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Industry Spotlight > Mergers and Acquisitions

Avantax Scoops Up $1.1B RIA

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What You Need to Know

  • Avantax is buying Headquarters Advisory Group, a New Jersey-based RIA, in a deal set to close in the third quarter.
  • The Headquarters Advisory Group partners will become financial planning consultants with Avantax Planning Partners.
  • Todd Mackay, president of Avantax Wealth Management, says its multiple affiliation models work well for serving clients.

Blucora-owned Avantax is buying Headquarters Advisory Group, a New-Jersey based RIA with some $1.1 billion in client assets. Avantax says the deal should close in the third quarter.

Blucora’s operations include Avantax Wealth Management and Avantax Planning Partners, formerly HK Financial Services. It had $85 billion in total client assets as of March 31.

Once the deal closes, Headquarters Advisory Group partners Samuel J. “Skip” Angelo, John J. Crowe, and Michele I. Lee will become financial planning consultants with Avantax Planning Partners.

“We started building this billion-dollar portfolio about 20 years ago, and recently felt we arrived at a crossroads in our succession planning,” according to Angelo. “We worked closely with Avantax on a creative solution whereby Headquarters Advisory Group will become part of Avantax.”

“Our multiple affiliation models are excellent for financial professionals’ succession needs and for [those] who want to focus on serving clients more than on the administrative burdens that come with owning a practice,” Todd Mackay, president of Avantax Wealth Management, said in a statement. 

Mackay added: “We’re … eager to pursue growth opportunities together in New Jersey, New York and throughout the Northeast.”

Avantax Wealth Management, which includes the predecessor firms HD Vest and 1st Global, provides tax-focused wealth management solutions to financial professionals, tax professionals and CPA firms that operate as independent contractors. Avantax Planning Partners operates as an employee-based RIA and wealth management business that partners with CPA firms.

“Transitioning to Avantax’s in-house RIA involves very little disruption for the advisors or their clients it’s a clear process focused on meeting the financial professionals’ unique goals with client retention in mind,” said Louie Rosalez, president of Avantax Planning Partners, in a statement.

(Image: Shutterstock)


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