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.”
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.”
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