California-based investment advisory firm Allworth Financial has acquired regional peer Johanson Financial Advisors (JFA) for an undisclosed amount.
Founded in 2011, JFA adds a team of five employees, approximately 280 clients and more than $480m in assets to Allworth.
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The deal, which further expands Allworth’s California footprint, marks its 18th acquisition in the last four years. The firm will now have 21 offices across the country.
Commenting on the deal, Allworth co-CEO and co-founder Scott Hanson said: “David Johanson not only runs a thriving, client-focused advisory firm, their rapid growth, combined with his team’s passion for helping people achieve their financial, investment, and retirement goals, made entering into this partnership an easy decision.”
Founded in 1993, Allworth specialises in investment advising, retirement planning, tax planning and preparation, estate planning, and 401(k) management.
The firm currently manages $15bn in assets on behalf of its nearly 15,000 clients across the US.
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By GlobalDataAllworth co-CEO and co-founder Pat McClain noted: “There was more M&A activity in the advisory sector last year than ever before.
“And we’ve found that our service model and our approach to business continue to strongly resonate with RIAs, hybrid advisors, and with broker-dealer affiliated firm principals who are seeking to expand their businesses, take on leadership roles with Allworth, remove some financial risk from the table, or, for others, implement succession plans that provide them, and their employees, with peace of mind.”
In April last year, Allworth bought Shone Wealth Management to expand its presence in the home market.
In 2020, it made number of acquisitions, including Pathways Financial Partners and Capstone Capital.
