Allworth Financial, a Folsom, Calif.-based registered investment advisor with approximately $25 billion in assets under advisement, has acquired CCA LLP, a tax-focused CPA firm in Pleasant Hill, Calif. With this deal, Allworth adds 25 tax professionals and strengthens its internal tax capabilities.
This represents Allworth's eighth acquisition this year and 39th since 2018. The RIA now has 43 offices nationwide.
“Demand from our clients for comprehensive financial planning, including robust in-house tax services, continues to grow,” Allworth CEO John Bunch said in a statement. “CCA has an outstanding tax team that will help us meet this demand and better serve our clients.”
“Allworth's scale, resources and breadth of services will enable us to expand the tax planning and compliance work we have provided to our clients for nearly two decades,” said Gerardo Alvarado, CCA's founder and senior partner, in a statement .
This arrangement follows Allworth's last week's acquisition of City Fiduciary Groupa wealth firm focused on tax planning in the Pacific Northwest with $839 million in client assets. Other acquisitions this year include The Del Monte Groupa Walnut Creek, California-based RIA with over $220 million in assets; Stewart and Patten Company, a Lafayette, California-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 hired firm Buncha former Edelman Financial Engines executive who took on the role of chief executive late last year.