The sale of Allworth Financial is heating up with a winning bidder expected soon, according to four banking and private-equity executives.
The auction has narrowed to three private equity firms; final bids were due last week, Oct. 6, two of the sources said.
(ticker: RJF) and
(MC) are advising on the process, people said.
Allworth, which is owned by Parthenon Capital, is expected to sell for roughly $750 million to $800 million, one of the people said.
Allworth is an RIA aggregator that buys up smaller wealth managers. The Sacramento firm scooped up Capstone Capital in May, Houston Asset Management in April and, in October, it bought Retirement Advisors of America. Allworth, in May, had roughly $8 billion of assets under management, according to a statement.
Parthenon invested in Allworth in 2017 when the firm was known as Hanson McClain Advisors. Parthenon, of