Allworth Financial has bolstered its Southwestern US footprint further with the addition of a California-based financial planning firm.
The fast-growing RIA announced it has acquired Del Monte Group, a Northern California-based firm managing over $220 million in assets under management.
The deal marks Allworth's 36th acquisition since 2018, expanding its presence to 18 locations in California and 42 offices nationwide.
Financial terms of the agreement were not disclosed.
Del Monte Group was founded in 1992 by Richard Del Monte and his wife Ingrid Del Monte.
Richard Del Monte, who will be accompanied by one advisor and two support personnel in the transition to Allworth, highlighted his long-standing relationship with Allworth’s co-founders Pat McClain and Scott Hanson.
“The values they hold and the way they treat their clients is in complete alignment with how I’ve built my business,” he said, recalling his three-decade journey through the financial services industry.
Hanson also reflected on his earliest interactions with Richard Del Monte.
“He was an advocate for a financial planning-based approach and helped shape my early views of the importance of being a fiduciary,” he recalled. “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 acquisition is Allworth’s fifth of the year and second within the last 30 days. Earlier this month, it unveiled a deal for Stewart and Patten, an independent firm that boasts $1 billion in assets and a rich history that stretches back over nearly 60 years.
Founded in 1993 in Sacramento, Allworth Financial has approximately $22 billion in assets under advisement and serves clients in all 50 states through its 42 offices nationwide.
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