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.
A $141M judgment and a federal asset freeze collide over one shrinking pool
The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.
Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.
CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.
The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.
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
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
