Allworth Acquires $1.1B Tax-Focused RIA Sachetta
Allworth Financial, a Folsom, Calif.-based registered investment advisor with $39 billion in client assets, has acquired Sachetta, a Lynnfield, Mass.-based wealth management and tax advisory firm overseeing $1.1 billion in assets under management.
In addition, the RIA announced it has added Arthur Stein Financial, a Bethesda, Md.-based RIA specializing in financial planning for federal employees and retirees. That firm, majority owned by Arthur Stein, has about $141 million in AUM, according to its most recent Form ADV.
The moves come after Allworth executed a recapitalization in April led by Integrum Holdings and including former investors Lightyear Capital and Ontario Teachers’ Pension Plan. The investment was structured to assist in “Allworth’s organic growth plan, including expanding its national footprint through high-quality partnerships with firms that share its long-term commitment to clients, advisors and employees,” the RIA wrote in the deal announcement.
The move for Sachetta adds 21 professionals, including 13 wealth and tax advisors, and approximately 630 client households in the Boston area.
“What stood out about Sachetta is that their entire firm is built around the idea that tax planning and wealth management can’t be separated,” Allworth CEO John Bunch said in a statement.
Allworth offers coordinated tax planning to clients, as well as legacy and estate planning, and insurance and risk, according to its website.
Sachetta also joins Allworth with a succession plan in place for next-generation advisors, according to the announcement.
“By joining Allworth, we can leverage the resources of a much larger firm while maintaining the client-first culture that defines who we are,” Partner Michael Callahan said in a statement.
The seller was represented by Houlihan Lokey.
Allworth has had three investment rounds since 2017, which have helped it complete 45 acquisitions.
The RIA, founded in 1993, has grown to serve clients in every state through more than 40 offices.
