Avantax, a Dallas-based family of companies providing “tax smart” investment, financial planning and wealth management services, has agreed to acquire Headquarters Advisory Group LLC, a wealth management firm with $1.1 billion in client assets as of June 30, 2021, the companies announced today in a news release.
“In addition to being an incredible growth opportunity, it’s also easy for Headquarters Advisory Group clients who already know Avantax and won’t need to endure repapering or a change in the service experience,” said Louie Rosalez, president of Avantax Planning Partners, in the news release. “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.”
The deal will expand the nationwide footprint of Avantax’s in-house RIA while also mutually benefiting Headquarters Advisory, a longtime business partner, upon completion of the transaction, according to Samuel J. “Skip” Angelo, managing member of the Parsippany, N.J.-based Headquarters Advisory.
“We started building this billion-dollar portfolio about 20 years ago, and recently felt we arrived at a crossroads in our succession planning,” Angelo said in the news release. “We worked closely with Avantax on a creative solution whereby Headquarters Advisory Group will become part of Avantax. Ultimately, it’s a collaboration of teams, a very clear path for our end clients with even greater support and little change; it’s proven to be a valuable path for our firm, our culture and the passions we share.”
Details of the transaction were not disclosed, but it is expected to close in the third quarter of 2021, subject to customary closing conditions.
Upon closing of the transaction, Angelo, John J. Crowe and Michele I. Lee will become financial planning consultants with Avantax Planning Partners. The new relationship will allow the team to continue serving established clientele, while adding to it. Avantax Planning Partners will handle business administration and back-office operations, the news release said.
The Avantax Wealth Management and Avantax Planning Partners brands are part of the wealth management division of Blucora Inc., a financial technology company headquartered in Irving, Texas, that reported a total of $85 billion in client assets as of March 31, 2021.