Avantax Completes Acquisition of Headquarters Advisory Group, LLC

Avantax, a provider of tax-focused financial planning, has closed its acquisition of New Jersey-based Headquarters Advisory Group, LLC, with approximately $1.1 billion in total client assets as of June 30, 2021. The acquisition expands the nationwide footprint of Avantax’s in-house RIA (registered investment advisor).

In connection with the transaction, Headquarters Advisory Group partners Samuel J. “Skip” Angelo, John J. Crowe, and Michele I. Lee continue with the Avantax family by becoming Financial Planning Consultants with Avantax Planning Partners℠. Headquarters Advisory Group has a long history with Avantax and one of its predecessor companies, 1st Global, and ranked among the Top 5 Avantax affiliated firms at the time of the closing of the acquisition.

“This transaction shows how Avantax’s flexible affiliation models accommodate virtually any strategy a Financial Professional wants to pursue, from growing an as independent business operator to shedding the administrative burdens that come with owning a practice and joining our in-house RIA instead,” said Todd Mackay, President of Avantax Wealth Management℠. “Everyone approached this transaction with energy and enthusiasm. We’re eager to pursue the high-growth potential throughout the Northeast with Skip, John, Michele and their team while ensuring their current clients continue receiving the tax-advantaged services they’ve come to expect.”

With the closing of the Headquarters Advisory Group acquisition, since the acquisition of Avantax Planning Partners, a total of $1.3 billion of total client assets have moved from Avantax’s independent contractor model to its employee-based RIA model as a result of independent Avantax affiliates choosing to sell their practices to Avantax and join Avantax’s in-house RIA. $1.3 billion would have represented approximately 20% of Avantax’s employee-based RIA model’s total client assets at June 30, 2021. Avantax’s employee-based RIA model’s total client assets include both Avantax Planning Partners’ total client assets and the $1.3 billion of acquired client assets that were formerly part of Avantax’s independent contractor model.

Avantax Wealth Management and Avantax Planning Partners are part of the wealth management segment of Blucora, Inc. (NASDAQ: BCOR), which had a collective $88 billion in total client assets as of June 30, 2021.