Co-founder and Co-CEO, Allworth Financial
Imagine the Tappet Brothers of public radio’s hilarious and wildly popular “Car Talk” show discussing personal finance. Ditch the Boston accents and you’d have Scott Hanson and Pat McClain, whose “Money Matters” program has aired weekly since 1995. Away from the microphone, the duo runs Allworth Financial, their 28-year-old, $10 billion registered investment adviser in Sacramento, California.
Working to become a national RIA by serving “middle-class millionaires,” Hanson said the key to the firm’s success is its focus on process in order to deliver a consistent client experience. Every leg of the journey from the point a prospect first makes contact with the firm via any medium — including responding to the radio show — until, as a client, they receive a statement, is broken down into a multistep process overseen and handled by specialized staff. Advisers solely provide advice; marketing is done by the firm and prospective clients are assigned to teams.
“I get involved in hiring and leadership,” Hanson said, noting that McClain focuses on finding advisers who want to sell their businesses, yet still provide advice.
Fueled by an infusion of private equity capital in 2017, the firm — which changed its name from Hanson McClain Advisors in 2019 to better serve its national ambitions — has expanded to 250 employees from 70 while growing its AUM to $10 billion from $3.6 billion two years ago.
For firm owners worried about adding “nonproducing” employees, Hanson has some advice: “Every time we hire a good person, regardless of their job, our net profit goes up.”
— Evan Cooper