Cetera Holdings, the holding company of Cetera Financial Group, has completed the acquisition of Avantax, which will operate as a unique community within the Cetera family, with 3,111 financial professionals, representing $82.3 billion in assets under administration and $42.0 billion in assets under management.
Cetera retained Avantax’s legal entities, brand, core technology, product offerings and existing clearing and custody relationships. The addition of Avantax Planning Partners, an employee-based RIA with over $7.8 billion in assets under management as of September 30, 2023, strengthens Cetera’s established succession solution and delivers a powerful combined offering for Cetera’s advisor communities.
“This transaction represents the beginning of a promising new chapter together for two industry-leading firms, and we are pleased to welcome the Avantax team to Cetera,” said Mike Durbin, CEO of Cetera Holdings. “Partnering with Avantax is core to our growth strategy and capitalizes on Avantax’s many capabilities that benefit financial professionals, affiliates and their clients. The Avantax Community immediately builds upon Cetera’s tax and wealth management capabilities and expertise, complementing our established tax-centric Cetera Financial Specialist team, and provides financial professionals another avenue for affiliation with Cetera. In addition, this acquisition establishes a strategic relationship between Cetera and Fidelity, as Cetera expands further into a multi-custodial platform, enhancing our capabilities to deliver the latest tools and resources to affiliated advisors.”
Durbin continued, “We will continue to prioritize a thoughtful and collaborative approach to integration efforts to ensure a smooth onboarding process for Avantax. We are confident Avantax financial professionals, affiliates and staff will thrive at Cetera, and we look forward to serving clients together for years to come.”
“I’d like to share my sincere gratitude to our Board of Directors, our leadership team and the entire Avantax Community for making Avantax the strong company it is today. We believe the partnership with Cetera will expand Avantax’s unique tax-intelligent offering and position our financial professionals and affiliates for continued growth and success,” said Chris Walters, Chief Executive Officer of Avantax.
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Tags: Accounting
