Cetera To Buy Tax Specialist Firm for $1.2 Billion
Cetera Holdings is acquiring Avantax, which has close to 3,000 financial advisors who focus on clients’ taxes, for $1.2 billion. Cetera Holdings in May said that Fidelity veteran Mike Durbin had joined the firm as CEO. Last month, Cetera Financial Group said it completed its deal for the wealth business of insurer Securian Financial Group, bringing on board more than 91% of Securian’s advisors and nearly $50 billion in client assets. “As we explored expanding Cetera’s capabilities into wealth management and tax expertise as a core component of our growth strategy, it quickly became clear that Avantax was an ideal target and a powerful fit for our business,” Durbin said.
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