Avantax Adds $330M Wealth Management Firm to Its Employee-Based Model

Avantax, a tax-focused financial planning and wealth management firm, has acquired Summit Wealth Advocates, a seven-person Minnesota-based wealth management firm with about $330 million in client assets.

Financial terms of the deal were not disclosed.

The team joins Dallas-based Avantax’s employee-based model, Avantax Planning Partners, through which Summit founder Bruce Primeau and his two advisors will be financial planning consultants and the other team members will serve in various roles.

“As a financial advisor that also has a CPA, taking a tax-intelligent approach to financial planning and wealth management has always been my mantra, so Avantax not only was the perfect tax-focused fit, but they have a 25-year track record of success with this business model and unbelievably deep expertise working with CPAs, accounting firms and their clients,” said Primeau, who founded Summit in 2010.

As part of the acquisition, Summit will be working with Pontera, a fintech platform that enables advisors to analyze, rebalance, and report on 401(k) accounts and other held-away assets.

Avantax had $83.8 billion in total client assets as of the end of June through its registered broker-dealer, RIA and insurance agency subsidiaries Avantax Wealth Management, and its CPA-partnered RIA and insurance agency Avantax Planning Partners.