Blucora Inc., a tax-oriented wealth manager and financial technology provider, will acquire HK Financial Services, a CPA-focused registered investment adviser based in Dubuque, Iowa, managing $4.4 billion.
Based in Irving, Texas, Blucora is the parent of the tax-focused broker-dealer Avantax Wealth Management, which formerly operated under the HD Vest and 1st Global brand names, and TaxAct, which it says is the third largest tax-preparation software by market share.
The acquisition is being structured as a stock purchase with a price of $160 million, representing a multiple of approximately 9.3x fully realized synergies on pro-forma 2020 EBITDA of HKFS, Blucora said in a release. As part of the transaction, Blucora expects to issue $165 million of add-on term loan that is fungible with existing debt. The transaction is expected to close by the end of the first quarter of 2020.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
