HD Vest-1st Global Deal: ‘The Consolidation Continues’
March 19, 2019 by Janet Levaux
Industry watchers are labeling HD Vest owner Blucora’s planned acquisition of tax-focused broker-dealer 1st Global as “big news, but not at all surprising,” according to popular blogger and finanial planner Michael Kitces.
“Blucora owns TaxAct [software] as well, and was already building synergies around HD Vest’s base of CPA-centric advisors,” Kitces said on Twitter. “1st Global was ‘the other’ big CPA-centric broker-dealer. Just merges together two already-strategically-well-aligned firms.”
The $180 million stock deal involving two Dallas-Fort Worth independent broker-dealers could results in a firm with close to 4,500 advisors and $60 billion in total assets.
“And the consolidation continues!” tweeted Kyle Van Pelt, an executive at SS&C Advent and blogger. “Expect to read a bunch more of these over the next three to four years.”
Click HERE to read the full story via ThinkAdvisor.