Seventy-four financial professionals switched their broker-dealer affiliation to Avantax in the third quarter, the Dallas-based wealth management firm said.
The firm said that so far this year, it's added about $1.3 billion in newly recruited assets, with is $329 million more than it took in in all of last year. Avantax specializes in tax-focused financial planning and serving accountants who provide financial advice. The firm said it attracts financial advisers who seek on-going help with tax-related matters from accountants who seek to provide financial advice.
Earlier this month, Blucora Inc., the parent of Avantax, said that it had agreed to sell its tax software business, TaxAct, for $720 million, and that it will rebrand the company under the Avantax name. Blucora bought H.D. Vest Financial Services in 2015 and renamed it Avantax.
Recruited assets, organic growth both powered ahead
Goldman Sachs' Padi Raphael, Global Co-Head of Third-Party Wealth, said the "door is always open" regarding a potential RIA referral program, as the firm looks to serve the "mega trend" of growing wealth from independent advisors.
UBS research finds lack of planning and communication as key challenges for high-net-worth widows and next-generation women in navigating inheritances.
The proposed "all markets" fund is structured to enable quarterly redemptions, driven by investments in public equities, fixed income, and private market assets.
The firm has been dogged by compliance issues for years, resulting in multiple fines by various regulatory bodies.
From direct lending to asset-based finance to commercial real estate debt.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
