A Northern California-based firm with about $500 million in assets under management will join Allworth Financial in its ninth acquisition this year, a record annual high for the firm.
Ryan Wealth Management serves approximately 800 households and has offices in Yuba City, Calif. and Spokane, Wash. According to Allworth, the move will increase its presence in the California and Pacific Northwest markets.
Three partner advisors and some support staff will transfer to Allworth. The team was previously affiliated with Osaic.
Ryan Wealth director Rob Ryan said the deal would provide the team with “enhanced resources and technology allowing us to maintain the personalized service our clients have come to expect”.
RIAs acquired by Allworth typically adopt the firm's brand, and deals are often structured with owners taking 20-30% equity and the rest in cash (about 110 advisors currently own equity).
Last year, John Bunch, an alum of Charles Schwab, TD Ameritrade and Edelman Financial Engines, succeeded the co-founders of Allworth Scott Hanson and Pat McClain as part of a “natural heritage plan”. Both remain with the firm in advisory roles.
Allworth has approximately $26 billion in assets under advisement and 43 offices nationwide (with clients in all 50 states). last month, the firm acquired CCA LLPa tax-focused CPA firm based in California, which added 25 tax professionals, enhancing Allworth's in-house tax capabilities. Agreement followed immediately Allworth's acquisition of City Fiduciary Groupan $839 million Pacific Northwest firm, formerly of Osaic.
Allworth's other deals this year include its acquisition of The Del Monte Groupa Walnut Creek, Calif.-based RIA with over $220 million in assets Layfayette-based $1 billion Redding, Calif.-based firm Stewart and Patten Company. Brennan Asset Management Group AND Tridea Advisorsanother California RIA with $341 million in assets.
In 2020, Allworth sold the firm to private equity firm Lightyear Capital and the Ontario Teachers' Pension Plan Board, Canada's largest single-occupation pension plan. It was previously owned by Parthenon Capital.