Firm Offers Tax-Smart Planning & Investing Strategies to Advisors and the Clients They Serve
IRVING, Texas, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Blucora, Inc. (BCOR) announced today that it will be rebranding its wealth management business to Avantax Wealth Management℠, a move designed to bring broader awareness to the company’s first-of-its-kind Tax-Smart wealth management approach, providing tax-focused advice with cutting-edge tools and software.
With the new brand, Blucora plans to unify its two wealth management divisions, HD Vest and 1st Global, Inc. after acquiring the latter earlier this year, which added scale and expanded its established tax-optimized financial services footprint by creating the largest, most capable tax-focused wealth management community in the country. Together, HD Vest and 1st Global have a total of 4,200 affiliated advisors, who oversee more than $67 billion in client assets.
“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,” said Blucora’s President of Wealth Management Enrique Vasquez. “Each year investors give up 1-2 percentage points of performance to taxes - we look forward to working with our advisors to elevate their businesses, communicate the importance of a tax-focused approach, and most importantly provide better solutions and results for clients.”
In June, the company launched a new proprietary tax-smart investing software platform, which seeks to help advisors systematically capture tax-alpha for clients. The first Tax-Smart module included at launch focused on tax-loss harvesting, with additional Tax-Smart modules slated to be added by year end.
The Avantax Tax-Smart approach helps clients maximize one of life’s most complicated and costly expenses: taxes. The company arms advisors with tools, processes and platforms to accurately and efficiently combine tax planning and wealth management strategies to optimize a clients’ financial success.
“Unlike the broader financial industry, which treats taxes as a once-a-year event, we believe that every financial decision is, at its core, a tax decision,” said Blucora President and CEO John Clendening. “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 is expected to take place in two phases, with HD Vest converting to the Avantax Wealth Management name in mid-September 2019, followed by 1st Global once regulatory approval has been obtained.
About Avantax Wealth Management℠
Avantax Wealth Management℠ (which comprises Blucora’s Wealth Management business and includes HD Vest and 1st Global) offers a tax-advantaged approach for comprehensive financial planning. Through its Tax-Smart approach, Avantax helps clients leverage taxes to create financial growth opportunities. Most financial companies treat taxes as an afterthought, or not at all, even though taxes are one of life’s most complex and costly expenses. Avantax uses technology, tax and wealth management insights to uncover tailored and advantageous opportunities across our clients’ financial lifecycles to deliver optimal returns.
Blucora, Inc. (BCOR) is a leading provider of technology-enabled financial solutions to consumers, small businesses and tax professionals. Our products and services in tax preparation and wealth management, through TaxAct and Avantax™ Wealth Management, respectively, help consumers manage their financial lives. TaxAct is an affordable digital tax preparation solution for individuals, business owners, and tax professionals. Avantax™ Wealth Management offers a tax-advantaged approach for comprehensive financial planning to its independent network of wealth management professionals. For more information on Blucora or its businesses, please visit www.blucora.com.
JConnelly for Blucora
Blucora Investor Relations
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