Blucora is set to bring together its wealth management businesses, HD Vest and 1st Global, under a single roof.
Both HD Vest and 1st Global are tax-focused wealth managers. They collectively oversee over $67bn in assets and have 4,200 advisers.
Go deeper with GlobalData
The combined entity will operate under the name Avantax Wealth Management, offering “tax-focused advice with cutting-edge tools and software”.
Blucora president and CEO John Clendening said: “With this unification and rollout of new tools, Blucora, the first and largest holistic tax-focused financial provider, further strengthens its position and ability to provide clients with integrated tax and wealth management.”
The rebranding will be a two-phased process. HD Vest, which Blucora acquired in 2015 for around $580m, will adopt the new brand in the middle of this month.
1st Global, which Blucora took over this March in a $180m deal, will adopt the new name after securing the regulatory nod.
Blucora president of wealth management Enrique Vasquez said: “With the launch of Avantax, we are creating a powerful brand for HD Vest and 1st Global that aims to redefine what Tax-Smart wealth management means.
“Each year investors give up 1-2 percentage points of performance to taxes – we look forward to working with our advisers to elevate their businesses, communicate the importance of a tax-focused approach, and most importantly provide better solutions and results for clients.”
