Allworth Financial Buys RAA and Expands U.S. Reach

Allworth expands into Dallas, Atlanta, and Seattle markets

Allworth Financial is purchasing RAA, one of the country’s largest financial planning firms specializing in the airline industry. Based in Dallas, RAA manages roughly $2.8 billion of client assets. This brings Allworth’s AUM more than $7.5 billion.

This is Allworth’s fifth deal of the year. It is the sixth if you count the 70% ownership stake it sold to Parthenon Capital Partners.

“We are excited to join the Allworth team, and are confident that this strategic partnership will provide RAA with the resources to continue to expand our presence in the airline community, enhance technology, and deliver an exceptional experience to our clients,” said John Bentley, CEO of RAA. “It was clear from the first meeting that Allworth shares our culture, values, and a relentless focus on adding value to their clients’ lives, which made them our ideal partner.”

Allworth Deal Part of Consolidation Trend

The acquisition offers RAA the ability to expand its presence in the airline industry. It also gives Allworth a larger foothold in major markets like Dallas, Atlanta, and Seattle.

“Our partnership with RAA is crucial to helping us build a national firm,” said Pat McClain, co-CEO of Allworth Financial. “We’re looking for like-minded partners with similar practices and values, and we certainly found that in RAA.”

RAA serves more than 3,200 families. It has about 60 employees.

“It’s gratifying to welcome a forward-thinking firm like RAA to our team,” said Scott Hanson, co-CEO at Allworth Financial. “We’re excited to leverage our combined resources and knowledge to provide best-in-class service to even more families.”

Finally, this is the latest deal that solidifies the trend of RIA consolidation. Meanwhile, DeVoe &. Co. says that the third quarter saw 36 deals in the space. Over the first nine months of 2019, 101 deals have occurred in the industry. About half of this year’s deals comprise sellers with less than $500 million in AUM.

Related: Cerberus Buys Closure Systems International from Reynolds Group

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