Scott Hanson and Pat McClain, who started an advisory firm in 1993 that has grown into $18 billion Allworth Financial, announced Wednesday they are stepping down from their roles as Allworth’s co-CEOs.
Allworth’s board of directors has begun a search for a new chief executive, and Hanson and McClain will continue as co-CEOs until a new CEO is in place.
While they're stepping down as co-CEOs, Hanson and McClain will continue to serve their clients, advise the firm’s leadership and put together their weekly Money Matters podcast. Hanson will serve as the firm’s vice chairman and McClain will continue to head Allworth’s mergers and partnerships unit.
“We could not be prouder of Allworth’s success and growth over the past 30 years,” Hanson said in the statement. “Both Pat and I feel now is the time to hand over the reins to a new CEO who can build on the company’s strong track record.”
Folsom, California-based Allworth has done 29 acquisitions, growing from 60 associates five years ago to about 400 currently. It serves 23,000 clients nationwide through 34 offices in 18 states.
“We started this company to serve clients as a fiduciary, to be guided to do what is right for them,” McClain said. “I am proud we still serve that mission today, and I look forward to continuing to be part of this great team.”
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.
