Sacramento, Calif.-based Allworth Financial has expanded its presence in Ohio with the acquisition of Capstone Capital Inc., a $100 million advisory firm in Cincinnati, the company announced today.
In 2018, Allworth acquired Cincinnati-based Simply Money Advisors. The acquisition of Capstone gives Allworth 14 advisors serving thousands of clients in the Ohio and Northern Kentucky regions, according to a press release.
Bob Sponseller, founder of Capstone, said the acquisition will allow him to spend more time focusing on clients.
Scott Hanson, co-CEO at Allworth, said his company continues to acquire advisory firms because it is more important now than ever. “Many small firms lack the capital or infrastructure to shift to a fully remote experience, and we're in the position to help. By partnering with Capstone, we can provide the resources needed to help them thrive during these incredibly challenging times," he said in a statement.
Deal terms were not disclosed.
This marks the second acquisition for Allworth, formerly known as Hanson McClain Advisors, in the past 60 days, and ninth since partnering with private equity firm Parthenon Capital in 2017. The firm has grown from just under $2.5 billion in assets under management to more than $8 billion.