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.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
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