Allworth Monetary is buying Metropolis Fiduciary Group, a tax planning-focused wealth agency within the Pacific Northwest with $839 million in consumer belongings. The deal is Allworth’s seventh this yr.
Metropolis Fiduciary Group has workplaces in Washington and Oregon, and the deal will increase Allworth’s presence in these states. It’ll additionally strengthen Allworth’s in-house tax experience for purchasers, with 31 Metropolis Fiduciary workers specializing in funding advisory and tax providers becoming a member of Allworth.
“The demand from our purchasers for complete monetary and tax planning continues to develop, and that is an thrilling partnership that can assist us meet that demand,” Allworth CEO John Bunch mentioned concerning the deal.
Metropolis Fiduciary Group was based in 2015 by merging Baikie & Alcantara and Metropolis Monetary Group. It’s co-owned by wealth managers Scott Lowe, Matt Pulsipher and Jeff Brooks. The agency is becoming a member of Allworth from an affiliation with Osaic.
Allworth was based in Sacramento, Calif., in 1993. It has about $25 billion in belongings below advisement (together with the belongings within the Metropolis Fiduciary Group deal) and 43 workplaces all through the nation. The Metropolis Fiduciary Group deal is the agency’s thirty eighth acquisition since 2018.
When Allworth acquires an RIA, the agency sometimes rakes on the Allworth model, with offers structured as a mix of money and fairness (about 110 advisors presently personal fairness in Allworth).
Bunch succeeded co-founders Scott Hanson and Pat McClain final November as a part of a “pure succession plan.” Hanson and McClain remained with the agency in advisory roles, with McClain persevering with to move the agency’s mergers and partnerships division whereas Hanson turned a vice chairman.
Bunch spent greater than 10 years at Charles Schwab earlier than becoming a member of TD Waterhouse in 2004. He turned CEO of The Mutual Fund Retailer in 2012 and remained within the position till Edelman Monetary Engines acquired it. At Edelman, he held the roles of govt vice chairman, chief working officer and president. Most not too long ago, he served because the chief monetary providers director for the London-based Evelyn Companions.
Final month, Allworth acquired George McKelvey Firm, an N.J.-based agency with greater than $1.1 billion in consumer belongings. The agency is led by companions Robert McKelvey, Robert Giunco, Jr. and Richard Looney, and its 9 advisors and eight assist employees joined Allworth within the deal.
Different acquisitions this yr included its June acquisition of the $220 million California-based Del Monte Group, Stewart and Patten Firm, a Lafayette, Calif.-based agency with $1 billion in consumer belongings, Brennan Asset Administration Group, a Redding, Calif.-based RIA with $300 million in belongings and the California-based $341 million Tridea Advisors.
