Avantax, a tax-focused financial planning and wealth management firm, will be acquired by Cetera Financial Group in an all-cash transaction valuing Avantax at approximately $1.2 billion.
Following the closing, Avantax will become a stand-alone business unit within the Cetera family with 3,078 Avantax financial professionals, representing $83.8 billion in assets under administration and $42.6 billion in assets under management as of June 30, 2023. Through the transaction, Cetera will retain Avantax’s legal entities, core technology, product offerings and existing clearing and custody relationships.
“This acquisition will establish a strategic relationship between Cetera and Fidelity, which will enable Cetera to expand further into a multi-custodial platform, enhancing Cetera’s capabilities to provide tools and functionalities for its affiliated advisors. We are executing against our multi-custodian aspirations and capturing new markets and adjacencies,” said Ada