10, 2025 · Advisor changed firm · fact
- J•••• R•••• S•••• left A•••• C•••••• M••••••••• L•• for V••••••• W••••• (registered 2025-02-26)Mar 7, 2025 · Advisor changed firm · fact
- Christine Lori Mers (Member) no longer on Schedule A of A•••• C•••••• M••••••••• L•• (listed 2022-03-24, absent 2023-03-30)Mar 30, 2023 · Control person left · inference
- A•••• C•••••• M••••••••• L•• reported RAUM $785.0M, up 71% from $458.9M (2020-06-26 to 2021-03-18)Mar 18, 2021 · RAUM change · derived
Across DFX
shared identifiers only, never a name match
No identifier-backed link to the venture, private equity, family office or sponsor graphs.
How to reach
public business contact points only, each with its source
- Business phone
- 208-345-0174reportedpublished by the firm, firm site, Sep 17, 2026
- Firm profile
- linkedin.com/company/aspen-capital-managementreportedpublic record, Form ADV, Sep 19, 2026
- Website
- A••••CAPITALMGMT.COMreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 208-345-0174reportedpublic record, Form ADV, Feb 24, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Independent wealth managerderiveda rule over Items 5.D and 7.A
- RAUM per advisor
- $134Mderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026