Allworth Financial has strengthened its presence in the Southwestern US as it adds a decades-old wealth firm in Northern California.
The company announced that it has completed a deal to acquire Stewart and Patten, a firm based in Lafayette.
Founded in 1965 by Ronald S. Patten and John K. Stewart, Stewart and Patten manages over $1 billion in assets under management. The firm's clientele includes families, trusts, charitable foundations, retirement plans, estates, and corporations.
With this acquisition, Allworth will incorporate two partner-advisors and five support team members from Stewart and Patten.
"The opportunity to work with a firm that has the same dedication to clients as we have while also offloading operational responsibilities was a major factor in our decision to partner with Allworth,” said Robert Gentry, principal at Stewart and Patten. “Additionally, Allworth will provide resources to us to ensure long-term business continuity.”
Lori Sherman, also a principal at Stewart and Patten, said the partnership provides a step up from their longstanding approach of working with CPAs, estate planning attorneys, and financial planning specialists from outside the practice.
“By partnering with Allworth, we will have access to comprehensive tax, estate planning and financial planning solutions while still working with outside professionals, as needed,” Sherman said.
“Over the past 60 years, Stewart and Patten has built an impressive firm centered around their commitment to placing the well-being of their clients ahead of all else,” said Allworth CEO John Bunch, underscoring the “rich history” of his firm’s latest partner.
Following Allworth’s deal for a $300 million firm in February, Stewart and Patten marks the national RIA’s 35th acquisition, extending its national footprint to 42 offices across the US, including 17 in California. With approximately $22 billion in assets, the firm serves clients in all 50 states with range of services including investment management, tax planning and preparation, estate planning, and 401(k) management.
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