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.”
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
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.
