Cetera's Avantax Inks Acquisition of $760M Wealth Firm

Avantax announced Wednesday that it has acquired the wealth management business of Integrated Tax and Wealth Strategies, a $760 million independent wealth management firm that is one of the largest businesses utilizing Avantax’s planning technology.

Integrated Tax and Wealth Strategies’ founder, Brian Stephens, will continue leading the tax practice after the acquisition, and the firm’s financial advisors and wealth management team will become W-2 investment adviser representatives of Avantax Planning Partners.

In explaining the thinking behind the deal, Stephens said he has seen other advisors align with Avantax Planning Partners, and he realized that would be a good fit for his firm, too.

“While I looked at various options even outside of Avantax, I realized that other broker-dealers don’t understand our business model where tax preparation is such a key component of the investment relationship,” Stephens said. “I feel Avantax is the right answer because they are 100% aligned with my belief that the best solution for clients is to keep investment and tax preparation tied together.”

Avantax itself was recently acquired by Cetera Holdings, but the firm will continue to operate as an independent brand within the Cetera ecosystem, according to Cetera Holdings CEO Mike Durbin.