Allworth Financial adds $260M father-daughter RIA firm to fast-growing footprint

Allworth Financial has made another acquisition, its fifth so far in 2023, with the addition of Northeast RIA firm The Harvest Group.

The $260 million firm based in Waltham, Massachusetts, is led by father and daughter principals Roger Ingwersen and Laurie Ingwersen and is the 29^th partnership for Allworth.

The deal also marks the sixth female equity partner to join the firm in the last year, which Pat McClain, Allworth co-CEO and co-founder, says is important given the strong gains in wealth controlled by women.

“In the next six years, investible assets of nearly $30 trillion are expected to be controlled exclusively by women, so we are fortunate to be adding another highly experienced female partner-advisor to help guide the firm in its quest to better connect with that demographic,” McClain said. “We’re excited about this partnership because we know that it brings an increasingly fresh perspective to our leadership group.”

As managing partner and senior wealth advisor of The Harvest Group, Laurie Ingwersen added that the partnership with Allworth fits with the culture of the firm.

“As a family-run firm, we wanted partners that understood our culture, and right from the beginning everyone at Allworth made it clear that advising is much more than merely a business,” she said.

Scott Hanson, co-founder and co-CEO at Allworth, recently shared his view on why firms with service models that are stuck in the ‘90s will have a tough time acquiring new clients.

Commenting on the acquisition of The Harvest Group, he said that partnering with a firm that is already providing the tools required to serve and attract today’s clients is a common consideration in the RIA space.

“Successful, owner-operator advisory firms face this decision every day, as they’ve hit an inflection point, and must decide if they should invest in technology, marketing and other operational costs or partner with a larger firm that’s already made those investments,” he said.

FAST-GROWING FIRM

Allworth Financial is one of the fastest-growing RIA firms, in America managing over $18 billion for its 23,000 clients nationwide.

Its 34 offices in 18 states provide investment management, tax planning and preparation, estate planning, and 401(k) management, along with short- and long-term financial guidance for retirement planning.

The firm was co-founded by McClain and Hanson in 1993. The duo still run the firm, which was named among Investment News’ Best Places to Work for Financial Advisors in multiple years.