Allworth Financial, the Sacramento, Calif.-based registered investment adviser formerly known as Hanson McClain Advisors, has acquired Houston Asset Management, a registered investment advisory firm managing $450 million.
The Houston, Texas-based firm, which was founded more than 40 years ago and consists of 13 people, increases Allworth’s assets under management to approximately $8 billion.
The transaction is Allworth’s eighth acquisition since it received a capital injection from private equity firm Parthenon Capital in 2017.
The Cleveland-based RIA's latest tie-up extends the firm's national footprint into the Golden State, where opinions continue to be split over a contentious billionaire wealth tax proposal.
Meanwhile, Cetera has welcomed a family-run practice from Commonwealth, and a Merrill advisor joins an existing UBS team in Connecticut.
The Olympia, Washington firm's retirement planning expertise reinforces the consolidator's growth momentum to exceed $160 billion in client assets.
Beyond content generation and execution, firms that can offer answers around governance, transparency, and supervision are set to pull ahead in the next leg of the AI race.
The experienced advisory teams join Ameriprise and Janney as the race for experienced talent continues.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
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
