Avantax, a tax-focused financial planning firm, has concluded the acquisition of the New Jersey-based Headquarters Advisory Group.
Financial terms of the deal were not disclosed.
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The acquired outfit, which manages approximately $1.1bn in total client assets, expands the nationwide footprint of Avantax’s in-house registered investment advisor (RIA).
As part of the transaction, Headquarters partners Samuel Angelo, John Crowe, and Michele Lee will serve as financial planning consultants with Avantax Planning Partners.
Avantax Wealth Management president Todd Mackay said: “This transaction shows how Avantax’s flexible affiliation models accommodate virtually any strategy a Financial Professional wants to pursue, from growing an as independent business operator to shedding the administrative burdens that come with owning a practice and joining our in-house RIA instead.”
Avantax Wealth Management and Avantax Planning Partners are part of the wealth management segment of Blucora.
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By GlobalDataAvantax’s employee-based RIA model’s total client assets consist both Avantax Planning Partners’ total client assets as well as the $1.3bn of acquired client assets that previously came under Avantax’s independent contractor model.
Blucora combined its wealth management businesses, HD Vest and 1st Global, under Avantax Wealth Management in 2019.
In March this year, Avantax Wealth Management acquired GuideVine Technologies, adding a lead-generation and marketing platform to its suite of technology and tools.
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