DALLAS, Nov. 14, 2022 (GLOBE NEWSWIRE) — A series of acquisitions has helped Avantax®’s employee model significantly grow total client assets and geographic footprint. Two years ago, Avantax’s employee-based model had approximately $4.4 billion in total client assets and a national footprint with a Midwest focus. Now, after a series of acquisitions supplemented by organic growth, the employee-based model has grown total client assets to over $7 billion (as of September 30, 2022) while expanding its West Coast footprint , Northeast, Southeast and Texas. Avantax refers to its employee-based model as Avantax Planning Partners℠.
Some of Avantax’s acquisitions include the wealth management businesses of the following entities:
- West Coast: Carey & Hanna Tax & Wealth Planners in California
- Northeast: Advisory Group, LLC headquarters in New Jersey; and Warner Finance in Pennsylvania
- Southeast: Veteran Financial Advisor Jeffrey Steinberg’s Wealth Management Practice in Florida
- Texas: Strait Financial, LLC in Texas
Avantax’s flexible approach to affiliation is attractive to many independent finance professionals because no two transactions are the same.
“We create solutions for independent finance professionals that fit the path they want to take for themselves, their business and their clients, whether it’s a multi-month succession plan or years, or a growth strategy that allows them to shed business administration and back-office responsibilities to focus on serving current customers and prospecting new customers,” said Todd Mackay, President, Wealth Management at Avantax.” When I speak with financial professionals looking for options, the most important thing for them, almost universally, is flexibility. We’ve successfully created flexible solutions for every unique path finance professionals want to take, and we’re deeply committed to that approach. »
Avantax has two distinct, but related, models within its business: the employee-based model and the independent financial professional model. Avantax’s unique foundation was formed by combining three pioneers in tax-focused financial planning – HD Vest, 1st Global and HK Financial Services. Decades of tax-focused practice management, investment solutions, and global practice growth experience provide finance professionals and independent accounting firms multiple ways to affiliate and grow.
About Avantax Planning Partners℠ (the employee-centric model)
Avantax Planning Partners℠ is an RIA (registered investment adviser), insurance agency and wealth management firm that partners with accounting firms to provide their consumer and small business clients with holistic financial planning and advice, as well as a retirement plan. solutions through Avantax Pension Services. Avantax Planning Partners and CPA firms help clients pursue their financial goals through strategies such as asset management, estate planning, retirement planning, tax planning, risk management and more.
About Avantax Wealth Management® (the independent financial professional model)
Avantax Wealth Management® provides tax-focused wealth management solutions for finance professionals, tax practitioners, accounting firms and their clients. Avantax Wealth Management offers its services through its Registered Brokerage, Registered Investment Advisor and Insurance Agency subsidiaries and is one of the leading independent tax-focused brokers in the United States. Avantax Wealth Management works with a national network of finance professionals who operate as independent contractors. Avantax Wealth Management provides these financial professionals with an integrated platform of technical, practice, compliance, operations, sales and product support tools that enable them to offer planning, tax-efficient investment and wealth management.
Blucora, Inc.’s (NASDAQ: BCOR) wealth management segment, which includes the Avantax Wealth Management® and Avantax Planning Partners℠ brands, had total client assets of $73 billion as of September 30, 2022 For more information, please visit us at www.avantax.com Or on LinkedIn and Facebook.
Media contacts:
Tony Katsulos
Avantax
(972) 870-6654
[email protected]
Kendra Galante
StreetCred PR for Avantax
(402) 740-2047
[email protected]
[email protected]
