Folsom-based Allworth Financial acquires McDaniel Knutson, expanding into Kansas

Allworth Financial, based in Folsom, has acquired a retirement consulting firm in Lawrence. This is a new state to the rapidly-growing company.

McDaniel Knutson Financial Partners has added $506 million in assets to Allworth. Allworth has 33 offices in 17 states with more than $16 Billion under management.

In a press release, Scott Hanson, co-CEO of Allworth, said that McDaniel's leadership was characterized by a team approach, dedication to clients, and a commitment to staff.

Sean Harvey, Allworth's spokesman, confirmed that McDaniel Knutson employs 14 people.

Six of these employees are advisors. Harvey stated that four executives from McDaniel-Knutson have become equity partners of Allworth. Harvey declined to disclose the value of this deal.

Allworth, based in Folsom, is building a brand across the country through acquisitions. Allworth has made four acquisitions this year, and 28 in the last five years. The company now has about 360 employees.

Allworth Financial has delivered on this promise.

Lawrence will now be known as Allworth.

Allworth has been able to finance its expansion through private equity investors. Allworth sold its controlling interest in 2017 to Parthenon Capital Partners a Boston-based firm that supported the company's acquisition strategy. Three years later, the New York-based private equity firm Lightyear Capital LLC along with the Toronto-based Ontario Teachers' Pension Plan purchased the Parthenon Capital interest for $800 millions.