Blucora’s Avantax to Buy $1.1 Billion New Jersey-Based RIA
Avantax, a tax-focused financial planning firm, has agreed to acquire Headquarters Advisory Group LLC, a New Jersey-based registered investment advisor with approximately $1.1 billion in total client assets.
Avantax, a tax-focused financial planning firm, has agreed to acquire Headquarters Advisory Group LLC, a New Jersey-based registered investment advisor with approximately $1.1 billion in total client assets.
The transaction, which is expected to close in the third quarter of 2021, would expand the Northeast footprint of Avantax Planning Partners, formerly HK Financial Services.
After the transaction closes, Headquarters Advisory Group partners Samuel “Skip” Angelo, John Crowe, and Michele Lee will become financial planning consultants with Avantax Planning Partners. They will serve existing clients and focus on growing their client base, relying on the firm to handle business administration and back-office needs.
“We started building this billion-dollar portfolio about 20 years ago, and recently felt we arrived at a crossroads in our succession planning,” said Angelo, managing member of Headquarters Advisory Group. “We worked closely with Avantax on a creative solution whereby Headquarters Advisory Group will become part of Avantax. Ultimately, it’s a collaboration of teams, a very clear path for our end-clients with even greater support, and little change; it’s proven to be a valuable path for our firm, our culture and the passions we share.”
The Avantax Wealth Management and Avantax Planning Partners brands are part of the wealth management segment of Blucora Inc. (NASDAQ: BCOR), which had a collective $85 billion in total client assets as of March 31, 2021.
