Allworth Financial, the Folsom, Calif.-based registered investment advisor with approximately $22 billion in assets under advisement, has acquired The George McKelvey Company, a Manasquan, NJ-based firm with more than $1.1 billion in client assets. Terms of the deal were not disclosed.

George McKelvey is led by partners Robert McKelvey, Robert Giunco ​​Jr. and Richard Looney, and the firm's nine counsel and eight support staff will join Allworth. The company was founded in 1960 by George and Elizabeth McKelvey, Robert's father and mother.

The deal represents Allworth's sixth deal this year and 37th acquisition since 2018. The RIA now has 43 offices nationwide.

Park Sutton Advisors advised George McKelvey on the sale.

This arrangement follows Allworth's the June acquisition of the Del Monte Groupa Walnut Creek, California-based RIA with over $220 million in assets. Other deals this year included Allworth's acquisition of Stewart and Patten Company, a Lafayette, Calif.-based firm with $1 billion in client assets; Brennan Asset Management Groupa Redding, California-based RIA with $300 million in assets; Tridea Advisorsanother 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, the firm typically comes under the Allworth brand and the deals are structured as a combination of cash and equity. Owners will receive about 20% to 30% in equity, and the rest in cash. About 110 advisors currently own equity in the firm.

Allworth co-founders Scott 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.