Allworth extends growth push with storied California firm

Allworth extends growth push with storied California firm
The $1B practice, founded in 1965, extends the national RIA's footprint to 42 office locations and roughly $22B in client assets.
JUN 04, 2024

Allworth Financial has strengthened its presence in the Southwestern US as it adds a decades-old wealth firm in Northern California.

The company announced that it has completed a deal to acquire Stewart and Patten, a firm based in Lafayette.

Founded in 1965 by Ronald S. Patten and John K. Stewart, Stewart and Patten manages over $1 billion in assets under management. The firm's clientele includes families, trusts, charitable foundations, retirement plans, estates, and corporations.

With this acquisition, Allworth will incorporate two partner-advisors and five support team members from Stewart and Patten.

"The opportunity to work with a firm that has the same dedication to clients as we have while also offloading operational responsibilities was a major factor in our decision to partner with Allworth,” said Robert Gentry, principal at Stewart and Patten. “Additionally, Allworth will provide resources to us to ensure long-term business continuity.”

Lori Sherman, also a principal at Stewart and Patten, said the partnership provides a step up from their longstanding approach of working with CPAs, estate planning attorneys, and financial planning specialists from outside the practice.

“By partnering with Allworth, we will have access to comprehensive tax, estate planning and financial planning solutions while still working with outside professionals, as needed,” Sherman said.

“Over the past 60 years, Stewart and Patten has built an impressive firm centered around their commitment to placing the well-being of their clients ahead of all else,” said Allworth CEO John Bunch, underscoring the “rich history” of his firm’s latest partner.

Following Allworth’s deal for a $300 million firm in February, Stewart and Patten marks the national RIA’s 35th acquisition, extending its national footprint to 42 offices across the US, including 17 in California. With approximately $22 billion in assets, the firm serves clients in all 50 states with range of services including investment management, tax planning and preparation, estate planning, and 401(k) management.

Latest News

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

Fintech bytes: Pontera and Opto Investments expand RIA reach with new tech partnerships
Fintech bytes: Pontera and Opto Investments expand RIA reach with new tech partnerships

Snowden Lane taps Pontera for held-away retirement account management, while Opto Investments enhances an Indiana-based independent RIA's private markets offering.

Credent Wealth Management debuts in Detroit with TFG Advisors deal
Credent Wealth Management debuts in Detroit with TFG Advisors deal

The $420 million RIA in Auburn Hills and Ann Arbor gives Credent its second and third Michigan locations while pushing it closer to $4 billion in AUM.

Investor anxiety hits six-year high amid market turmoil, Allianz finds
Investor anxiety hits six-year high amid market turmoil, Allianz finds

New survey reveals heightened investor concern over market volatility, retirement readiness, and the impact of tariffs on living costs.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.