Allworth Expands in Cali with Del Monte Group Acquisition 

Allworth Financial has acquired Northern California-based Del Monte Group, marking its expansion to 18 California locations and 42 offices nationwide. Financial terms of the deal were not disclosed. 

Founded in 1992 by Richard and Ingrid Del Monte, the group manages over $220 million in AUM. The transition includes Richard Del Monte, one advisor, and two support personnel. This acquisition is Allworth’s fifth of the year and second in the last 30 days, following the $1 billion acquisition of San Francisco-based Stewart and Patten Company. 

“I got to know Richard when I first started in this industry in the early 1990s,” said Allworth Co-founder, Scott Hanson. “He was an advocate for a financial planning-based approach and helped shape my early views of the importance of being a fiduciary. When we started on our mission to find like-minded firms to join Allworth, Del Monte Group was one of the first we thought of. He and his firm embody everything we look for in a partner.” 

Sacramento-based Allworth Financial manages about $22 billion in assets and serves clients in all 50 states. In 2020, private equity firm Parthenon Capital sold its controlling stake in Allworth to Lightyear Capital and the Ontario Teachers’ Pension Plan Board, both of which still own shares in the company. In January, Allworth added a pair of advisory firms, one in California and the other with offices in Florida and Illinois, with a combined $621 million in assets under management. (Photo: Scott Hanson)