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

More Americans are invested in the elections than the stock market
More Americans are invested in the elections than the stock market

A substantial number of people in a new 2,200-person survey believe their wealth, their "wallet power" and their retirement timelines are at stake.

Stocks rally to fresh highs as JPMorgan drives bank gains
Stocks rally to fresh highs as JPMorgan drives bank gains

The S&P 500 headed toward its 45th record in the year helped in part by a surprise interest income gain at the Wall Street giant.

Boosting payouts on cash crimps wealth management at Wells Fargo
Boosting payouts on cash crimps wealth management at Wells Fargo

Meanwhile, Wells Fargo’s WIM group reported close to $2.3 trillion at the end of last month.

Another AI-washing case shows where SEC is headed
Another AI-washing case shows where SEC is headed

The Securities and Exchange Commission has focused on "black-and-white" allegations of AI washing, but that could broaden out to a gray area that may loop in more financial services companies, a lawyer says.

High-net-worth giving splits along generational and gender lines, find BofA survey
High-net-worth giving splits along generational and gender lines, find BofA survey

More than nine in 10 HNWIs prioritize charitable giving, but demographics help shape the whys and the hows.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.

SPONSORED Explore four opportunities to elevate advisor-client relationships

Morningstar’s Joe Agostinelli highlights strategies for advisors to deepen client engagement and drive success