SACRAMENTO, Calif.,, April 01, 2020 (GLOBE NEWSWIRE) -- Allworth Financial ("Allworth"), formerly known as Hanson McClain Advisors, has acquired the financial planning and investment advisory firm Houston Asset Management (“HAM”). HAM manages approximately $450 million of client assets, increasing Allworth's total assets under management to approximately $8 billion.
"Despite the current uncertainty in response to COVID-19, we believe it is critical to continue to find great partners and invest in the RIA space," said Scott Hanson, co-CEO at Allworth Financial. "Allworth is in a strong, healthy position and we are thrilled to be able to partner with Houston Asset Management and continue its long legacy of providing top quality service to clients for over 40 years."
While the major challenges and daily changes in the market have disrupted many in the financial services industry, Allworth has no plans of slowing down. Allworth has adapted to the changing environment with an increased focus on technology and client outreach and will continue its mission and vision of creating a national firm where clients receive the same excellent fiduciary service no matter where they are in the country.
"We are excited to join the Allworth team, a company we are aligned with on every level," said Bob Frater, Chief Executive Officer of Houston Asset Management. "We knew we needed to find a partner to help us plan for the future, and we are looking forward to providing our clients with access to their world-class technology and education, particularly during these turbulent times."
The acquisition will provide an opportunity for HAM to create a long-term succession plan and continue to invest in additional capabilities and systems to support clients' needs.
HAM serves more than 680 households and employs 13 individuals in Houston, Texas, including five advisors, five client service staff, and three operations staff that will join Allworth. This partnership represents Allworth's eighth acquisition since partnering with the growth-oriented private equity firm Parthenon Capital in 2017. Since the summer of 2019, Allworth has grown from just under $4 billion in assets under management to approximately $8 billion.
"Our partnership with Houston Asset Management is crucial to helping us build a national firm," said Pat McClain, co-CEO of Allworth Financial. "Houston is a market that we’ve wanted to be in for quite some time and we’re extremely pleased that we were able to find such a great firm to partner with there."
About Allworth Financial
Allworth Financial (www. allworthfinancial.com) is an independent investment financial advisory firm that specializes in retirement planning, investment advising, and 401(k) management with a direct approach to financial planning. Allworth delivers long- and short-term investment planning solutions and advice to help clients achieve their goals and plan strategically for retirement.
About Houston Asset Management
Houston Asset Management is an Investment Advisory firm that provides comprehensive financial planning services and investment management programs to individuals, businesses, pensions and profit-sharing plans, trusts and estates, and charitable organizations.
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