Allworth Financial, a Sacramento, Calif.-based RIA, announced recently that it will purchase Shone Wealth Management of Walnut Creek, Calif.
Shone manages over $340 million in assets under management and serves approximately 300 client households.
Financial details of the transaction were not disclosed.
“We are excited to be partnering with a firm that shares our vision of providing comprehensive financial guidance across the country,” said Allworth CEO and co-founder Scott Hanson in released comments. “It is a terrific fit both culturally and geographically, and we welcome Mark Shone and the Shone Wealth Management team.”
Allworth is growing thanks in part to a recent partnership with New York City-based private equity firm Lightyear Capital, which is providing growth capital, said Hanson.