California-based Allworth Financial has agreed to acquire RAA, a Texas-based RIA focusing on the airline sector, for an undisclosed sum.
The transaction, which is pending regulatory nod, will bring around $2.8bn in assets to Allworth.
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RAA offers 401(k) investment management, retirement and estate planning, and tax consulting services, among others, to more than 3,200 families. It has branches in Dallas, Atlanta, and Seattle, which have a workforce of around 60.
Allworth co-CEO Pat McClain said: “We’re looking for like-minded partners with similar practices and values, and we certainly found that in RAA.”
Upon deal completion, Allworth’s assets will increase to more than $7.5bn.
Previously trading as Hanson McClain Advisors, Allworth acquired Michigan-based Blueprint Financial this May.
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By GlobalDataAllworth joined forces with private equity firm Parthenon Capital two years ago to facilitate its expansion drive. Allworth’s assets under management are said to have increased by more than three-fold since that time.
RAA CEO John Bentley said: “We are excited to join the Allworth team, and are confident that this strategic partnership will provide RAA with the resources to continue to expand our presence in the airline community, enhance technology, and deliver an exceptional experience to our clients.
“It was clear from the first meeting that Allworth shares our culture, values, and a relentless focus on adding value to their clients’ lives, which made them our ideal partner.”
