Allworth Financial, a registered investment advisor based in Folsom, Calif., with nearly $25 billion in assets under advisement, has acquired CCA LLP, a tax-focused CPA firm in Pleasant Hill, Calif. With this deal, Allworth adds 25 tax professionals and bolsters its in-house tax capabilities.
This represents Allworth’s eighth acquisition this year and 39th since 2018. The RIA now has 43 offices nationwide.
“The demand from our clients for comprehensive financial planning, including robust in-house tax services, continues to grow,” Allworth CEO John Bunch said in a statement. “CCA has an exceptional tax team that will help us meet that demand and better serve our clients.”
“Allworth’s scale, resources, and breadth of services will enable us to expand the tax planning and compliance work we’ve provided our clients for nearly two decades,” said Gerardo Alvarado, founder and senior partner of CCA, in a statement.
This deal follows Allworth’s acquisition last week of City Fiduciary Group, a tax planning-focused wealth firm in the Pacific Northwest with $839 million in client assets. Other acquisitions this year included Del Monte Group, a Walnut Creek, Calif.-based RIA with over $220 million in assets; Stewart and Patten Company, a Lafayette, Calif.-based firm with $1 billion in client assets; Brennan Asset Management Group, a Redding, Calif.-based RIA with $300 million in assets; Tridea Advisors, another California RIA with $341 million in assets; and Capital Point Financial Group, a Glenview, Ill.- and Sarasota, Fla.-based firm with $280 million in assets. The RIA completed seven deals in 2023.
When Allworth acquires an RIA, the firm typically comes under the Allworth brand, and the deals are structured as a combination of cash and equity. Owners will get about 20% to 30% in equity, and the rest in cash. Some 110 advisors currently own equity in the firm.
Allworth’s co-founders Scott Hanson and Pat McClain announced plans last summer to step down from their roles as co-CEOs of the RIA “as part of a natural succession plan.” The firm hired Bunch, a former Edelman Financial Engines executive, who took on the chief executive role late last year.
