Avantax and Cary Street Partners advanced their growth agendas with new strategic acquisitions this week, with Avantax deepening an existing partnership in Indiana and CSP adding another location in the Florida market.
Avantax, the tax-focused advisor community within Cetera's broader network, announced it has acquired the assets of WealthCare Financial Group, a tax and financial planning firm based in Indianapolis.
WealthCare has been affiliated with Avantax since 2019 and reported approximately $180 million in assets under administration as of February 28.
Founded in 1997 by Jeffrey Watson, WealthCare Financial joins Avantax Planning Partners, the firm’s W-2 employee model. As part of the deal, two WealthCare staff members have become Avantax employees, supporting both financial planning and operations, while continuing to work out of the firm’s existing Indianapolis location.
“Serving clients is the most important and rewarding aspect of this business, and it quickly became clear that expanding our relationship with Avantax would help ensure the best experience for our clients,” Watson said in a statement on Thursday.
Andy Watts, president of Avantax Wealth Management, added, “We are pleased to have helped Jeff realize the value of his business through this transaction with Avantax, and we look forward to serving his clients for years to come.”
In August last year, Watts took over leadership of Cetera's Tax Channel from Todd MacKay, who was appointed to become president of Cetera Solutions. Shortly after in December, MacKay became president of Cetera Wealth Management; his predecessor in that role, Tom Taylor, retired at the end of 2024.
Avantax operates through a nationwide network of financial professionals who serve clients with tax-optimized financial planning strategies.
Separately, Richmond-based Cary Street Partners is also growing through acquisition, announcing it has acquired IFS Advisors, a Sarasota, Florida-based firm led by financial advisor Daniel Wolff. The deal expands Cary Street’s Florida presence, complementing an existing office in Tampa, and brings the firm’s total footprint to 20 offices nationwide.
“This partnership represents not just growth, but meaningful alignment around service, trust, and long-term value for clients,” said Joseph Schmuckler, chief executive of Cary Street Partners, in a Thursday announcement.
Wolff and his team, who bring over 30 years in collective experience, expect to gain access to broader capabilities and technology resources under the Cary Street banner.
“This is more than a business decision – it’s about what’s best for our clients,” Wolff said, citing "CSP’s thoughtful growth and [investment] in people, culture, and innovation.”
Cary Street Partners has expanded across Virginia, Florida, Texas, New Jersey, Tennessee, North Carolina and South Carolina. With its Sarasota acquisition, the firm now manages $10.7 billion in AUM across its subsidiaries.
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