What First Affirmative Financial Network does

First Affirmative Financial Network, LLC is a U.S. registered investment advisor (SEC# 801-56587) headquartered in Colorado Springs, Colorado, that specializes in values-aligned, ESG, sustainable, and socially responsible (SRI) investing for independent financial advisors and registered investment advisors. Founded circa 1988–1989, the firm built a 35+ year operating history as a Certified B Corporation serving the niche of advisors and end clients seeking portfolios that reflect specific environmental, social, and governance preferences. Its scale indicator at acquisition was approximately $1 billion in assets under management.

The firm's flagship product is the Values-Aligned Direct Index Solution (VADIS), a direct-index offering co-developed with YourStake (which supplies the core technology platform and data-driven ESG filters) and Orion Advisor Technology (which contributes platform infrastructure). VADIS combines customized, transparent values-aligned screening, automated tax-loss harvesting, benchmark flexibility, and active proxy voting and corporate-action engagement. The firm operates on a sales-led, B2B2C go-to-market targeting independent financial advisors and RIAs seeking to overlay ESG/SRI capabilities onto their existing practices, with delivery handled via direct business-development outreach, a podcast (Dollars and Change), and email/newsletter channels.

First Affirmative generates revenue through recurring advisory and model-management fees on assets under management, structured within wrap-fee arrangements. In May 2026, the firm was acquired by YourStake and relaunched under the name Formative, expanding the service footprint to include financial planning, operations, marketing, tax, estate planning, and private impact investing; YourStake continues as an independent technology company behind an information barrier.

Name

First Affirmative Financial Network

Legal name

First Affirmative Financial Network, LLC

Website

https://firstaffirmative.com

Company type

Private

Founded year

1989

Operating status

Acquired

Headcount range

11–50 employees

Short description

First Affirmative Financial Network is a U.S. registered investment advisor specializing in values-aligned, ESG, and sustainable investing for independent financial advisors and RIAs, anchored by its VADIS direct-index platform and now operating as Formative after its May 2026 acquisition by YourStake.

Ownership category

akta.pro rank

Headquarters

HQ city

Colorado Springs

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Advisory Services: Discretionary investment advisory and model management services provided to financial advisors and their clients seeking values-aligned investing solutions. Revenue is generated through advisory fees based on assets under management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

First Affirmative Financial Network is a registered investment advisor (SEC# 801-56587) that provides discretionary investment advisory and model management services focused on values-aligned, ESG, sustainable, socially responsible, and impact investing. Its flagship product is the Values-Aligned Direct Index Solution (VADIS), which delivers tax-loss harvesting, benchmark flexibility, customized ESG screening, and active proxy voting to financial advisors and RIAs serving values-aligned end clients.

Product overview

First Affirmative Financial Network is a registered investment advisory firm that specializes in values-aligned investing. The firm's primary offering is the Values-Aligned Direct Index Solution (VADIS), developed in partnership with YourStake and Orion Advisor Technology. VADIS provides direct indexing capabilities with tax-loss harvesting, benchmark flexibility, and active proxy voting to enable clients to invest in alignment with their values while pursuing competitive returns. The company provides investment screening, corporate action handling, and share voting services to advisors and their clients. In May 2026, First Affirmative was acquired by YourStake and relaunched as Formative.

Differentiator

Problem solved

Functional benefit

Brands

• VADIS (Values-Aligned Direct Index Solution): Values-Aligned Direct Index Solution powered by YourStake technology, offering tax-loss harvesting, benchmark flexibility, and active proxy voting programs for values-aligned investing.

Products and services

• Values-Aligned Direct Index Solution (VADIS) Direct index solution designed to deliver competitive returns while aligning portfolios with client values. Includes customized and transparent ESG filters, automated tax-loss harvesting, benchmark flexibility, and active proxy voting and advocacy programs. Built for financial advisors and RIAs seeking to offer ESG, sustainable, and impact investing to their clients.
• Discretionary Investment Advisory Services

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• YourStake (Acquisition)coreStrategic or Co-development Partner · 24 May 2026YourStake acquired First Affirmative Financial Network and relaunched the registered investment advisory firm under the new name Formative. The transaction combines First Affirmative's 35+ years of operational and investment infrastructure with YourStake's technology platform, expanding services across financial planning, operations, marketing, tax, estate planning, and private impact investing.
• YourStakecoreTechnology or IntegrationYourStake provides the core technology platform powering VADIS (Values-Aligned Direct Index Solution). YourStake acquired First Affirmative in May 2026 and relaunched the company as Formative. YourStake continues as an independent technology company while maintaining an information barrier between YourStake and Formative.
• Orion Advisor TechnologycoreTechnology or IntegrationOrion Advisor Technology is a partner in the VADIS platform offering, providing direct index solution infrastructure alongside First Affirmative and YourStake.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Trillium Asset Management: Long-standing ESG-focused registered investment advisor offering values-aligned portfolio management to institutions and advisors. Comparable to First Affirmative in mission, client base, and SRI/ESG specialty focus.
• Walden Asset Management (Boston Trust Walden): Independent, employee-owned investment manager specializing in sustainable and impact investing for institutions, advisors, and individuals. Closely comparable in values-aligned RIA positioning and advisor-facing distribution.
• Domini Impact Investments: Specialist impact investing firm managing mutual funds and SMA solutions applying ESG and impact screens. Comparable to First Affirmative in dedicated values-aligned product franchise and intermediary distribution.
• Green Century Funds: Fossil-fuel-free and ESG-focused mutual fund family serving retail and intermediary investors. Comparable in mission-driven sustainable investing and shared distribution through financial advisors.

Broad incumbents

• Calvert Investments (Morgan Stanley): Pioneer in responsible investing now operating as part of Morgan Stanley's Investment Management platform, offering ESG portfolios to institutional and intermediary clients. Broader incumbent with overlapping values-aligned capabilities.
• Parnassus Investments: One of the largest US ESG-focused asset managers offering mutual funds and separately managed accounts across sustainable strategies. Comparable in ESG investment focus but at materially larger scale and via retail funds.

Emerging players

• Ethic: Tech-enabled values-aligned investing platform serving advisors and institutions with customizable ESG portfolios and direct indexing. Closest direct emerging competitor to VADIS in combining technology and values alignment.
• OpenInvest (J.P. Morgan): Tech-driven values-aligned investing platform, now part of J.P. Morgan, offering custom ESG portfolios and impact reporting to advisors. Comparable as a tech-enabled values-aligned platform, now with significant institutional backing.
• Aspiration: Sustainable investing and banking platform offering ESG-screened portfolios to retail and intermediary clients. Comparable in values-aligned consumer/advisor narrative though more retail-direct in distribution.

Others

• Orion Advisor Technology: Core technology and infrastructure partner powering the VADIS platform. Comparable as an ecosystem enabler serving the same advisor channel with portfolio management, trading, and reporting capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/FirstAffirmative
• LinkedInlinkedin.com/company/first-affirmative-financial-network

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Affirmative Financial Network