Avantax, Cetera’s tax-centric subsidiary, has strengthened its advisor presence in Long Island as it welcomes a veteran advisor duo in New York.
On Tuesday, Avantax announced the addition of S&P Financial Services, a financial advisory team based in Hauppauge, New York. Led by advisors John Surace and Kelly Powers, the team manages approximately $150 million in client assets as of June 2024.
S&P Financial Services focuses on building strong, multi-generational relationships with clients, emphasizing clarity, education, confidence, and transparency in their financial strategies.
Surace has a 24-year long record with the SEC, including stints at Equitable Advisors and Hornor, Townsend & Kent. He was previously an executive at a global financial services firm where he supervised a location with over 300 advisors and scored multiple President’s Trophy wins for top production.
His LinkedIn profile shows that from 2012 to 2020, he was SVP for the Northeast Region at AXA Advisors, the name under which Equitable operated at the time.
For her part, Kelly Powers has 30 years of experience in managing client assets and has also served as vice president and other roles across various firms, which included experience in sourcing, hiring, and training new advisors.
The two formed S&P Financial Services to operate independently but sought a new broker-dealer to affiliate with when their previous firm joined Osaic.
Surace shared high praise for Avantax, calling the company “very competent, from the top down.” Powers commended the “professional” transition team that “picked up the ball and ran with everything, allowing us to focus on our clients.”
Since getting snapped up by Cetera last November, Avantax has seen a solid stream of advisors come into the fold, with each newcomer sharing glowing reviews.
Among its most recent additions, the firm announced its acquisition of $160 million Texas-based Integrated Tax & Wealth Strategies in May and welcomed a breakaway Ameriprise advisor operating in Austin in June.
Merrill's latest hires span Colorado to Louisiana, even as industry-wide recruiting data suggests the firm is losing almost as many advisors as it gains.
The $36 million buy allegedly hid inflated books and a $50 million diversion.
“An award citing emotional distress is very unusual,” an industry executive said.
New EBRI research found workers who participated in employer financial education reported higher confidence, literacy and financial satisfaction.
Beyond operational excellence, the winning advisors of the future are the ones who can reach across multiple disciplines without discarding specialist skills.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
