Deals Of The Day: The Latest In Wealth Management M&A – Avantax, Summit Wealth Advocates

Editorial Staff

24 August 2023

Avantax
Avantax, the US wealth planning and management firm, has acquired Summit Wealth Advocates , a Minnesota-based firm with about $330 million in total client assets as of June 30.

The financial terms of the deal were not disclosed.

Prior to the acquisition, Summit, which was founded by Bruce Primeau in 2010, was not affiliated with Avantax.

Primeau and his team are joining Avantax’s employee-based model where he and his two advisors will be financial planning consultants, while other members of his team will join Avantax’s employee-based model in various roles.

“We look forward to devoting even more time to clients because we will have access to Avantax’s full staff of administrative and back-office support, as well as proven planning and wealth management systems,” Primeau said.

As part of the Summit acquisition, Primeau and his team are working with Pontera, a fintech platform that enables advisors to analyze, rebalance, and report on 401 accounts and other held-away assets.

Avantax Planning Partners offers services through its RIA and insurance agency by partnering with CPA firms. It had $83.8 billion in total client assets as of June 30.