Allworth Gets PE Investment from Integrum, Existing Backers Remain
Allworth Financial, a Folsom, Calif.-based registered investment advisor with about $35 billion in client assets, has received its third investment round since its founding, led by Integrum Holdings and including former investors Lightyear Capital and Ontario Teachers’ Pension Plan, the company announced Thursday.
Allworth’s management team will continue to lead the company, and existing employee and advisor shareholders will maintain significant ownership, according to the announcement.
In 2020, Lightyear Capital and Ontario Teachers’ Pension Plan bought a majority stake in Allworth from Parthenon Capital, which first invested in the firm in 2017. Wealth Management had previously reported that, according to sources, Allworth and its investors were seeking a new majority investor.
“We are grateful for the partnership Lightyear and Ontario Teachers’ have provided over the past five years and are excited to welcome Integrum,” Allworth CEO John Bunch said in a statement. “With all three investors at the table, we have the right group of thought and capital partners to accelerate our growth and expand our capabilities.”
Allworth’s roots date back to 1993, when it was founded by financial advisors Scott Hanson and Pat McClain. It rebranded as Allworth in 2019, and Hansen and McClain stepped aside in 2023, allowing Bunch to take the CEO role. It now has clients in all 50 states through more than 40 offices nationwide, from which it offers financial planning, tax planning and preparation, estate planning, insurance and 401(k) management.
Tagar Olson, founding partner at New York-based Integrum, said the firm will seek to accelerate organic growth by investing in talent, technology and capabilities.
William Blair & Company served as lead financial advisor to Allworth, with Houlihan Lokey also serving as a financial advisor to the company.
Citywire first reported the Integrum investment.
The Mather Group Partners with $330M Sebold Capital Management
The Mather Group, a $17 billion wealth management firm serving high-net-worth individuals and families, has added Sebold Capital Management, a Chicago-area advisory firm serving small business owners and their families, according to an announcement.
Sebold was founded by Sean and Kelly Sebold to offer financial advice focused on the client’s full financial picture, not on products, the duo said. The firm manages and administers about $364 million in client assets. Sebold will integrate into the Chicago-based The Mather Group, which is majority-owned by the private equity firm the Vistria Group.
The Mather Group, which is led by CEO Jennifer des Groseilliers, had taken a hiatus from acquiring for about two years before returning recently to an inorganic growth strategy.
FP Transitions was the advisor on the transaction.
RIA Canterbury Capital Wealth Launches Insurance Affiliate
Canterbury Capital Wealth Management, an RIA based in Tuscaloosa, Ala., has launched Canterbury Capital Insurance, an insurance affiliate, the firm announced.
Canterbury Capital, whose AUM is $132 million, said it believes insurance to be a “core component” of financial planning for families and business owners to “manage and mitigate risk alongside their long-term investment strategies.”
The new division will be called Canterbury Capital Insurance and will be led by Shawn Nelson, formerly of USI Insurance Services. It will operate independently of Canterbury Wealth, led by founder Robert Blake Butler, and will be “integrated into clients’ overall financial planning when appropriate,” according to the announcement.
Carson Group Acquires Harbor Wealth Management
Carson Group, the Omaha, Neb.-based RIA aggregator with over $57 billion in AUM, has acquired Harbor Wealth Management, a Green Bay, Wis.-based advisory firm with about $396 million in assets, the company announced.
The firm, led by partners and senior wealth advisors Eric Heus and Brent Polzin, will transition to an integrated office and rebrand as the Carson Wealth office in Green Bay, according to the announcement. Harbor Wealth had been part of Carson’s independent advisor model since June 2016 and had also used its advisor coaching services.
“Carson has been a consistent partner to us for years, and there is a mutual trust between us,” Heus said in a statement. “Becoming an integrated office allows us to build on that foundation in a more meaningful way.”
