Head count drops at Blucora’s Avantax, but revenue per adviser rises
Revenue per Avantax adviser for 2020 totaled $111,000, at the low end of the independent brokerage and RIA business for large enterprises.
August 4, 2021
Blucora Inc. Wednesday reported a 7% year-over-year decline in the number of financial advisers registered with its broker-dealer and registered investment adviser business, Avantax, but said adviser productivity, in term of revenue per adviser during the quarter, increased 49% on the back of the last year’s rising stock market and a company push to its corporate RIA.
Blucora, a tax planning software company, entered the wealth management business half a dozen years ago, starting with its October 2015 acquisition of HD Vest Financial Services Inc. for $580 million from private equity owners. Then in 2019, it said it was paying $180 million in stock for 1st Global Inc., an independent broker-dealer that focused on taxes and CPAs.
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Fight over board that controls Avantax coming to a head
A struggle for seats on the board of Blucora Inc., which owns the independent broker-dealer Avantax Investment Services Inc., is heading for a showdown. Blucora has purchased two broker-dealers in half-a-dozen years to expand into the wealth management business.
April 19, 2021 2 MINS
A struggle for seats on the board of Blucora Inc., which owns the independent broker-dealer Avantax Investment Services Inc., is heading for a showdown as shareholders on Wednesday will vote on two separate slates of board members, with a larger RIA shareholder pushing for an overhaul of Blucora’s board membership and the election of its group of four candidates.