Allworth Financial adds $506 million Kansas-based firm

The purchase of Lawrence-based McDaniel Knutson Financial Partners is Allworth’s 28th deal in five years.

Allworth Financial, a Folsom, California-based registered investment advisory firm, said Wednesday it has acquired a Kansas-based advisory firm, McDaniel Knutson Financial Partners, that oversees $506 million in client assets.

Terms of the transaction were not disclosed.

McDaniel Knutson has 14 employees and is headed by President Peter Knutson and CEO Victoria Bogner.

“We were very clear that any agreement we entered into would have to both enhance the professional opportunities for our team members and increase the service offerings for our clients, and that is precisely what Allworth Financial delivered,” Knutson said in a statement.

Allworth said the acquisition of McDaniel Knutson was its 28th deal in five years. The firm now manages more than $16 billion and has 33 offices in 17 states.

“These are precisely the kind of professionals we are seeking to help us in our quest to continue to build Allworth, and so my co-founder, Pat McClain, and myself, are excited to welcome all fourteen team members of McDaniel Knutson to the firm.” Scott Hanson, Allworth Co-CEO and co-founder of Allworth, said in a statement.

Last month, the firm announced the addition of two teams: an Indianapolis-based trio overseeing $417 million is joining from One To One Financial Advisors, along with a pair of Las Vegas-based advisors managing $160 million. And in January, it acquired a California firm, Chico-based RedRock Financial & Insurance Services, that manages $283 million.