SACRAMENTO, Calif. – Allworth Financial (“Allworth”) has entered into a definitive agreement to acquire the financial planning and investment advisory firm Bastoni Financial Services (“Bastoni”) of Folsom, California. With roughly $270 million in assets under management, Bastoni expands Allworth’s footprint in Northern California, and increases the firm’s total assets under management to over $10 billion.
“Pat McClain and I have known Dave Bastoni for a long time, and we have a lot of respect for the high-quality retirement planning services he provides to his clients,” said Scott Hanson, co-CEO of Allworth Financial. “With Dave, we are entering into a partnership with a firm that has a great reputation in a region we proudly call home.”
“Everyone here at Bastoni is excited to be partnering with Allworth,” said Bastoni president and founder, Dave Bastoni. “Working together is something we’ve been discussing for a long time, and now that’s it’s finally official, we’re looking forward to the benefits of our partnership.”
The deal represents Allworth’s 5th acquisition this year and 12th overall since the Sacramento-based firm partnered with Boston-based Parthenon Capital back in 2017. Allworth was recently named one of Financial Advisor magazine’s 10 fastest growing firms in the country.
“We’ve seen a tremendous amount of interest from firms looking to partner. We’re proud of the team and model we’ve built at Allworth, and it seems the industry is taking notice,” said Allworth co-CEO Pat McClain. “With the addition of Dave Bastoni, and his terrific team, we’ve taken another step toward reaching our goal of building a national firm that is a respected leader in the marketplace.”
About Allworth Financial
With its direct and educational approach to advising, Allworth Financial is a full-service independent investment financial advisory firm that specializes in retirement planning, investment advising, tax planning & preparation, estate planning, and 401(k) management. With over $10 billion in AUM, Allworth delivers long and short-term investment planning solutions and guidance to help clients achieve their goals and plan strategically for retirement.
About Bastoni Financial Services
Bastoni Financial Services provides financial planning and investment management for individuals, families, and utility company employees in the Sacramento, California, region.