20-year financial services veteran leverages flexible Avantax affiliation models to create a future focused on consistent client service and growth opportunities
DALLAS, June 28, 2022 (GLOBE NEWSWIRE) — Avantax®, a leader in tax-focused financial planning, has acquired the wealth management practice of veteran financial advisor Jeffrey Steinberg, CFP®, ChFC®, CLU, JD, who becomes a Financial Planning Consultant with Avantax Planning Partners℠, the employee-based RIA (registered investment advisor) of Avantax. Steinberg most recently was part of KPS Wealth Management, LLC, an Avantax affiliate.
The transaction was designed to create additional growth opportunities for Steinberg while ensuring that his clients continue to receive the high-quality financial advice and planning services they’ve come to expect. Steinberg’s wealth management practice had approximately $157 million in total client assets as of May 31, 2022.
The transaction, Avantax’s first practice acquisition in Florida, grew from Steinberg’s desire to explore ways Avantax could help him plan and execute long-term strategies for firm growth, client service and business continuity.
“I’ve spent 20 years building my practice as one advisor, and I wanted to make sure I had a plan in place to protect my business and the people most important to me – my family, my clients and my assistant of 17 years. I achieved that with Avantax Planning Partners, and I’m excited to leverage their resources,” Steinberg said. “The Avantax team has been so genuine, professional and kind throughout this process. I feel great about this for my clients because there’s no impact on them; they’re still going to have their account at Avantax, their investments aren’t changing, they’ll still come to my office, and when they call, my assistant will answer like always. It’s exactly what I wanted.”
Whether part of business continuity planning or long-term growth and succession planning, independent Financial Professionals who join Avantax’s employee-based RIA can offload back-office duties, freeing more time for client service and new-business prospecting while ensuring clients receive the same tax-advantaged services they’re accustomed to, all without enduring repapering or other disruptions.
“Jeff took a thoughtful approach to this transaction, and because Avantax is so flexible, we created a structure supporting a more predictable future for his clients and his family while positioning Jeff for more growth,” said Todd Mackay, President of Avantax Wealth Management®. “Financial Professionals who plan their own financial future as well as their clients’ are doing themselves a wonderful service. It’s incredibly rewarding to see Avantax and Financial Professionals like Jeff working together to plan for the future while staying focused on client service, growth and what’s best for the Financial Professional and their loved ones.”
About Avantax Wealth Management®
Avantax Wealth Management® offers a tax-advantaged approach for comprehensive financial planning. Avantax’s Tax-Smart approach helps clients leverage taxes to create financial growth opportunities. Most financial companies treat taxes as an afterthought, or not at all, even though taxes are one of life’s most complex and costly expenses. Avantax technology, tax and wealth management insights are used by Avantax Financial Professionals to uncover and tailor opportunities across their clients’ financial lifecycles to help enable better long-term outcomes. The wealth management segment of Blucora, Inc. (NASDAQ: BCOR), which includes the Avantax Wealth Management® and Avantax Planning Partners℠ brands, had a collective $86 billion in total client assets as of March 31, 2022. For more information, please visit us at www.avantax.com or on LinkedIn and Facebook.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, the CFP® certification mark (with plaque design) logo and the CFP® certification mark (with flame design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.