Avantax attracts $330M team to its employee-based model

Avantax attracts $330M team to its employee-based model
The two advisors and support staff join the firm in Minnesota.
AUG 23, 2023

Tax planning and wealth management firm Avantax has acquired a seven-member team managing around $330 million in client assets.

Minnesota-based Summit Wealth Advocates comprises two financial advisors plus support staff, with the advisors joining Avantax’s employee-based model as financial planning consultants and the rest of their team joining in various other roles.

With the strong credentials on tax planning, Bruce Primeau, who founded Summit in 2010, said Avantax made sense.

“We are in growth mode, and I was looking for a partner who would give us the potential to grow faster by getting even deeper into client service. That’s exactly what Avantax delivers,” he said.  “As a financial advisor that also has a CPA, taking a tax-intelligent approach to financial planning and wealth management has always been my mantra, so Avantax not only was the perfect tax-focused fit, but they have a 25-year track record of success with this business model and unbelievably deep expertise working with CPAs, accounting firms and their clients.”

FLEXIBLE APPROACH

Todd Mackay, president of Avantax Wealth Management, added that his firm’s flexible approach is attractive to RIAs.

“We create solutions for external RIAs and our independent financial professionals to fit whatever route they want to take, from opportunities to accelerate their growth to turnkey succession planning,” he said.  “We have decades of experience working in an employee-based RIA model, especially serving large accounting firms looking for a proven planning and wealth management partner.”

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

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