Calif.-based RIA acquires firm managing $250 million

Calif.-based RIA acquires firm managing $250 million
AUG 09, 2019

Allworth Financial, the Sacramento, Calif.-based registered investment adviser formerly known as Hanson McClain Advisors, has acquired Siena Wealth Management, a San Jose, Calif.-based firm managing $250 million. (More:Lightyear's Wealth Enhancement Group acquires $1 billion RIA) Siena has four employees and a client base of approximately 200 families. The firm is headed by Ron Howard, who will join Allworth. The Siena acquisition brings Allworth's total assets under management to over $4.5 billion. The firm has added five firms and more than $1.5 billion in acquired assets in the last year and a half. [Recommended Video: Race is on to boost diversity of the advice business]

Latest News

A year after sale, Commonwealth Financial and LPL start cutting staff
A year after sale, Commonwealth Financial and LPL start cutting staff

Commonwealth Financial joins a number of firm that have recently cut jobs.

Pension funds sue Primoris, allege it hid solar cost overruns from investors
Pension funds sue Primoris, allege it hid solar cost overruns from investors

A slow drip of disclosures, an executive exit, and a stock that fell hard before the suit landed

Unpaid caregivers face steeper financial hurdles on path to retirement, EBRI finds
Unpaid caregivers face steeper financial hurdles on path to retirement, EBRI finds

New research finds unpaid caregivers are more likely to struggle with debt, lower savings and diminished retirement confidence than non-caregivers.

Volatility: Best and worst of times
Volatility: Best and worst of times

Large broker-dealers and registered investment advisors have, since 2020, been developing or sticking to strategies and tactics to combat the pain of intense, short-term market volatility

Want to win in the advisor wars? Then make sure you’re offering plenty of choices
Want to win in the advisor wars? Then make sure you’re offering plenty of choices

Centaurus Financial touts its independence as a key selling point at a time when many firms are being swallowed up.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income