OTPP and Partners Take a Majority Stake in Allworth Financial
Allworth Financial, the Folsom, Calif.-based registered investment advisor with about $36.5 billion in client assets, is in market with its majority owners, Lightyear Capital and the Ontario Teachers’ Pension Plan Board, for a potential sale, according to two sources familiar with the move.
Allworth is working with banking firm William Blair to lead the sale process, according to the sources.
Lightyear Capital and Ontario Teachers’ Pension Plan bought a majority stake in Allworth from Parthenon Capital in 2020, which had invested in the firm in 2017.
Allworth declined to comment on the move. Lightyear Capital, Ontario Teachers and William Blair did not respond to a request for comment.
Since that initial stake in 2017, Allworth has completed over 40 acquisitions and grown to about 40 offices throughout the United States. It has also boosted client assets from about $8.6 billion in 2020 to its current $36.5 billion today, according to company filings and a spokesperson.
Six other executives, including CEO John Bunch, hold stakes of less than 5% in the firm, according to its most recent Form ADV.
According to that filing, Allworth has recently shuttered about eight of its offices. The advisors working in them are still with the firm and working from new locations.
Last year, Allworth made one of its largest acquisitions with Salzinger Sheaff Brock and Sheaff Brock Investment Advisors, which had combined assets of $1.5 billion. CEO Bunch told Wealth Management at the time the deal signaled a shift for the firm toward larger, more sophisticated firms working with higher-net-worth clients.
Over half of Allworth’s clients are marked in the individual category in its most recent Form ADV from March 20, signaling a strong presence in the mass affluent market.
Last week, Allworth launched the Allworth Women’s Collective, a firmwide initiative to accelerate the growth of its female client base and talent. Allworth will feature the Women’s Collective on its website to raise clients’ and prospects’ awareness of the firm’s female talent. The firm will also call out specific segments and specialties that may be of interest to women, such as divorcees and business owners.
Earlier today, OTPP issued a press release stating announces expansion of strategic investor group:
- Integrum, Lightyear Capital and Ontario Teachers’ Pension Plan to Support Continued National Growth
FOLSOM, Calif., April 30th, 2026 /(BUSINESS WIRE) — Allworth Financial (“Allworth” or the “Company”), an award winning, full-service national wealth management advisory firm, announces today that it has entered a new strategic investment partnership co-led by Integrum Holdings LP (“Integrum”), Lightyear Capital LLC (“Lightyear”) and Ontario Teachers’ Pension Plan (“Ontario Teachers’”). As part of the transaction, Allworth’s management team continue to lead the Company, and existing employee and advisor shareholders will have significant ownership of Allworth.
Founded in 1993, Allworth is one of the largest and fastest-growing independent registered investment advisory firms. Serving clients in all 50 states through more than 40 offices in the U.S., Allworth delivers integrated financial planning services, including investment management, tax planning and preparation, estate planning, insurance, and 401(k) management. With approximately $35 billion in assets under management and administration, Allworth is consistently recognized as a top 20 RIA by Barron's. Allworth is committed to providing scalable, personalized financial guidance that helps clients plan wisely and enjoy life.
“We are grateful for the partnership Lightyear and Ontario Teachers' have provided over the past five years and are excited to welcome Integrum. With all three investors at the table, we have the right group of thought and capital partners to accelerate our growth and expand our capabilities” said John Bunch, Chief Executive Officer of Allworth. “From our earliest conversations, our partners are aligned with what makes Allworth work: our people, our culture, and our commitment to clients. We are not looking to change the formula that makes Allworth a premier wealth management firm—we are continuing to invest behind it.”
Mark Vassallo, Managing Partner at Lightyear said, “Working with John and the Allworth team over the past five years on multiple growth initiatives has benefited clients and shareholders alike. We are excited to continue building the business in the next chapter.” Max Rakhlin, Partner at Lightyear added, “Our renewed partnership with Allworth represents Lightyear’s ninth investment in the wealth management and retirement sector since 2010. We look forward to building on Allworth’s success with our partners at Ontario Teachers’ and Integrum.”
“We are excited to continue our relationship with Allworth’s management team alongside our longstanding partner Lightyear and new investor Integrum. Allworth’s strong leadership team, national scale, and differentiated platform make it well positioned to benefit from continued industry tailwinds. We will leverage our deep expertise investing in wealth management businesses globally to help the Company execute its value creation plan and build on the momentum we have seen over the past five years” said Jeff Markusson, Senior Managing Director at Ontario Teachers’.
Tagar Olson, Founding Parter at Integrum said, “Allworth has built something exceptional: a national platform with real scale, a leadership team that operates with discipline and focus, and a culture that puts clients first. We’re excited to partner with John and the Allworth team, alongside Lightyear and Ontario Teachers’, to accelerate organic growth by investing in the talent, technology, and capabilities that will continue to scale the platform and enable Allworth’s advisors to deliver more value to their clients.”
William Blair & Company served as lead financial advisor to Allworth, with Houlihan Lokey also serving as a financial advisor to the Company. Davis Polk & Wardwell LLP served as legal counsel to Allworth. Simpson Thacher & Bartlett LLP served as legal counsel to Integrum.
About Allworth Financial
Allworth Financial is a national, full-service registered investment advisory firm with approximately $35 billion in assets under management and administration. Serving clients in all 50 states through more than 40 offices nationwide, Allworth delivers integrated financial planning services, including investment management, tax planning and preparation, estate planning, insurance, and 401(k) management.
For more information, please visit: AllworthFinancial.com
Advisors and firms interested in joining Allworth’s national platform can find partnership details at allworthfinancial.com/partnerwithus
About Lightyear
Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, health care and business services. For over 25 years, Lightyear has worked closely with management teams and leveraged its industry expertise, network of advisors and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2025, the firm had assets under management of $8.1 billion. For more information, please visit www.lycap.com.
About Ontario Teachers’
Ontario Teachers' is a global investor with net assets of $279.4 billion as at December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.
About Integrum
Integrum invests in technology-enabled services companies, partnering with management teams to accelerate growth. Founded by experienced investors and operators with complementary backgrounds and deep industry relationships, the firm pursues a high-conviction, concentrated approach—proactively sourcing opportunities and working closely with portfolio companies to scale through technology, talent, and expansion into adjacent markets and service offerings. Learn more at www.integrum.us.
Although financial figures were not disclosed, in late 2020, sources indicated the company was expected to sell for roughly $750 million to $800 million (though current, official valuation figures for 2026 are not publicly disclosed).
This is another major financial services deal for OTPP's private equity team which has an edge in this area.
Along with its partners, Lightyear and Instegrum, OTPP will help Allworth grow its operations and execute on its value creation plan.
Why acquire a majority stake in Allworth now?
In short, wealth management is a burgeoning business in the US, and the numbers speak for themselves:
This financial services firm is growing very nicely and they obviously take great care of their clients which are primarily high-net-worth individuals.
What is the exit strategy for Allworth? Well, don't be surprised if it keeps growing at this clip that a large US bank with its own wealth management division takes it over but that's not any time soon.
Right now, the focus is on execution and growing their business organically and through acquisition.
Below, many investors, the big question is whether $5 million is enough to retire—and this real-life case study shows how to answer it. With Pat out this week, Scott is joined by Allworth advisor Mark Shone to walk through a $5–6 million household navigating retirement while raising kids, funding college, and managing a second marriage. Scott and Mark break down what really matters when asking if you can retire with $5 million—and how to make that decision with confidence.
Also, in this episode of Allworth's Money Matters, Scott is joined by Allworth advisor Mark Shone, who steps in while Pat is away to break down smart, tax-efficient strategies for handling highly appreciated stock positions.
They use a real-life case of a recent retiree with nearly $2 million in Apple stock to explore how to reduce risk, diversify, and balance income and legacy goals. Plus, they touch on private credit and real estate trends shaping today’s investment landscape.
Lastly, if you’ve built significant wealth, simple index fund investing may not be enough anymore. In this episode of Money Matters, they break down advanced tax strategies for high-income investors and how to move beyond basic portfolio management.
I am giving you a glimpse of how this financial services firm sets itself apart by providing its clients top advice and serving them well. This is wealth management at its best.
Comments
Post a Comment