Allworth Financial, the Folsom, Calif.-based registered investment advisor with about $22 billion in assets under advisement, has acquired George McKelvey Company, a Manasquan, N.J.-based firm with more than $1.1 billion in client assets. Terms of the deal were not disclosed.
George McKelvey is led by partners Robert McKelvey, Robert Giunco Jr. and Richard Looney, and the firm’s nine advisors and eight support staff will join Allworth. The company was founded in 1960 by George and Elizabeth McKelvey, Robert’s father and mother.
The deal represents Allworth’s sixth deal this year and 37th acquisition since 2018. The RIA now has 43 offices nationwide.
Park Sutton Advisors advised George McKelvey on the sale.
This deal follows Allworth’s acquisition in June of Del Monte Group, a Walnut Creek, Calif.-based RIA with over $220 million in assets. Other deals this year included Allworth’s acquisition of Stewart and Patten Company, a Lafayette, Calif.-based firm with $1 billion in client assets; Brennan Asset Management Group, a Redding, Calif.-based RIA with $300 million in assets; Tridea Advisors, another California RIA with $341 million in assets; and Capital Point Financial Group, a Glenview, Ill.- and Sarasota, Fla.-based firm with $280 million in assets. The RIA completed seven deals in 2023.
When Allworth acquires an RIA, the firm typically comes under the Allworth brand, and the deals are structured as a combination of cash and equity. Owners will get about 20% to 30% in equity, and the rest in cash. Some 110 advisors currently own equity in the firm.
Allworth’s co-founders Scott Hanson and Pat McClain announced plans last summer to step down from their roles as co-CEOs of the RIA “as part of a natural succession plan.” The firm hired John Bunch, a former Edelman Financial Engines executive, who took on the chief executive role late last year.
