Financial advisor Jeffrey Steinberg has joined Dallas-based Avantax as an employee after the RIA acquired his practice and its $157 million in client assets in Port St. Lucie, Fla., from KPS Wealth Management LLC, an Avantax affiliate, the companies announced.
“Jeff took a thoughtful approach to this transaction, and because Avantax is so flexible, we created a structure supporting a more predictable future for his clients and his family while positioning Jeff for more growth,” Avantax President Todd Mackay said in a prepared statement. “Financial professionals who plan their own financial future, as well as their client’s, are doing themselves a wonderful service.”
The transaction is Avantax’s first practice acquisition in Florida, according to the news release.
“I’ve spent 20 years building my practice as one advisor, and I wanted to make sure I had a plan in place to protect my business and the people most important to me—my family, my clients and my assistant of 17 years,” Steinberg said in the release. “I achieved that with Avantax Planning Partners, and I’m excited to leverage their resources.”
The KPS website said that Steinberg has three decades of financial and legal expertise. The website also described how Steinberg chose to become a financial advisor.
“Jeff saw his grandparents retire in their mid 70's with a decent sized nest egg,” the KPS website said. “Less than 10 years later they ran out of money and had to rely on Medicaid to live. They ran out of money because they never had a financial/retirement plan.”
Financial details of the transaction were not disclosed.
Formerly known as HD Vest Financial Services, Avantax Wealth Management is part of the wealth management segment of Blucora Inc., a financial services company headquartered in Irving, Texas. As of March 31, Blucora reported $86 billion in total client assets.