Cetera Closes $1.2B Avantax Deal

“Partnering with Avantax is core to our growth strategy and capitalizes on Avantax’s many capabilities that benefit financial professionals, affiliates and their clients,” Durbin says. “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.”

According to Durbin, Cetera has retained Avantax’s legal entities, brand, core technology, product offerings and existing clearing and custody relationships. 

Another notable feature of the deal is the addition of Avantax Planning Partners, an employee-based registered investment advisor with over $7.8 billion in assets under management. Bringing this group onboard, the firm says, strengthens Cetera’s established succession planning solution and delivers “a powerful combined offering for Cetera’s advisor communities.”

Pictured: Mike Durbin, CEO of Cetera Holdings