Tax-focused advisor says 'most' broker-dealers 'don't understand' his business  

Tax-focused advisor says 'most' broker-dealers 'don't understand' his business  
$100M California-based team switches to Avantax from Crown Capital Securities.
DEC 14, 2023

A tax-focused team of financial professionals has switched firms to further their practice and expand the advisory services they offer.

Whyte & Associates, Inc., based in Cucamonga, California, is run by Stephen Whyte. and includes Whyte’s wife Jennifer Whyte, son Jerry Whyte, and business partner Luis Rodriguez. The firm was founded by Stephen’s grandfather in 1951.

The decision to switch to Avantax was made following the announcement that Whyte’s previous firm, Crown Capital Securities, was being acquired by LPL Financial.

“Over the years, I’ve learned how broker-dealers work; most don’t understand our tax business and we’ve experienced some who treat tax clients like second-class citizens, but that’s not how we do business here,” Whyte said. “Not valuing my tax clients was, if you will, the straw that broke the camel’s back of my decision to look for a broker-dealer who values the tax focus as much as I do, and we found that with Avantax because they lead with taxes. I’m just disappointed we didn’t find Avantax sooner.”

EXPANDING CAPABILITIES

While the tax side of Whyte’s practice remains an essential pillar of the business, he is also eyeing expansion of the services he and his team offer.

“I’ve been passionate about my tax business from day one because it’s the core of our family business’ legacy. But I’m also excited to expand our advisory business with Avantax tools that work with my tax-planning systems,” Whyte said. “Our family business is the perfect example of marrying tax and financial planning because we’ve gone through so many industry changes over the years. Having Avantax help us offer more advisory and financial planning services along with our tax business is like putting a twin-turbo on a Porsche.”

Avantax was recently acquired by Cetera in a deal that added $82 billion AUA and 3,111 financial professionals to the independent wealth firm.

Latest News

Vanguard seeking SEC green light to expand trademark tax-busting fund design
Vanguard seeking SEC green light to expand trademark tax-busting fund design

The Jack Bogle-founded firm is looking to apply its famed dual-share class structure to actively managed strategies.

UBS keeps focus on costs in US wealth management business
UBS keeps focus on costs in US wealth management business

Meanwhile, the bank is also investing in technology for its financial advisors in the United States.

Advisor moves: LPL and Raymond James add veteran advisors in California
Advisor moves: LPL and Raymond James add veteran advisors in California

LPL welcomes a Beverly Hills-based practice from Wedbush Securities as RayJay adds a Stifel alum to its employee advisor arm.

Is the SEC's private fund exemption rule about to change?
Is the SEC's private fund exemption rule about to change?

House bill seeks inflation-based adjustment to private fund advisor exemption.

Congress pushes to make fintech oversight offices permanent at SEC, CFTC
Congress pushes to make fintech oversight offices permanent at SEC, CFTC

A new House measure would enshrine FinHub and LabCFTC as permanent fixtures, deepening ties with financial technology sector.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave