First Affirmative Financial Network provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, and educational seminars. Financial planning was provided to 11–25 clients last fiscal year.
First Affirmative Financial Network reports 2,327 clients. They include 1,280 high-net-worth individuals, 995 individual clients and 23 charitable organizations. Of its assets, 79.1% ($716M across 2,254 accounts) are managed with discretion; $189M across 73 accounts are not. A wrap fee program the firm both sponsors and manages holds $665M. It advised 8 clients without assets under management last fiscal year.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 43% | 54% |
| High-net-worth individuals | 55% | 44% |
| Pension and profit-sharing plans | <1% | <1% |
| Charitable organizations | <1% | <1% |
| Corporations and other businesses | <1% | <1% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 995 | $486M | 53.7% | $489K |
| High-net-worth individuals | 1,280 | $400M | 44.2% | $313K |
| Pension and profit-sharing plans | 14 | $4.56M | 0.5% | $325K |
| Charitable organizations | 23 | $9.03M | 1.0% | $392K |
| Corporations and other businesses | 15 | $4.84M | 0.5% | $322K |
| Total | 2,327 | $905M | 100% | $389K |
- Clients
- 995
- Regulatory AUM
- $486M
- AUM share
- 53.7%
- Avg. per client
- $489K
- Clients
- 1,280
- Regulatory AUM
- $400M
- AUM share
- 44.2%
- Avg. per client
- $313K
- Clients
- 14
- Regulatory AUM
- $4.56M
- AUM share
- 0.5%
- Avg. per client
- $325K
- Clients
- 23
- Regulatory AUM
- $9.03M
- AUM share
- 1.0%
- Avg. per client
- $392K
- Clients
- 15
- Regulatory AUM
- $4.84M
- AUM share
- 0.5%
- Avg. per client
- $322K
Total
- Clients
- 2,327
- Regulatory AUM
- $905M
- AUM share
- 100%
- Avg. per client
- $389K
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 8
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 11–25
First Affirmative Financial Network is paid through a percentage of assets under management, hourly charges and fixed fees (other than subscription fees). The reviewed brochures do not disclose an asset-based fee rate. Read the SEC-filed brochure. The brochure also prices 3 other services, listed under fee details.
Fee details and sources
Other fees
- Financial Planning and Consulting
- Financial planning is charged hourly at $90 to $295, or as a fixed fee of $250 to $5,000 agreed in advance; any retainer is capped at $500 for work not completed within six months.
- Non-Discretionary Assets Assistance
- Assistance with non-discretionary assets not advised by the firm is a flat fee, not asset-based, of $40 to $2,400 a year, collected quarterly in arrears.
- Non-Fiduciary Services (Schwab)
- Non-fiduciary services on Schwab assets are charged 0.25% on the first $2 million, 0.20% on the next $8 million, and 0.15% above $10 million, collected quarterly in arrears.
First Affirmative, LLC owns 75% or more of First Affirmative Financial Network and is in turn owned by Stake, PBC (75% or more). George Gay is CEO; the leadership team includes Chief Investment Officer Theresa Gusman and Chief Compliance Officer Kathleen Lewis. It has 23 employees, 12 of them in advisory roles.
Staff
- 23 employees
- 12 in advisory functions
- 9 state-registered reps
- 1 insurance agent
- 5 soliciting firms
- Owns 75% or more of First Affirmative Financial Network LLC
First Affirmative, LLC
since September 2020
- Owns 75% or more of First Affirmative, LLC
Stake, PBC
Control person · since January 2026
- Owns 25% to 50% of Stake, PBC
David Rissman
Control person · since October 2018
First Affirmative Financial Network’s regulatory assets grew from $851M (June 2021) to $905M (May 2026); clients fell from 3,379 to 2,327 and employees from 26 to 23.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| May 2026May 2026 | $905M | 2,327 | 23 | 10 |
| Jun 2025June 2025 | $956M | 2,316 | 22 | 7 |
| Mar 2024March 2024 | $564M | 2,357 | 22 | 8 |
| Jul 2023July 2023 | $695M | 2,411 | 25 | 10 |
| May 2022May 2022 | $916M | 3,379 | 26 | 9 |
| Jun 2021June 2021 | $851M | 3,379 | 26 | 9 |
Besides its headquarters, First Affirmative Financial Network has 9 offices (4 private residences, listed without an address), with 6 listed addresses across 4 states.
Colorado · 3 listed addresses
- 5475 Mark Dabling Boulevard, Suite 320, Colorado SpringsHQ
- 6633 Thistlewood St., Ste 220, Colorado Springs
- 1165 Odyssey Court, Suite 101, Lafeyette
California · 1 listed address
- 1550 Parkside DR., Suite 260, Walnut Creek
Connecticut · 1 listed address
- 1-B River Oaks Road, Westport
Massachusetts · 1 listed address
- 2020 Commonwealth Ave., 1st Floor, Newton
Other business names
First Affirmative Financial Network has reported 2 other business names to the SEC.
- Formative
- Formative Financial
Contact and registration details
- Legal name
- First Affirmative Financial Network LLC
- Headquarters
- 5475 Mark Dabling Boulevard, Suite 320, Colorado Springs, CO 80918
- Website
- firstaffirmative.com
- Phone
- 719-478-7036
- SEC file
- 801-56587
- Structure
- Colorado LLC
- Fiscal year end
- December
First Affirmative Financial Network’s named custodians for separately managed accounts are Charles Schwab ($239M, 52%) and Folio Investments ($218M, 48%). First Affirmative Financial Network has custody of $130M for 488 clients.
- Folio InvestmentsFolio Investments, Inc. · McLean, VA · $218M48%
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $239M52%
At year end, First Affirmative Financial Network’s separately managed accounts were largely in stocks (46%) and funds (39%). Its reported 13F holdings for the quarter ended 31 March 2026 total $258M across 325 positions; the largest are SPDR Series Trust (5.4%), Nvidia Corporation (3.7%) and SPDR Series Trust (3.3%).
What the accounts hold
- Stocks46%
- Funds39%
- Bonds7%
- State and local bonds5%
- Investment grade corporate bonds2%
- Cash8%
How many clients does First Affirmative Financial Network have?
First Affirmative Financial Network has 2,327 clients and manages $905 million for them, as of May 2026. They include 1,280 high-net-worth individuals, 995 individual clients and 23 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 22 May 2026
What services does First Affirmative Financial Network offer?
First Affirmative Financial Network provides financial planning, portfolio management for individuals and small businesses, portfolio management for institutions, selecting other managers, publishing newsletters, and educational seminars.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does First Affirmative Financial Network use?
First Affirmative Financial Network’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $239M and Folio Investments, Inc. (McLean, VA), with $218M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 22 May 2026
How many financial advisors does First Affirmative Financial Network have?
First Affirmative Financial Network has 9 investment adviser representatives registered with state securities authorities, out of 23 employees, and 12 perform investment advisory functions. 0 employees are registered representatives of a broker-dealer and 1 employee is a licensed insurance agent.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does First Affirmative Financial Network invest in?
At the end of its last fiscal year, First Affirmative Financial Network’s separately managed accounts held 46% exchange-traded equities, 39% registered funds (mutual funds, ETFs, BDCs), 8% cash and equivalents, 5% state and local bonds and 2% investment grade corporate bonds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns First Affirmative Financial Network?
First Affirmative Financial Network is owned through a chain of holding companies by David Rissman. Its direct owner is First Affirmative, LLC (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 22 May 2026
How does First Affirmative Financial Network get paid?
First Affirmative Financial Network is paid through a percentage of assets under management, hourly charges 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
How do I contact First Affirmative Financial Network?
First Affirmative Financial Network’s main office is at 5475 Mark Dabling Boulevard, Suite 320, Colorado Springs, CO 80918. Its phone number is 719-478-7036. Its website is firstaffirmative.com.
