Companies

Avantax acquires Headquarters Advisory Group

Through the transaction, Samuel Angelo, John Crowe, and Michele Lee, partners at Headquarters Advisory, have joined Avantax as financial planning consultants

Avantax, a tax-focused financial planning provider, has announced the acquisition of New Jersey-based Headquarters Advisory Group for an undisclosed sum.

Through the transaction, Samuel Angelo, John Crowe, and Michele Lee, partners at Headquarters Advisory, have joined Avantax as financial planning consultants.

Prior to the deal, Headquarters Advisory already ranked among the top five Avantax affiliated firms, and had previously dealt with 1st Global, a predecessor to Avantax.

With $1.1bn in total client assets as of June 30, 2021, the takeover expands Avantax’s nationwide footprint of its in-house registered investment advisor (RIA).

Following the acquisition, and the takeover of Avantax Planning Partners, a total $1.3bn of total client assets have moved to the group’s employee-based RIA model from its independent contractor model.

This can be attributed to Avantax affiliates choosing to sell their practices to the group and join its in-house RIA.

Todd Mackay, president at Avantax’s wealth management business, said: “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.

“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.”

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