Allworth Financial, a Sacramento, Calif., retirement planning firm formerly known as Hanson McClain Advisors, has acquired RAA, one of the country’s largest financial planning firms specializing in serving the airline community, according to a news release.
RAA manages approximately $2.8 billion in client assets for over 3,200 families. Under its deal with Allworth, RAA will remain an independent brand headquartered in Dallas, and will continue to serve the airline industry.
The acquisition of RAA increases Allworth’s total assets under management (AUM) to more than $7.5 billion.
Subject to standard regulatory approvals, the deal reportedly provides RAA with a partner that will help it continue to grow its business in the airline community, while providing Allworth with an expanded national presence.
“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,” said John Bentley, CEO of RAA.
Similar to RAA, Allworth also has a history of growth achieved in its early years by servicing the financial needs of a niche clientele of retired telecommunications workers.
In 2017, Allworth, then known as Hanson McClain, found a new path to growth by partnering with Boston private equity firm Parthenon Capital, which invested in the firm’s strategic acquisitions of other advisory firms. The partnership helped Hanson McClain more than triple its client assets under management.
Hanson McClain’s first acquisition was in January 2018, when it bought Simply Money Advisors of Cincinnati. In October 2018, the firm acquired the practice of Folsom, Calif.-based CPA Michael Mouriski.
At the beginning of this year, the firm acquired Hugh B. Phillips Retirement Group Inc. of Napa, Calif., but expanded its reach in May by acquiring Blueprint Financial in Grand Rapids, Mich. Earlier this October, Allworth acquired Siena Wealth Management in San Jose, Calif.
Allworth’s acquisition of RAA is its sixth since 2018, when it embarked on a plan of growth through acquisition.