May 26, 2020

Allworth Financial Announces the Acquisition of Capstone Capital

Capstone Announcement

SACRAMENTO, Calif., May 26, 2020– Allworth Financial (“Allworth”), formerly known as Hanson McClain Advisors, announced today it is acquiring its second firm in the past 60 days. With approximately $100 million in client assets, the investment advisory firm Capstone Capital, Inc. (“Capstone”) becomes Allworth’s latest in a growing list of acquisitions.

As market volatility in response to the COVID-19 pandemic has unfolded, merger and acquisition activity has slowed. In fact, just three RIA transactions were announced in April, and the combined RIA deals in March and April represented the lowest AUM total for two consecutive months since 2016[1].

“We’re continuing to acquire firms because it’s more important now than ever,” said Scott Hanson, co-CEO at Allworth Financial. “Many small firms lack the capital or infrastructure to shift to a fully remote experience, and we’re in the position to help. By partnering with Capstone, we can provide the resources needed to help them thrive during these incredibly challenging times.”

Allworth has adapted to the changing environment by increasing focus on technology and outreach, reinventing the virtual client experience, and improving productivity and collaboration among advisors and support staff.

Bob Sponseller, Founder of Capstone Capital, Inc.

“I am thrilled to be joining Allworth and to have the opportunity to focus on what I enjoy most —advising clients,” said Bob Sponseller, Founder of Capstone Capital, Inc. “As a single advisor and business owner, you wear a lot of hats, so I am looking forward to working alongside highly competent team members who will allow me to focus more time on helping clients. I’m equally excited to share the combined company’s expanded resources and technology, which will help improve the overall client experience.”

Capstone is based in Cincinnati and represents an expansion of Allworth’s footprint in the Ohio region. In 2018, Allworth acquired Cincinnati-based Simply Money Advisors and, together, now has 14 advisors serving thousands of clients in the Ohio and Northern Kentucky regions.  

This acquisition represents Allworth’s ninth since partnering with the growth-oriented private equity firm Parthenon Capital in 2017. In less than three years, Allworth has grown from just under $2.5 billion in assets under management to over $8 billion.

“As a firm, we’ve helped our clients through four major economic downturns, and, with the support of our capital partners, we’ll help them through this one as well. It’s equally important that we find other partner firms along the way and provide them with resources and support in navigating these uncertain times,” said Pat McClain, co-CEO of Allworth Financial.


[1] According to the April 2020 “Wealth Management M&A Transaction Report” by Fidelity Investments.

About Allworth Financial

With its direct and educational approach to advising, Allworth Financial is a full-service independent investment financial advisory firm that specializes in retirement planning, investment advising, tax planning & preparation, estate planning, and 401(k) management. Allworth delivers long and short-term investment planning solutions and guidance to help clients achieve their goals and plan strategically for retirement.

Capstone Capital, Inc.

Capstone Capital specializes in investing and retirement planning for individuals and families in the Cincinnati, Ohio region.