Allworth Financial Announces Acquisition of RAA
SACRAMENTO, CA and DALLAS, TX, October 29, 2019 – Allworth Financial (“Allworth”), formerly known as Hanson McClain Advisors, has acquired RAA, one of the country’s largest financial planning firms specializing in serving the airline community. RAA manages approximately $2.8 billion of client assets, which will increase Allworth’s total assets under management to over $7.5 billion.
“We are excited to join the Allworth team, and are confident that this strategic partnership will provide RAA with the resources to continue to expand our presence in the airline community, enhance technology, and deliver an exceptional experience to our clients,” said John Bentley, Chief Executive Officer of RAA. “It was clear from the first meeting that Allworth shares our culture, values, and a relentless focus on adding value to their clients’ lives, which made them our ideal partner.”
The acquisition, which remains subject to standard regulatory approvals, will provide an opportunity for RAA to continue to grow in the airline community as well as expand Allworth’s national presence.
“It’s gratifying to welcome a forward-thinking firm like RAA to our team,” said Scott Hanson, co-CEO at Allworth Financial. “We’re excited to leverage our combined resources and knowledge to provide best-in-class service to even more families.”
Similar to RAA, Allworth has a rich history of growth through niche marketing. Allworth successfully turned a focus on telecom retirees into a multi-billion dollar registered investment advisory firm. Since then, Allworth’s growth has continued through broadened organic marketing efforts combined with firm acquisitions. In 2017, Allworth partnered with the growth-oriented private equity firm Parthenon Capital to support this ongoing expansion as well as further investments in client-centric initiatives. Since that time, Allworth has more than tripled its assets under management.
RAA serves more than 3,200 families and employs approximately 60 individuals across its offices in Dallas, Atlanta, and Seattle. Republic Capital Group acted as the exclusive advisor to RAA in the transaction.
“Our partnership with RAA is crucial to helping us build a national firm,” said Pat McClain, co-CEO of Allworth Financial. “We’re looking for like-minded partners with similar practices and values, and we certainly found that in RAA.”
RAA is one of the nation’s largest independent registered investment advisors specializing in the unique needs and goals of the airline community. With approximately $2.8 billion in assets under management for over 3,200 families, RAA provides personal solutions for 401(k) professional investment management, retirement and income planning, estate planning, and survivor assistance, as well as tax consulting and tax return preparation. The firm’s extensive experience with pilots and their families allows RAA to provide guidance for clients’ evolving needs throughout their careers and in retirement. Learn more about RAA at www.raa.com.
Recognized by Barron’s Magazine as a top 35 national RIA, and winner of the 2019 NBRI Circle of Excellence Award for both customer and employee satisfaction, Allworth Financial is an independent wealth management firm that delivers refreshingly straightforward retirement, tax, investment, and estate planning guidance that helps clients achieve their financial goals.
Listen to our latest State of the Industry Podcast espisode:
Serving a Niche to Grow Your Business + an Exciting Acquisition Announcement
Listen while our guests offer a unique perspective on mergers and acquisitions in our space, the pros and cons of serving a niche market, and the announcement of an exciting partnership between Allworth and RAA.
Video- Allworth + RAA: Joining Forces