California-based investment advisory firm Allworth Financial has expanded its presence in the home market by purchasing Shone Wealth Management.
The deal, whose financial terms were not revealed, adds over $340m in assets to Allworth Financial’s portfolio.
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By GlobalDataShone Wealth Management CEO Mark Shone said: “I’ve known Allworth CEOs Scott Hanson and Pat McClain for a long time. They laid out a clear and forward-thinking vision for my future, the future of my team, and for our clients.
“Our clients and staff will all benefit from this partnership, and that made it an easy decision for us.”
Walnut Creek, California-based Shone Wealth Management was set up in 2005.
The business caters to nearly 300 client households, offering fiduciary retirement planning and client-focused investment management advice.
Allworth Financial co-CEO and co-founder Scott Hanson welcomed the deal, calling it “a terrific fit” culturally as well as geographically.
Other Allworth Financial deals
Allworth Financial focuses on retirement planning, investment advising, tax planning & preparation, estate planning, and 401(k) management. The firm manages $11bn in assets.
The latest deal continued its buying spree.
In October 2020, it agreed to acquire Tucson, Arizona-based Pathways Financial Partners with nearly $158m in assets.
In the same month, investment funds affiliated with private equity firm Lightyear Capital and Ontario Teachers’ Pension Plan Board agreed to acquire Allworth Financial.
Last May, the firm acquired Cincinnati-based Capstone Capital that focuses on investing and retirement planning. The deal brought around $100m in client assets to Allworth Financial.
Earlier in 2020, the firm bought Houston Asset Management (HAM), a Texas-based financial planning and investment advisory firm with nearly $450m in assets.
