Avantax, which comprises Blucora’s wealth management business, has agreed to acquire Headquarters Advisory Group, a Parsippany, NJ-based registered investment advisor with $ 1.1 billion in assets under management. The company will join Avantax Planning Partners, Blucora’s in-house RIA, created through the acquisition of HK Financial Services.
Details of the transaction, which is expected to close in the third quarter, were not disclosed.
Headquarters Advisory Group was previously affiliated with Avantax Wealth Management, Blucora’s tax-focused independent broker / dealer, based in Blucoras. Founded Purchases from HD Vest and 1st Global. The team, which includes partners Samuel “Skip” Angelo, John Crowe and Michele Lee, came through 1NS Global.
As part of the deal, Avantax will act as the team’s commercial administration and back office, while the consultants, who are now affiliated as employees, will continue to work with their clients.
“We started building this billion dollar portfolio about 20 years ago and recently felt we had reached a crossroads in our succession planning,” said Angelo.
The combined asset management business of Blucora, Avantax Wealth Management and Avantax Planning Partners, manages $ 85 billion in total assets. The headquarters was one of the many independent companies that were founded after the Takeover of 1st Global in 2019.
“Headquarters Advisory Group customers who are already familiar with Avantax and who will not have to endure redeployment or a change in service experience,” said Louie Rosalez, president of Avantax Planning Partners.
“We want all of our financial professionals to deliver on the promise that we will help them work with us from the beginning through the growth and thriving of their business through to the end of the life cycle as they We Plan the Transition,” said Todd Mackay, President of Avantax Wealth management.