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(L-R): Scott Hanson, Jeff Baumert, John Bentley, Pat McClain

Allworth Acquires $2.8 Billion Dallas-Based RAA

Allworth Financial announced Tuesday that it has acquired RAA, a Dallas-based RIA with $2.8 billion in assets.

Allworth Financial, formerly known as Hanson McClain Advisors, said Tuesday that it has acquired $2.8 billion RAA, one of the nation’s largest financial planning firms specializing in serving the airline industry. RAA manages approximately $2.8 billion of client assets, increasing Allworth’s total assets under management to more than $7.5 billion.

 Republic Capital Group acted as advisor to RAA. Terms of the deal were not disclosed.

“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 in a prepared statement. “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.”

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

John Langston, a managing director and founder of Republic, told that "it was great to put together another RIA to RIA transaction. So many RIA firms and consultants are talking about M&A, it's essential to remember there is a science and art to this process." He noted that "John Bentley at RAA and Scott Hanson and Pat McClain at Allworth were willing and able to work through both aspects of this in the process. I find over and over that the most effective executives in our space recognize the importance of this dynamic. We appreciate their willingness to respond to our input and allowing us to play our role in effecting this transformative outcome for both firms."

Both firms have grown through niche marketing. Allworth originally turned a focus on telecom retirees into a multi-billion-dollar registered investment advisory firm. Since then, its growth has continued through broadened organic marketing efforts combined with firm acquisitions. It partnered with growth-oriented PE firm Parthenon Capital in 2017 to support this expansion and make investments in client-centric initiatives. Since that time, Allworth has more than tripled its AUM to over $7.5 billion.  

 RAA works with over 3,200 families and has about 60 employees across its offices in Dallas, Atlanta and Seattle.

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