Ashton Thomas Private Wealth provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers. Financial planning was provided to 26–50 clients last fiscal year.
Ashton Thomas Private Wealth reports 3,229 clients. They include 1,983 individual clients, 1,198 high-net-worth individuals, and 36 corporations and other businesses. Of its assets, 99.9% ($6.01B across 7,863 accounts) are managed with discretion; $4.29M across 16 accounts are not. A wrap fee program the firm both sponsors and manages holds $2.27B.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 61% | 11% |
| High-net-worth individuals | 37% | 87% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | 1% | 2% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 1,983 | $642M | 10.7% | $324K |
| High-net-worth individuals | 1,198 | $5.22B | 86.8% | $4.36M |
| Pension and profit-sharing plans | Fewer than 5 | $817K | 0.0% | $817K |
| Charitable organizations | 11 | $39.9M | 0.7% | $3.62M |
| Corporations and other businesses | 36 | $109M | 1.8% | $3.04M |
| Total | 3,229 | $6.01B | 100% | — |
- Clients
- 1,983
- Regulatory AUM
- $642M
- AUM share
- 10.7%
- Avg. per client
- $324K
- Clients
- 1,198
- Regulatory AUM
- $5.22B
- AUM share
- 86.8%
- Avg. per client
- $4.36M
- Clients
- Fewer than 5
- Regulatory AUM
- $817K
- AUM share
- 0.0%
- Avg. per client
- $817K
- Clients
- 11
- Regulatory AUM
- $39.9M
- AUM share
- 0.7%
- Avg. per client
- $3.62M
- Clients
- 36
- Regulatory AUM
- $109M
- AUM share
- 1.8%
- Avg. per client
- $3.04M
Total
- Clients
- 3,229
- Regulatory AUM
- $6.01B
- AUM share
- 100%
- Avg. per client
- —
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 26–50
Ashton Thomas Private Wealth is paid through a percentage of assets under management and hourly charges. The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 4 other services, listed under fee details.
Fee details and sources
Other fees
- Family Office Services
- Family office fees are agreed in advance under the Family Office Services Agreement, using tiered percentage, blended, flat annual, minimum annual or custom pricing; no rate is stated.
- Non-Wrap Fee Basis
- Annual investment advisory fee on a non-wrap basis is negotiable and may not exceed 2.99% of assets placed under management.
- Stand-Alone Financial Planning and Consulting
- Financial planning and consulting on a stand-alone basis are negotiable, generally $150 to $1,000 per hour.
- Wrap Program Fee
- Single annual wrap program fee, inclusive of trade execution, custody and reporting, ranges up to 2.99% depending on account asset composition.
Ashton Thomas Management LLC owns 75% or more of Ashton Thomas Private Wealth and is in turn owned by Arax Wealth Management, LLC (50–75%). The leadership team of Ashton Thomas Private Wealth includes Chief Financial Officer Kevin Kading and Chief Compliance Officer Cynthia-Elaine Schlanger. It has 93 employees, 63 of them in advisory roles.
Leadership
- Kevin KadingChief Financial Officer
- Cynthia-Elaine SchlangerChief Compliance Officer
- Heidi BrodtBusiness Manager
- Aaron BrodtCEO
- Drinan GorneyChief Administrative Officer and General Counsel
- Zbynek KozelskyChief Operations Officer
Investment adviser representatives
96 representatives listed in the SEC register as of 9 October 2026.
- Morgan Kelcee Amos
- Daniel Stephen Bauers
- Jennifer Lynne Beals
- Cristopher Jon Borden
- Natalie Gayle Brown
- Jason Michael Buchanan
- Que Chi Bui Nguyen
- Charles Ronald Burns
- Craig Campbell
- Marcel Campos
- Cary Carbonaro
- April Cardoza
- Mark Francis Cavalier
- Howard Eugene Cox
- Rebecca Jean Dammann
- Arthur Stuart Day
- Nicholas Jose de la Vara
- Rebecca Douglass
- John Bratton Dubose IV
- Caleb Dupree
- Matthew Joseph Figueroa
- Jamie Thomas Fisher
- Teresa Flores
- Garett Lyle Folkers
- Daniel Eric Fontenot
- Ross B Fronk
- Jason Lee Gambaiani
- Richard A Garber
- Katherine Jane Gillette
- Killian Marcel Gorman
- Edward Hable
- Donald Lewis Hagan
- Tyler Wallace Hagan
- Nicolaus David Barth Hansen
- Hunter James Hendrix
- Brian Patrick Jack
- Everett Jensen
- Angela Marie Johnson
- Katherine Ann Johnson
- Justine Kinaj
- Lance Taylor Knight
- Scott Michael Knutson
- Kristine Dawn Lantz
- John Peter Lauritano
- Steven Scott Leland
- Martin James Lewis
- Justin Limmer
- Ryan Michael Lovett
- Bilal Hisham Lulu
- Gaylord Brickwood Lyman JR
- Wills F Marcello
- Joshua Boyd May
- Alexander James McBain
- John Christopher McCloskey
- Karen Wozniak McDade
- Theodore William McDonagh
- Shannon Kathleen McLaughlin
- Daniel Robert Meier
- Lance Millar
- Brianna Rae Miller
- Nadejda Mocan
- Eric David Montijo
- John Clark Morzelewski
- Tyson Kim Murphy
- Anastasia Pavlova
- Stefan Pereira Faria
- Michael Justin Porter
- Shawn Michael Porter
- Stewart Driscoll Preziose
- Richard Bruce Pyle
- Christopher A Quincy
- Collin Larry Rigler
- Braden Seth Schaffner
- Cory Blaine Schauer
- Karl William Schwinck
- Kerry Clifford Severn
- Jonathan Y Smith
- Tyler Edward Soria
- Steven L Spare
- C Christopher Stafford
- Goda Stevens
- James W Sumner
- Jody Ann Swapp
- Regan Teague
- Kodi Alexander Thruston
- Deanna Tierney
- Oguzhan Topcu
- Mourad Tossounian
- Benny Tran
- Stephanie Mayann Wei
- Gregory Alan Weiss
- Richard Thomas Westhelle
- Michael Jason Wong
- Jesus Hirohito Yamaguchi Esquivel
- Raeann Elizabeth Yarn
Staff
- 93 employees
- 63 in advisory functions
- 63 state-registered reps
- 26 broker-dealer reps
- 35 insurance agents
- Owns 75% or more of Ashton Thomas Private Wealth, LLC
Ashton Thomas Management LLC
Control person · since March 2010
- Owns 50% to 75% of Ashton Thomas Management LLC
Arax Wealth Management, LLC
Control person · since August 2023
- Owns 75% or more of Arax Wealth Management, LLC
Arax Midco, LLC
Control person · since June 2023
- Owns 75% or more of Arax Midco, LLC
Arax Investment Partners, LLC
Control person · since June 2023
- Owns 75% or more of Arax Investment Partners, LLC
Arax Business Trust
Control person · since March 2023
Redbird Capital Partners Fund IV Genpar LLC
Trustee · Control person · since January 2023
Hana Holdings, LLC
Member · Control person · since September 2017
Wealthvision, LLC
Member · Control person · since September 2017
Ashton Thomas Private Wealth’s regulatory assets grew 6.0× from $995M (July 2021) to $6.01B (August 2026); clients rose from 1,098 to 3,229 and employees from 36 to 93. In 2025, Donald L. Hagan (Day Hagan Asset Management) ($843M in its last filing) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| August 2026 | $6.01B | 3,229 | 93 | 26 |
| June 2025 | $4.05B | 2,569 | 114 | 24 |
| July 2024 | $2.89B | 2,153 | 58 | 23 |
| June 2023 | $2B | 1,784 | 48 | 19 |
| July 2022 | $2.15B | 1,587 | 48 | 13 |
| July 2021 | $995M | 1,098 | 36 | 10 |
Firms that joined
20251 joined
- Donald L. Hagan (Day Hagan Asset Management)Last filed AUM $843M
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Ashton Thomas Private Wealth has 25 offices (4 private residences, listed without an address), with 22 listed addresses across 15 states.
Colorado · 3 listed addresses
- 2955 E 1st Avenue, Denver
- 649 Market Street, Grand Junction
- 1975 Research Parkway, Colorado Springs
Montana · 3 listed addresses
- 825 Great Northern BLVD, Helena
- 4575 Valley Commons Drive, Bozeman
- 1008 Shiloh Crossing BLVD., Billings
Arizona · 2 listed addresses
- 8605 East Raintree Drive, Suite 280, ScottsdaleHQ
- 3971 E. Paradise Falls DR., Tucson
California · 2 listed addresses
- 1377 Main Street, Saint Helena
- 580 California Street, San Francisco
Texas · 2 listed addresses
- 2300 George Dieter Drive, El Paso
- 415 W Wall Street, Midland
Florida · 1 listed address
- 1000 S Tamiami Trail, Sarasota
Hawaii · 1 listed address
- 1003 Bishop Street, Honolulu
Massachusetts · 1 listed address
- 53 State Street, Boston
Nevada · 1 listed address
- 1980 Festival Plaza Drive, Las Vegas
New York · 1 listed address
- 10 E 53rd Street, New York
Oregon · 1 listed address
- 4802#b SW Scholls Ferry Road, Portland
Utah · 1 listed address
- 292 East 12200 South, Draper
Washington · 1 listed address
- 405 W Market Street, Aberdeen
Wisconsin · 1 listed address
- 8383 Greenway BLVD., Middleton
Wyoming · 1 listed address
- 109 E 2nd St., Casper
Other business names
Ashton Thomas Private Wealth has reported 8 other business names to the SEC.
- Amplify Platform
- Ashton Thomas
- Ashton Thomas Private Wealth
- Campbell Private Wealth Management
- Day Hagan Asset Management
- Forge Private Wealth
- Mill Street Financial
- Mill Street Investment Partners
Contact and registration details
- Legal name
- Ashton Thomas Private Wealth, LLC
- Headquarters
- 8605 East Raintree Drive, Suite 280, Scottsdale, AZ 85260
- Website
- ashtonthomaspw.com
- Phone
- 602-732-4745
- @ashton-thomas-private-wealth
- SEC file
- 801-71512
- Structure
- Arizona LLC
- Fiscal year end
- December
Ashton Thomas Private Wealth uses Pershing ($2.66B, 44%), Charles Schwab ($2.07B, 34%) and Fidelity ($728M, 12%), among others, as custodians for its separately managed accounts. Ashton Thomas Private Wealth has custody of $6.01B in client assets for 3,229 clients.
- FidelityNational Financial Services LLC · Smithfield, RI · $728M12%
- PershingPershing Advisor Solutions LLC · Jersey City, NJ · $2.66B44%
- Goldman Sachs & Co.Goldman Sachs & Co. LLC · New York, NY · $549M9%
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $2.07B34%
At year end, Ashton Thomas Private Wealth’s separately managed accounts were mostly in funds (51%) and stocks (32%). Its reported 13F holdings for the quarter ended 30 June 2026 total $4.79B across 1,586 positions; the largest are SPDR Series Trust (4.1%), Apple Inc. (3.6%) and Select Sector SPDR TR (2.5%).
What the accounts hold
- Stocks32%
- Funds51%
- Bonds13%
- State and local bonds5%
- U.S. government and agency bonds4%
- Investment grade corporate bonds3%
- Sovereign bonds1%
- Cash2%
- Other2%
- Derivatives1%
- Alternative investments and convertible bonds1%
Reported 13F holdings
- $4.79B
- Reported 13F value
- 1,586
- Positions
- 19.9%
- In the 10 largest
- +13.5%
- Value vs. prior quarter
- SPDR Series Trust · ST Str Blo 1 ETF4.1%
- Apple Inc.3.6%
- Select Sector SPDR TR · ST Str Techn ETF2.5%
- iShares TR · Core S&P500 ETF1.7%
- Strategy Shs · Day Hagan Smart1.7%
- Nvidia Corporation1.6%
- Microsoft Corp.1.4%
- Chime Finl Inc. · Com Shs CL A1.1%
- Broadcom Inc.1.1%
- Amazon Com Inc.1.0%
Together, the ten largest are 19.9% of reported value.
How many clients does Ashton Thomas Private Wealth have?
Ashton Thomas Private Wealth has 3,229 clients and manages $6.01 billion for them, as of August 2026. They include 1,983 individual clients, 1,198 high-net-worth individuals, and 36 corporations and other businesses.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 August 2026
What services does Ashton Thomas Private Wealth offer?
Ashton Thomas Private Wealth provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, pension consulting, and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Ashton Thomas Private Wealth use?
Ashton Thomas Private Wealth’s separately managed account assets are held at Pershing Advisor Solutions LLC (Jersey City, NJ), with $2.66B, Charles Schwab & Co., Inc. (Westlake, TX), with $2.07B, National Financial Services LLC (Smithfield, RI), with $728M and Goldman Sachs & Co. LLC (New York, NY), with $549M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 24 August 2026
How many financial advisors does Ashton Thomas Private Wealth have?
Ashton Thomas Private Wealth has 63 investment adviser representatives registered with state securities authorities, out of 93 employees, and 63 perform investment advisory functions. 26 employees are registered representatives of a broker-dealer and 35 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Ashton Thomas Private Wealth invest in?
At the end of its last fiscal year, Ashton Thomas Private Wealth’s separately managed accounts held 51% registered funds (mutual funds, ETFs, BDCs), 32% exchange-traded equities, 5% state and local bonds, 4% U.S. government and agency bonds, 3% investment grade corporate bonds, 2% cash and equivalents, 1% sovereign bonds, 1% derivatives and 1% other. The 1% other category is described as: Alternative Investments and Convertible Bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Ashton Thomas Private Wealth?
Ashton Thomas Private Wealth’s direct owner is Ashton Thomas Management LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 24 August 2026
How does Ashton Thomas Private Wealth get paid?
Ashton Thomas Private Wealth is paid through a percentage of assets under management and hourly charges. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Ashton Thomas Private Wealth?
Ashton Thomas Private Wealth’s main office is at 8605 East Raintree Drive, Suite 280, Scottsdale, AZ 85260. Its phone number is 602-732-4745. Its website is ashtonthomaspw.com.