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.
Elsewhere, Wells Fargo Advisors adds a $400 million Morgan Stanley veteran in Naples as an ex-Cetera advisor goes independent with LPL
According to a federal charges Bradley Heppner, 60, received more than $150 million in payments through funneling money from GWG Holdings to a shell company.
A $1B fund allegedly skimmed 30% off the top, then swapped cash for locked-up stock.
Insiders allegedly rewrote projections three times in four days.
TCI Wealth Advisors also has also tapped JIFFYAI to unify onboarding and servicing, while TradePMR adds ICE market data to its Fusion advisor platform
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