California-based investment advisory firm Allworth Financial has strengthened its reach in Ohio by buying Capstone Capital for an undisclosed sum.

The acquisition of Cincinnati-based Capstone, which focuses on investing and retirement planning, brings around $100m in client assets to Allworth.

The deal takes Allworth’s assets under management past the $8bn mark.

In 2018, Allworth snapped up Simply Money Advisors that is also headquartered in Cincinnati.

Currently, Allworth has 14 advisers catering to thousands of clients in the Ohio and Northern Kentucky regions.

The purchase of Capstone is Allworth’s ninth since collaborating with private equity firm Parthenon Capital in 2017.

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By GlobalData

The deal is Allworth’s second in two months, despite the market turbulence caused by the Covid-19 crisis.

In this context, Allworth cited a report by Fidelity Investments which unveiled that only three RIA deals were announced in April.

The report also revealed that the combined RIA deals in March and April accounted for the lowest AUM total for two consecutive months since 2016.

Allworth co-CEO Scott Hanson said: “We’re continuing to acquire firms because it’s more important now than ever.

“Many small firms lack the capital or infrastructure to shift to a fully remote experience, and we’re in the position to help. By partnering with Capstone, we can provide the resources needed to help them thrive during these incredibly challenging times.”