Allworth Financial, a registered investment advisor headquartered in Sacramento, Calif., has acquired McDaniel Knutson Financial Partners, a wealth management firm in Lawrence, Kan., managing about $506 million in client assets, the company said.

Financial details of the transaction were not disclosed.

McDaniel Knutson’s roots stretch back four decades, when husband-and-wife founding partners Wayne and Jude McDaniel opened their doors in 1981 as the leaders of an independent financial planning practice on a mission to not only be good, but to do good, too, according to the company’s website. Today, the practice is still led by the McDaniels, as well as their two partners, Peter Knutson, president of the firm, and CEO Victoria Bogner. All four join Allworth as equity partners, said Allworth spokesman Sean D. Harvey.

In a news release announcing the M&A deal, Knutson said that once he and Bogner decided to partner with a larger firm, they set out to find one with a wish list of must-haves.

“As a close-knit, client-centric advisory firm, we knew what we wanted from a partner,” Knutson said in the news release. “We were very clear that any agreement we entered into would have to both enhance the professional opportunities for our team members and increase the service offerings for our clients, and that is precisely what Allworth Financial delivered.”

While the leadership of the firm that the McDaniels founded has changed, its mission has not, according to Bogner, who also discussed the firm’s search for a larger partner. 

“To partner with a national firm that emphasizes community service was important to us,” she said in the news release. “Allworth cares about their partners, clients, the community, and their associates every bit as much as we do, and so this is a major step forward in the realization of the vision we have long had for McDaniel Knutson.”

The feeling was mutual, Allworth co-CEO and co-founder Scott Hanson said in a prepared statement.

“The team approach and the dedication to their clients and staff is what most impressed us about the leadership of McDaniel Knutson,” he said. “These are precisely the kind of professionals we are seeking to help us in our quest to continue to build Allworth. My co-founder, Pat McClain, and myself are excited to welcome all 14 team members of McDaniel Knutson to the firm.”

Founded in 1996, Allworth Financial manages more than $16 billion for 22,000 clients worldwide.