Avantax Wealth Management

What Avantax Wealth Management does

Avantax Wealth Management is a U.S. tax-focused wealth management platform operating two affiliation models: an independent broker-dealer, RIA, and insurance agency for financial professionals operating as independent contractors, and Avantax Planning Partners, an employee-based RIA that partners with CPA firms to deliver holistic financial planning to their consumer and small-business clients. As of September 30, 2023 the platform administered $82.3 billion in client assets, managed $42.0 billion (including $7.8 billion within Avantax Planning Partners), and served a community of 3,111 financial professionals.

The technology stack centers on tax-intelligent planning tools and processes developed over the firm's 40-year history, combined with multi-custodial capabilities (expanded via a strategic relationship with Fidelity) and third-party financial planning software such as eMoney. Distribution is primarily through recruitment of financial advisors, licensed tax professionals, and CPA firms via regional business development teams, a Strategic Partnership Program for referral-generating partnerships, and a dedicated Women's Advisor Forum.

The revenue model combines transaction-based compensation (commissions) for registered representatives offering brokerage services with asset-based advisory fees for investment adviser representatives, plus employee-based RIA fees from Avantax Planning Partners. Following the November 27, 2023 go-private transaction with Cetera Holdings at $26.00 per share, Avantax operates as a distinct community within the Cetera Financial Group network, which oversees approximately $374 billion in assets across more than 9,000 financial professionals. The firm has continued an active tuck-in acquisition cadence since the change of control.

Name

Avantax Wealth Management

Legal name

Avantax, Inc.

Website

https://avantax.com

Company type

Private

Founded year

1983

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Avantax Wealth Management is a U.S. tax-focused wealth management platform serving 3,111 financial professionals through an independent broker-dealer and an employee-based RIA, administering $82.3B in client assets as of September 2023 under Cetera Holdings ownership.

Ownership category

akta.pro rank

Product category

Wealth Management Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Broker-Dealer Affiliated Wealth Advisory (FSAEABAB)

akta.pro secondary industries

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Financial Planning–Led RIAs (FSAAACAB), Retirement & Distribution Planning RIAs (401(k)/IRA/Pension Rollovers) (FSAAACAE)

Keywords

• Wealth management services
• Tax-intelligent planning
• Independent broker-dealer
• Investment advisory services
• CPA-affiliated financial planning

Headquarters

HQ city

Irving

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Broker-Dealer Services: Transaction-based compensation (commissions) for Registered Representatives who offer brokerage services. Financial professionals affiliated with Avantax as Registered Representatives receive transaction-based compensation.
2. Investment Advisory Services: Fees based on assets under management for Investment Adviser Representatives who offer investment advisory services. Both models (Avantax Wealth Management and Avantax Planning Partners) generate advisory fees.
3. Employee-Based RIA Services: Avantax Planning Partners operates as an employee-based RIA with $7.8 billion in assets under management as of September 30, 2023, partnering with CPA firms to provide financial planning services.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

Avantax Wealth Management is a tax-focused wealth management platform that delivers financial planning, investment advisory, broker-dealer, and insurance services to clients through a nationwide network of affiliated financial professionals. It operates two affiliation models: an independent broker-dealer/RIA platform for financial professionals operating as independent contractors, and an employee-based RIA (Avantax Planning Partners) that partners with CPA firms to provide holistic financial planning.

Product overview

Avantax offers two distinct but related business models within its tax-intelligent wealth management platform. Avantax Wealth Management is the independent Financial Professional model, offering services through registered broker-dealer, RIA, and insurance agency subsidiaries via a nationwide network of independent contractors. Avantax Planning Partners is the employee-based model that partners with CPA firms to provide holistic financial planning services. Both models emphasize tax-focused financial planning and wealth management to minimize clients' tax burdens.

Differentiator

Problem solved

Functional benefit

Products and services

• Avantax Wealth Management (Independent Broker-Dealer & RIA) Tax-focused independent broker-dealer and registered investment adviser platform that enables financial professionals operating as independent contractors to offer wealth management, brokerage, advisory, and insurance services to their clients. Designed for independent financial advisors seeking institutional-level support and proprietary tax-planning tools.
• Avantax Planning Partners (Employee-Based RIA) Employee-based RIA and insurance agency that partners with CPA firms to deliver holistic financial planning and advisory services through W-2 employee advisors to the CPA firms' consumer and small-business clients. Includes tax-intelligent planning integrated with tax preparation services.
• Strategic Partnership Program Referral-generating partnership program designed for CPA firms and other professional service providers who want to refer clients seeking wealth management services without operating as a full affiliation.

Quantifiable outcome

• $82.3 billion in total client assets under administration
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• FidelitycoreTechnology or Integration · 27 November 2023Cetera expanded into a multi-custodial platform through a strategic relationship with Fidelity. The acquisition establishes a strategic relationship between Cetera and Fidelity, enhancing capabilities to deliver latest tools and resources to affiliated advisors. Fidelity serves as a custody platform alongside existing relationships.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Cetera Financial Group (sibling entities — Cetera Advisor Networks, Cetera Investment Services): Parent platform with multiple independent broker-dealer / RIA channels operating with the same affiliated-advisor model and shared technology and custody stack as Avantax — its most directly comparable operating peer now that Avantax sits within Cetera.
• LPL Financial: Largest U.S. independent broker-dealer / RIA supporting independent financial advisors with brokerage, advisory, and custody services — directly competitive with Avantax for the same pool of independent financial professionals and CPA-affiliated advisors.
• Osaic (formerly Advisor Group / Ladenburg Thalmann): Large multi-channel IBD and RIA platform (formerly Advisor Group) serving independent advisors across multiple subsidiary brands — competes head-to-head with Avantax for affiliated advisors and pursues similar tax-focused and CPA-channel strategies.
• Cambridge Investment Research: Independent broker-dealer with a strong RIA and financial-planning-led culture serving independent advisors — closely comparable in advisor-support model, planning orientation, and mid-market positioning to Avantax.
• Commonwealth Financial Network: Privately held independent broker-dealer / RIA serving independent financial advisors with holistic planning technology and advisor-first support — directly comparable business model and target advisor profile to Avantax Wealth Management.
• Focus Financial Partners: Wealth management roll-up partnering with RIAs and advisor teams — comparable to Avantax's M&A strategy of consolidating mid-sized advisor practices and similar tax/financial-planning-led positioning for HNW clients.

Broad incumbents

• Raymond James Financial: Diversified financial services firm with a substantial independent advisor / PCG channel offering IBD, RIA, and custody services — overlaps with Avantax's product set across a broader institutional footprint.
• Ameriprise Financial: Diversified wealth and asset manager with a large independent advisor channel and planning-led value proposition — broadly overlaps with Avantax in target client and advisor profile, though at meaningfully larger scale.
• Edward Jones: Large U.S. wealth manager with a branch-based, advisor-led model focused on mass-affluent and HNW clients — comparable target client segment to Avantax, though delivered through an employee/advisor model rather than independent contractors.

Emerging players

• Mariner Wealth Advisors: Fast-growing national RIA with tax, estate, and financial-planning specializations — increasingly competes with Avantax for advisor talent and HNW client engagements via an aggressive acquisition strategy.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/Avantax_Wealth
• YouTubeyoutube.com/c/AvantaxWealth
• Facebookfacebook.com/AvantaxWealthManagement
• LinkedInlinkedin.com/company/avantax-wealth-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Avantax Wealth Management