Allworth Monetary, the Folsom, Calif.-based registered funding advisor with about $22 billion in property underneath advisement, has acquired George McKelvey Firm, a Manasquan, N.J.-based agency with greater than $1.1 billion in consumer property. Phrases of the deal weren’t disclosed.
George McKelvey is led by companions Robert McKelvey, Robert Giunco Jr. and Richard Looney, and the agency’s 9 advisors and eight assist employees will be part of Allworth. The corporate was based in 1960 by George and Elizabeth McKelvey, Robert’s father and mom.
The deal represents Allworth’s sixth deal this yr and thirty seventh acquisition since 2018. The RIA now has 43 workplaces nationwide.
Park Sutton Advisors suggested 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 property. Different offers this yr included Allworth’s acquisition of Stewart and Patten Firm, a Lafayette, Calif.-based agency with $1 billion in consumer property; Brennan Asset Administration Group, a Redding, Calif.-based RIA with $300 million in property; Tridea Advisors, one other California RIA with $341 million in property; and Capital Level Monetary Group, a Glenview, Unwell.- and Sarasota, Fla.-based agency with $280 million in property. The RIA accomplished seven offers in 2023.
When Allworth acquires an RIA, the agency sometimes comes underneath the Allworth model, and the offers are structured as a mixture of money and fairness. Homeowners will get about 20% to 30% in fairness, and the remainder in money. Some 110 advisors at present personal fairness within the agency.
Allworth’s co-founders Scott Hanson and Pat McClain introduced plans final summer time to step down from their roles as co-CEOs of the RIA “as a part of a pure succession plan.” The agency employed John Bunch, a former Edelman Monetary Engines govt, who took on the chief govt position late final yr.
