Allworth lands two firms managing $650M

investmentnews.com:

Allworth Financial, a registered investment advisory firm with its headquarters in Folsom, California, announced Thursday that it has purchased two advisory firms, both based in California, that combined oversee more than $650 million in client assets.

Allworth had acquired Silicon Valley Wealth Advisors, based in San Jose and nearby Half Moon Bay, which manages $375 million in assets, and San Diego-based Hall Private Wealth Advisors, which oversees $291 million.

Terms of the transactions were not disclosed.

“The deciding factor to partner with Allworth over any other firm was that their founders, Scott Hanson and Pat McClain, have established a culture that cares about doing what’s right every bit as much as we have, Russell Hall, founder and CEO of Hall Private Wealth Advisors, said ina statement.

“One of the most important things that a larger firm such as Allworth provides is that it allows a firm like ours to get back to doing what we are most passionate about, which is serving our clients instead of running an office,” Tracy Lasecke, managing principal at Silicon Valley Wealth Advisors, said in the statement.

Allworth Financial has approximately $19 billion in assets under advisement and operates 37 offices nationwide, with clients in all 50 states. Other firms it has acquired this year include $260 million Harvest Group, $506 million McDaniel Knutson Financial Partners and $283 million RedRock Financial & Insurance Services.