Allworth Financial Surpasses $40 Billion Milestone
Allworth Financial has expanded its national presence, pushing its total assets under management beyond the $40 billion threshold through the acquisition of two wealth management firms. The Folsom, California-based registered investment advisor announced the purchase of High Falls Advisors and Holistic Financial Partners on September 1, 2026. These transactions bring a combined $947 million in new client assets to the firm.
High Falls Advisors, headquartered in Rochester, New York, contributes the bulk of the assets with $665 million under management. This firm operates a distinctive practice, integrating a CPA-led tax team directly into its client planning services. The firm is led by Kenneth Burke and Jennifer Vogler, who acquired the business from its original founders in 2020. They bring 21 staff members, including a 12-person advisory team, to the Allworth platform.
Specialized Capabilities and Strategic Growth
Holistic Financial Partners, the second firm involved in the deal, is based in Indianapolis and manages roughly $282 million in assets. Led by Jason Llewellyn, the firm distinguishes itself through its focus on financial planning for individuals undergoing divorce. Llewellyn currently serves as the chair of the Institute of Divorce Financial Analysts and will join the Allworth leadership ranks as a partner advisor.
These acquisitions highlight a trend of Allworth recruiting firms that maintain unique expertise rather than generalist profiles. The deals add 23 professionals to the firm’s total headcount, including 13 dedicated wealth and tax advisors. Allworth CEO John Bunch emphasized the alignment between these firms and the broader company strategy, noting that they share a focus on multi-discipline financial advice.
Capital Structure and Industry Trajectory
John Bunch took the role of CEO at Allworth in late 2023, stepping into the position after the retirement of co-founders Scott Hanson and Pat McClain. Since then, the firm has undergone significant scaling. The company has doubled its total AUM from roughly $18 billion in the three years since the leadership transition. This aggressive pace of growth is fueled by external capital, with a third major investment round completed in May 2026.
That May investment round included Integrum Holdings along with existing stakeholders Lightyear Capital and the Ontario Teachers’ Pension Plan. The momentum from that capital infusion is clear. These two latest acquisitions represent the third and fourth deals for Allworth since the May announcement. In August, the company acquired Sachetta, a Massachusetts-based firm with $1.1 billion in assets, and Arthur Stein Financial, which manages $141 million and focuses on federal employees.
Market Context and Future Outlook
The wealth management sector continues to see intense consolidation as firms compete to offer more specialized tax and divorce-planning services to affluent clients. Allworth's current strategy focuses on absorbing firms that provide high-value technical services alongside traditional investment management. By integrating these practices, the firm aims to capture a larger share of the wallet for high-net-worth households.
Industry observers will monitor how well Allworth integrates these geographically disparate offices into its central operations. Maintaining the specialized service culture of firms like High Falls and Holistic Financial Partners remains the primary challenge in such rapid consolidation. As the firm approaches the next fiscal quarter, additional acquisitions remain likely given the company's current access to capital and its stated objective of national expansion.