Allworth Financial, an independent investment financial advisory firm formerly known as Hanson McClain Advisors, has acquired the financial planning and investment advisory firm Houston Asset Management, which manages approximately $450 million in client assets, the company announced Wednesday.

The Allworth acquisition will enable Houston Asset Management to create a long-term succession plan, while also allowing it to invest in additional capabilities and systems to support its clients' needs.

"We knew we needed to find a partner to help us plan for the future,” said Bob Frater, Houston Asset Management’s CEO, in a news release. “We are looking forward to providing our clients with access to [Allworth’s] world-class technology and education, particularly during these turbulent times."

Houston Asset Management serves more than 680 households and employs 13 individuals in Houston, including five advisors, five client service staff members and three operations staff members, all of whom will join Allworth.

"Despite the current uncertainty in response to COVID-19, we believe it is critical to continue to find great partners and invest in the RIA space," said Scott Hanson, co-CEO at Allworth Financial, in the news release. "Allworth is in a strong, healthy position and we are thrilled to be able to partner with Houston Asset Management and continue its long legacy of providing top quality service to clients for over 40 years."

This is Allworth's eighth acquisition since partnering with private equity firm Parthenon Capital in 2017. In less than a year, Allworth has grown from just under $4 billion in client assets under management during the summer of 2019, to approximately $8 billion after absorbing Houston Asset Management.

Allworth said it has no plans to slow down either, despite the challenges of operating its business during a pandemic. The company has adapted to the changing environment with an increased focus on technology and client outreach, said Pat McClain, co-CEO.

"Our partnership with Houston Asset Management is crucial to helping us build a national firm," McClain said in the news release. "Houston is a market that we’ve wanted to be in for quite some time, and we’re extremely pleased that we were able to find such a great firm to partner with there.”

Allworth is headquartered in Sacramento, Calif., where it was founded in 1993.