Allworth Financial, the Folsom, Calif.-based registered investment advisor with approximately $22 billion in assets under advisement, has acquired Del Monte Group, a Walnut Creek, Calif.-based RIA with over $220 million in assets. Terms of the deal were not disclosed.
This represents Allworth's 18th location in California, its fifth deal this year and its 36th acquisition since 2018. Allworth now has 42 offices nationwide.
The Del Monte Group was founded in 1992 by Richard and Ingrid Del Monte. Richard will move to Allworth, along with advisor Leo Bojorquez and two support staff members, Joyce Cheng and Jordan Tyler.
“I met Richard when I first started in this industry in the early 1990s,” Allworth co-founder Scott Hanson said in a statement. “He was an advocate for a grounded approach to financial planning and helped shape my early views on the importance of being a fiduciary. When we began our mission to find like-minded firms to join Allworth, Del Monte Group was one of the first we thought of.”
The deal follows Allworth's acquisition earlier this month of Stewart and Patten Company, a Lafayette, Calif.-based firm with $1 billion in client assets.
Other deals this year included the acquisition of Allworth Brennan Asset Management Groupa Redding, California-based RIA with $300 million in assets; Tridea Advisors, another California RIA with $341 million in assets; and Capital Point Financial Group, a Glenview, Ill.- and Sarasota, Fla.-based firm. with $280 million in assets. RIA completed seven deals in 2023.
When Allworth acquires an RIA, those firms typically come under the Allworth brand, and the deals are structured as a combination of cash and equity. Owners will typically get about 20% to 30% in equity, and the rest in cash. About 110 advisors currently own equity in the firm.
Allworth co-founders Hanson and Pat McClain announced plans last summer to step down from their roles as co-CEOs of the RIA “as part of a natural heritage plan. of the firm hired John Buncha former Edelman Financial Engines executive who took on the role of chief executive late last year.