Allworth Financial is in search of a new CEO, as current co-CEOs Pat McClain and Scott Hanson will be stepping down

Pat McClain and Scott Hanson are planning to step aside as co-chief executives of $18 billion Sacramento, Calif.-based RIA Allworth Financial. Allworth’s board has hired executive search company Heidrick & Struggles to help source an individual to replace the duo that founded the RIA 30 years ago.

Scott Hanson and Pat McClain will continue to serve as co-chief executives until the firm has selected and is ready to install a new CEO. While they’re stepping down as co-chief executives, Hanson and McClain will continue to serve their clients, advise the firm’s leadership and put together their weekly Money Matters podcast. Hanson will serve as the firm’s vice chairman and McClain will continue to head Allworth’s mergers and partnerships unit.

“Pat McClain and Scott Hanson’s decision to step aside from their roles as co-chief executives of Allworth Financial is a significant development for the company, marking the end of an era of leadership that has lasted three decades. The choice to hire an executive search company like Heidrick & Struggles indicates a strategic approach to finding the right successor, potentially aiming for a smooth transition and continuity in the company’s vision and strategy,” – Dr. Amarendra Bhushan Dhiraj said.

“The transition in leadership may reflect a broader strategy within Allworth Financial for growth, restructuring, or adaptation to the changing market conditions. Depending on the chosen successor, the shift in leadership could have varying implications for the company’s culture, strategic direction, and overall performance. It will be important for stakeholders, clients, and employees to understand the rationale behind the decision and the intended future direction of the company.”

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