California-based Allworth Financial has snapped up Houston Asset Management (HAM), a Texas-based financial planning and investment advisory firm with nearly $450m in assets.

The deal boosts Allworth’s assets to around $8bn.

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The takeover is said to enable HAM to build a long-term succession plan and invest in new capabilities.

Allworth co-CEO Pat McClain said: “Houston is a market that we’ve wanted to be in for quite some time and we’re extremely pleased that we were able to find such a great firm to partner with there.”

As part of the deal, Allworth will absorb 13 employees of HAM.

These employees include five advisers, five client service staff as well as three operations staff.

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HAM CEO Bob Frater said: “We knew we needed to find a partner to help us plan for the future, and we are looking forward to providing our clients with access to their world-class technology and education, particularly during these turbulent times.”

Frater believes that HAM is aligned with Allworth on every level.

Meanwhile, Allworth indicated that it has no plans of slowing down despite the volatile market and is adapting by increasing the use of technology.

Allworth  co-CEO Scott Hanson said that the firm is in a healthy position.

“Despite the current uncertainty in response to COVID-19, we believe it is critical to continue to find great partners and invest in the RIA space,” Hanson stated.

Previously operating under the name Hanson McClain Advisors, Allworth offers retirement planning, investment advising, and 401(k) management services.

Last year, the firm acquired Texas-based advisory firm RAA as well as Michigan-based Blueprint Financial.