Avantax, within Cetera’s larger organization, which is a tax-focused wealth business, acquired a $760M wealth manager. This acquisition has helped Avantax significantly boost its business profile.
The firm announced that it acquired the wealth management wing of Integrated Tax & Wealth Strategies. The company, before the acquisition, boasted of almost $760M worth of assets through its clients.
The founder of Integrated Tax & Wealth Strategies, Brian Stephens, will be retaining his leadership position through the acquisitions. His team- Matt Murch, Joseph Webster, Sabrina Pledger, Amy Villarreal, Kyle Pledger, and Cheryl Wright- will be integrated into Avantax Planning Partners as W-2 investment advisors.
“I’ve seen several other advisors align with Avantax, and while I looked at various options even outside of Avantax, I realized that other broker-dealers don’t understand our business model where tax preparation is such a key component of the investment relationship,” Brian Stephens quoted. “I feel Avantax is the right answer because they are 100 percent aligned with my belief that the best solution for clients is to keep investment and tax preparation tied together.”
“For each deal, the Avantax discovery process starts with what’s most important to that business owner,” said Michael Molnar, SVP of Corporate Development, M&A, and Succession Planning at Avantax. “Brian outlined how he wanted his clients to be served, the growth opportunities he hoped to create for his team and partners, and what he wanted his next several years to look like. We successfully structured the deal to meet Brian’s goals while setting the stage for the next phase of growth.”
Todd Mackay, President of Avantax Wealth Management, was also quoted, “Brian’s ability to expand his business, create growth opportunities for his team, and provide excellent service to his clients is exemplary. We are eager to see Brian and his team continue growing the integrated tax and wealth management business with Avantax as we focus on further strengthening their already powerful client relationships.”