Aspen Capital Management provides financial planning, portfolio management for individuals and small businesses, education planning, estate planning, and tax planning. Financial planning was provided to 251–500 clients last fiscal year.
Aspen Capital Management reports 475 clients. They include 284 high-net-worth individuals, 159 individual clients and 32 charitable organizations. Of its assets, 99.9% ($1.34B across 1,514 accounts) are managed with discretion; $1.14M across 4 accounts are not.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 33% | 5% |
| High-net-worth individuals | 60% | 86% |
| Charitable organizations | 7% | 9% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 159 | $65.8M | 4.9% | $414K |
| High-net-worth individuals | 284 | $1.15B | 85.9% | $4.05M |
| Charitable organizations | 32 | $123M | 9.2% | $3.83M |
| Total | 475 | $1.34B | 100% | $2.82M |
- Clients
- 159
- Regulatory AUM
- $65.8M
- AUM share
- 4.9%
- Avg. per client
- $414K
- Clients
- 284
- Regulatory AUM
- $1.15B
- AUM share
- 85.9%
- Avg. per client
- $4.05M
- Clients
- 32
- Regulatory AUM
- $123M
- AUM share
- 9.2%
- Avg. per client
- $3.83M
Total
- Clients
- 475
- Regulatory AUM
- $1.34B
- AUM share
- 100%
- Avg. per client
- $2.82M
- 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
- 251–500
Aspen Capital Management charges 0.35%–1.00% a year for its Advisory Service Agreement. The fee is billed in arrears and is negotiable. The brochure also prices one other service, listed under fee details.
Fee details and sources
Other fees
- Financial planning
- Financial plan fees range from $2,000 to $10,000, based on the facts known at the start of the engagement, and are negotiable.
Mike Mers owns 75% or more of Aspen Capital Management. The leadership team of Aspen Capital Management includes Chief Compliance Officer Rachel Lysne. It has 12 employees, 9 of them in advisory roles.
Leadership
- Rachel LysneChief Compliance Officer
- Mike MersMember
- Lavea ThomasMember
Investment adviser representatives
10 representatives listed in the SEC register as of 9 October 2026.
- Maranda Kailey Barnhart
- Nathan Ross Burman
- Trevor Hotmer
- Michael Keller
- Rachel Anne Lysne
- Mike Sean Mers
- Taj Pereira
- Johann Simpson
- Lavea Grace Thomas
- Scott Warner
Staff
- 12 employees
- 9 in advisory functions
- 9 state-registered reps
- 37 soliciting firms
- Owns 75% or more of Aspen Capital Management
Mike Mers
Control person · since January 2002
- Owns 5% to 10% of Aspen Capital Management
Rachel Lysne
since January 2023
- Owns 5% to 10% of Aspen Capital Management
Lavea Thomas
since July 2025
Aspen Capital Management’s regulatory assets grew 1.7× from $785M (March 2021) to $1.34B (February 2026); clients rose from 206 to 475 and employees from 6 to 12.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| February 2026 | $1.34B | 475 | 12 | 1 |
| March 2025 | $1.13B | 398 | 9 | 1 |
| March 2024 | $1.01B | 272 | 10 | 1 |
| March 2023 | $850M | 233 | 9 | 1 |
| March 2022 | $836M | 223 | 7 | 1 |
| March 2021 | $785M | 206 | 6 | 1 |
Besides its headquarters, Aspen Capital Management has 0 offices, with 1 listed address in Idaho.
Idaho · 1 listed address
- 101 S Capitol BLVD, Suite 610, BoiseHQ
Contact and registration details
- Legal name
- Aspen Capital Management
- Headquarters
- 101 S Capitol BLVD, Suite 610, Boise, ID 83702
- Website
- aspencapitalmgmt.com
- Phone
- 208-345-0174
- @aspen-capital-management
- SEC file
- 801-63437
- Founded
- 2002
- Structure
- Idaho LLC
- Fiscal year end
- December
Aspen Capital Management uses Charles Schwab ($1.27B) as custodian for its separately managed accounts. Aspen Capital Management has custody of $864M in client assets for 295 clients.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $1.27B100%
At year end, Aspen Capital Management’s separately managed accounts were mostly in funds (92%). Its reported 13F holdings for the quarter ended 30 June 2026 total $453M across 83 positions; the largest are Dimensional ETF Trust (19.6%), Dimensional ETF Trust (15.4%) and Dimensional ETF Trust (7.7%).
What the accounts hold
- Stocks5%
- Exchange-traded equities4%
- Non-exchange-traded equities1%
- Funds92%
- Bonds1%
- Cash2%
Reported 13F holdings
- $453M
- Reported 13F value
- 83
- Positions
- 73.8%
- In the 10 largest
- +12.1%
- Value vs. prior quarter
- Dimensional ETF Trust · Intl Core Equity19.6%
- Dimensional ETF Trust · US Cor Equ 2 ETF15.4%
- Dimensional ETF Trust · Core Fixe IN ETF7.7%
- iShares TR · 0-3 Mth Treasury7.6%
- Dimensional ETF Trust · Emerging Mkts CO5.0%
- Dimensional ETF Trust · US Targeted Vlu4.2%
- Dimensional ETF Trust · Ultr Fix Inc. ETF3.9%
- Dimensional ETF Trust · US Small Cap ETF3.9%
- Dimensional ETF Trust · Global Real Est3.5%
- US Bancorp2.9%
Together, the ten largest are 73.8% of reported value.
How many clients does Aspen Capital Management have?
Aspen Capital Management has 475 clients and manages $1.34 billion for them, as of February 2026. They include 284 high-net-worth individuals, 159 individual clients and 32 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 24 February 2026
What services does Aspen Capital Management offer?
Aspen Capital Management provides financial planning, portfolio management for individuals and small businesses, education planning, estate planning, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Aspen Capital Management charge?
Aspen Capital Management charges 0.35%–1.00% a year for its Advisory Service Agreement. The fee is billed in arrears and is negotiable.
Which custodians does Aspen Capital Management use?
Aspen Capital Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $1.27B. 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 February 2026
How many financial advisors does Aspen Capital Management have?
Aspen Capital Management has 9 investment adviser representatives registered with state securities authorities, out of 12 employees, and 9 perform investment advisory functions. None are registered representatives of a broker-dealer or 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 Aspen Capital Management invest in?
At the end of its last fiscal year, Aspen Capital Management’s separately managed accounts held 92% registered funds (mutual funds, ETFs, BDCs), 4% exchange-traded equities, 2% cash and equivalents, 1% non-exchange-traded equities and 1% state and local bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Aspen Capital Management?
Aspen Capital Management’s direct owners are Mike Mers (75% or more), Rachel Lysne (5% to 10%) and Lavea Thomas (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 24 February 2026
How does Aspen Capital Management get paid?
Aspen Capital Management is paid through a percentage of assets under management and fixed fees. 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
Is Aspen Capital Management registered with the SEC?
Yes, Aspen Capital Management has been registered with the SEC as an investment adviser since 19 August 2004. Its CRD number is 119050 and its SEC file number is 801-63437.
Source: Form ADV Part 1A, Item 1, filed 24 February 2026; IAPD firm record
How do I contact Aspen Capital Management?
Aspen Capital Management’s main office is at 101 S Capitol BLVD, Suite 610, Boise, ID 83702. Its phone number is 208-345-0174. Its website is aspencapitalmgmt.com.