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Allegiance Financial Acquires R.M. Tonge & Co. - Acquisition of Waterville financial services firm affirms Allegiance's commitment to expansion in Maine and beyond
Allegiance Financial Acquires R.M. Tonge & Co.

 

NewswireToday - /newswire/ - South Portland, OR, United States, 2006/12/01 - Acquisition of Waterville financial services firm affirms Allegiance's commitment to expansion in Maine and beyond.

   
 
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Allegiance of So. Portland, Maine, announces it has acquired R.M. Tonge & Co. of Waterville. Robert Tonge, a notable presence in the Waterville/Augusta financial services industry for over 50 years, continues to serve in a consulting capacity with Allegiance, providing clients with the sound financial advice he has delivered for years. All day-to-day administrative duties have been transferred to Allegiance so that Tonge may spend more time with his family and friends.

Founded in 1996 by Randall Richard, Allegiance (allegiancefinancial.com) provides personal financial advisory services to business professionals. The acquisition enables the firm to expand upon its broad suite of advisory services in Maine – including investment management, retirement and estate planning, trust services, and tax planning – while maintaining its commitment to client-focused service.

Randall Richard, Allegiance founder and President, states: “The acquisition of R.M. Tonge & Co. is a perfect fit for us. As two Maine-owned, independent businesses, we share many of the same values, including the same clearing correspondent, Pershing LLC, the premier clearing firm on Wall Street. This acquisition also enables Allegiance to expand our client base into central Maine. Allegiance can now offer more comprehensive services to our new and existing clients, together with the same cutting-edge technology they have come to expect from us.”

R.M. Tonge & Co. is likely Maine’s oldest independent broker dealer. Tonge was a partner with Waterville’s Smith & Co. in the 1950s and 60s, a financial services firm that later became Tonge & Co. He attributes his longstanding success to building and maintaining client relationships, a value he shares with Richard.

“I have always spent a great deal of time with my clients, giving them all the time they wanted whether they had $1,000 or $100,000,” says Tonge. “It’s the nature of what I’ve always done. I often worked with people who may not have had much money at the onset, but who built wealth as their careers and investments grew.”

Tonge will continue to work with his longstanding clients – and their children, many of whom are also now clients – as a consultant with Allegiance. “I have a great deal of respect for Randy and Neal, and look forward to working with them. Allegiance has the commitment, experience and capacity to serve the unique financial needs of clients, including multi-generational families.”

Both Tonge and Richard share a philosophy of looking at the long term, be it building client relationships, or wealth. “We’re excited to partner with Bob, whose knowledge, long-time commitment and integrity are unmatched in the state of Maine,” say Richard. “With the success of this partnership, we will continue to expand Allegiance’s presence in Maine and throughout New England with similar acquisitions, building on our solid client base of individuals and businesses seeking outstanding, full-service financial planning and advice."

 
 
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Written by / Agency / Source: Richard Brothers

 
 

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Allegiance Financial Acquires R.M. Tonge & Co.

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