Boston-Based RIA Expands to $5B with Acquisition of New Hampshire Firm

Boston-based RIA New England Private Wealth Advisors (NEPWA) has acquired NH-based RIA DHK Financial Advisors, managing nearly $5 billion in assets. The acquisition will expand NEPWA's institutional services and provide opportunities to introduce private client services to new board members. NEPWA was acquired by Aspen Standard, a newly established holding company, in April. Aspen-acquired firms retain their brands, client services, and delivery models while accessing Aspen's back office, marketing, and compliance resources.

Boston-based RIA New England Private Wealth Advisors (NEPWA) has acquired NH-based RIA DHK Financial Advisors, managing nearly $5 billion in assets. The acquisition will expand NEPWA's institutional services and provide opportunities to introduce private client services to new board members. NEPWA was acquired by Aspen Standard, a newly established holding company, in April.

Aspen Standard, backed by private equity funding from Alpine Investors, has been actively acquiring RIAs to build a comprehensive platform. The acquisition of DHK Financial Advisors is the second for Aspen Standard, following the purchase of Summitry, a San Francisco-based RIA with $2.8 billion in managed assets last November. Aspen-acquired firms retain their brands, client services, and delivery models while accessing Aspen's back office, marketing, and compliance resources [2].

The acquisition of DHK Financial Advisors will allow NEPWA to expand its institutional services, particularly in identifying new opportunities in this space. DHK was founded in 1993 and offers investment management services for over 70 clients and acts as an outsourced chief investment officer for institutions, including charitable organizations, endowments, foundations, and retirement plans. NEPWA, founded in 2005, is a fee-only RIA led by founder and CEO Ira Rapaport. The firm works with high-net-worth clients and institutions, offering investment services, as well as income tax, estate, college, retirement, and insurance planning. According to Rapaport, the DHK transaction will provide opportunities to introduce private client services to new board members [2].

Aspen Standard's approach to acquisitions is to provide a permanent home for the RIAs it purchases. Aspen-acquired firms retain their brands, client services, delivery models, investment philosophies, and cultures. Aspen's RIAs get equity in the firm and can decide in the future to liquidate their stake or buy more equity. The firm's founder and CEO, Aly Kassim-Lakha, previously a private equity investor at Advent International, stated that Aspen is "a permanent home" for the RIAs it purchases [2].

References:
[1] https://www.privateequitywire.co.uk/madison-dearborn-re-aquires-majority-of-nfp-wealth-unit-from-aon-in-2-7bn-deal/
[2] https://finance.yahoo.com/news/boston-based-ria-tops-5b-161232441.html