Last Updated on October 20, 2020 by admin
SACRAMENTO, Calif. & SAN FRANCISCO–(BUSINESS WIRE)–Parthenon Capital (“Parthenon”), a number one growth-oriented personal fairness agency, introduced immediately it has signed a definitive settlement to promote its place in Allworth Monetary (“Allworth” or the “Firm”), a number one supplier of complete, planning-centric retirement and wealth administration options to mass-affluent and excessive internet price purchasers. The transaction represents the fruits of a profitable partnership with Allworth’s administration staff, led by Co-CEOs Scott Hanson and Pat McClain. Lightyear Capital LLC, a New York-based personal fairness agency centered on monetary companies, and Ontario Academics’ Pension Plan Board, Canada’s largest single-professional pension plan, are main the brand new funding within the Firm whereas Allworth’s administration staff and advisors will retain a big possession place. The transaction is anticipated to shut within the fourth quarter of 2020, topic to customary closing situations.
“The Allworth staff has made great progress in our mission to construct a nationwide wealth administration agency the place purchasers can obtain complete, planning-centric retirement and wealth administration recommendation no matter the place they stay,” stated Scott Hanson, Co-Founder and Co-CEO of Allworth. “Parthenon has been a unbelievable accomplice, and we’re appreciative of their strategic assist of this mission over the previous a number of years.”
Based in 1993 and headquartered in Sacramento, CA, Allworth, has grown to roughly $10 billion in property beneath administration and at present serves over 13,000 households nationwide. The Firm has accomplished 10 add-on acquisitions over the previous three years, with two extra anticipated to shut previous to the tip of the 12 months. As well as, Allworth continues to put money into industry-leading expertise and companies in assist of its best-in-class consumer expertise and the agency’s education-centric method to monetary planning.
Allworth Co-Founder and Co-CEO Pat McClain added, “Three years in the past, we partnered with Parthenon Capital due to their experience within the wealth administration sector, the useful sources they’ve on employees, and, most significantly, their aligned imaginative and prescient for what we might accomplish collectively. Quick ahead to immediately, we now have grown property beneath administration from lower than $three billion to roughly $10 billion, accomplished 10 acquisitions of like-minded corporations, invested in our staff and expertise, and proceed to supply best-in-class consumer service.”
Allworth has been acknowledged as a market main agency by quite a few publications together with Barron’s “Prime 50 RIA Companies” (2019) and the Monetary Instances “Prime Monetary Advisors” (2020, 2019). As well as, Allworth has obtained quite a few awards for its tradition and work-environment having been acknowledged as a 2020 “Greatest Place to Work for Monetary Advisors” by InvestmentNews and a 2019 “Circle of Excellence Award” winner for each buyer and worker satisfaction by Nationwide Enterprise Analysis Institute.
Andrew Dodson, Managing Associate at Parthenon, stated, “Partnering with Scott, Pat, Pete and all the Allworth staff has been a pleasure. We have now completely loved working with everybody on the Firm and are terribly pleased with what we now have achieved collectively. We stay up for following their continued success.” Brian Golson, Managing Associate and Co-CEO at Parthenon, added, “Previous to investing in Allworth, Parthenon spent a number of years looking for the best wealth administration platform that match our imaginative and prescient for the way forward for the . The Firm achieved an amazing quantity over the previous three years, and we’re assured that they’re properly positioned to proceed their success far into the long run. We want the staff all the very best.”
Raymond James & Associates, Inc. and Moelis & Firm LLC are serving as monetary advisors to Allworth and Parthenon. Kirkland & Ellis LLP is performing as authorized advisor for Allworth and Parthenon.
About Allworth Monetary
With its direct and academic method to advising, Allworth Monetary is a full-service impartial funding monetary advisory agency that makes a speciality of retirement planning, funding advising, tax planning & preparation, property planning, and 401(okay) administration. Allworth delivers lengthy and short-term funding planning options and steerage to assist purchasers obtain their objectives and plan strategically for retirement. For extra data, go to www.allworthfinancial.com.
About Parthenon Capital
Parthenon Capital is a number one growth-oriented personal fairness agency with workplaces in Boston, San Francisco, and Austin. Parthenon makes use of area of interest experience and a deep execution staff to put money into progress firms in service and expertise industries. Parthenon seeks to be an lively and aligned accomplice to administration, both via recapitalization transactions or by backing new executives. Parthenon has explicit experience in monetary and insurance coverage companies, healthcare, and expertise companies, however seeks any service, expertise or supply enterprise with a powerful worth proposition and proprietary know-how. For extra data, go to www.parthenoncapital.com.