Less than a month ahead of Tax Day, two tax-focused independent broker-dealers are coming together. Blucora — the parent company of the IBD H.D. Vest and the software maker TaxAct — is buying 1st Global for about $180 million in stock. Both are based in the Dallas-Fort Worth area.
With 1st Global’s 850 advisors and $18 billion in client assets, the combined entity should have close to 4,500 advisors and $60 billion in total assets, Blucora says.
The deal comes about 3 1/2 years after Blucora announced plans to buy HD Vest, which had 4,500 FAs with $36 billion in assets at the time.
“Blucora dominates the tax preparer/advisor market space, [and] they further increase their dominance with the purchase of 1st Global,” said IBD recruiter Jon Henschen.