Allworth Financial, the Folsom, Calif.-based registered investment advisor with about $22 billion in assets under advisement, has acquired Del Monte Group, a Walnut Creek, Calif.-based RIA with over $220 million in assets. Terms of the deal were not disclosed.
This represents Allworth’s 18th California location, its fifth deal this year and 36th acquisition since 2018. Allworth now has 42 offices nationwide.
Del Monte Group was founded in 1992 by Richard and Ingrid Del Monte. Richard will transition to Allworth, along with advisor Leo Bojorquez, and two support staff members, Joyce Cheng and Jordan Tyler.
“I got to know Richard when I first started in this industry in the early 1990s,” said Allworth co-founder Scott Hanson, in a statement. “He was an advocate for a financial planning-based approach and helped shape my early views of the importance of being a fiduciary. When we started on our mission to find like-minded firms to join Allworth, Del Monte Group was one of the first we thought of.”
This deal follows Allworth’s acquisition earlier this month of Stewart and Patten Company, a Lafayette, Calif.-based firm with $1 billion in client assets.
Other deals this year included Allworth’s purchase of 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, those firms typically come under the Allworth brand, and the deals are structured as a combination of cash and equity. Owners will typically 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 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.
