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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
