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1st Global Tag

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HD Vest, 1st Global Brands to Die as Blucora Combines the B/Ds

16:25 11 September in In the News by rafferty

September 9, 2019 By Diana Britton, WealthManagement.com Blucora’s combining its broker/dealers under the newly formed Avantax Wealth Management, in an effort to emphasize its 4,200 advisors’ tax specialty. Blucora, the parent company of tax-focused independent broker/dealers HD Vest Financial Services and 1st Global, announced plans Monday to combine the two b/ds into a new one called Avantax Wealth Management. The HD Vest and 1stGlobal brands will be retired. HD Vest, founded over 35 years ago by a CPA, was acquired by Blucora in 2015 for $580 million. 1stGlobal, acquired by the firm earlier this year for $180 million, was established over 25 years ago, with a focus on larger CPA practices. Together, the firms have 4,200 advisors with $67 billion in client assets. The two back offices will be combined into one location; Enrique Vasquez,...

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HD Vest Parent to Acquire 1st Global

16:19 19 March in In the News by rafferty

March 19, 2019 By Janet Levaux, ThinkAdvisor The deal unites tax-minded advisors and could create an IBD with 4,500 reps and $60 billion in assets. Less than a month ahead of Tax Day, two tax-focused independent broker-dealers are coming together. Blucora — the parent company of the IBD H.D. Vest and the software maker TaxAct — is buying 1st Global for about $180 million in stock. Both are based in the Dallas-Fort Worth area. With 1st Global’s 850 advisors and $18 billion in client assets, the combined entity should have close to 4,500 advisors and $60 billion in total assets, Blucora says. The deal comes about 3 1/2 years after Blucora announced plans to buy HD Vest, which had 4,500 FAs with $36 billion in assets at the time. Last week, 1st Global released the results...