Avantax boosts advisory assets while dropping low producers
August 10, 2021 by Tobias Salinger
The largest tax professional-focused wealth manager is offering different ways to affiliate and moving closer toward a majority of its client assets being in advisory accounts.
Midsize independent broker-dealer Avantax keeps losing financial advisors from its headcount, but more than three-quarters of the 145 who left the firm in the second quarter had $50,000 or less in annual production, the firm’s Dallas-based parent, Blucora, noted in its earnings statement. The wealth manager’s profit and revenue jumped sharply compared to the previous year due to its rising client assets and the level of production of its 3,600 other advisors.