On Tuesday, tax-centric dealer/seller Avantax introduced that in 2022, the agency recorded newly recruited property of roughly $1.7 billion, a rise of roughly 79% over 2021.

Avantax ended the third quarter of 2022 with a complete of three,347 monetary advisors, about flat from the earlier quarter and down about 182 from a 12 months earlier than.

Throughout the fourth quarter of 2022, 66 unbiased monetary professionals affiliated with Avantax, based on the corporate.

Avantax additionally “continued efficiently recruiting accounting corporations” to its employee-based mannequin, which they discuss with as Avantax Planning Companions.

“They’re becoming a member of Avantax to be a part of our neighborhood of like-minded, growth-oriented friends who collaborate and assist elevate one another as they develop,” mentioned Tim Stewart, vp and head of enterprise growth for Avantax, within the announcement.

Angie Herbers, founder and chief govt of Herbers & Firm, mentioned for the previous 5 years, the highest natural progress technique for advisory corporations is the addition of tax planning, “particularly for shoppers who’re nearing retirement.”

“The crucial and rising scarcity of the CPAs … is a chance for advisory corporations,” mentioned Herbers. “Whereas tax planning can’t substitute tax recommendation … corporations who had carried out tax planning providers dominated 2022 progress throughout the trade.”

In September 2019, Blucora, the mum or dad firm of tax-focused unbiased dealer/sellers HD Vest Monetary Providers and 1st World, mixed the 2 b/ds into Avantax Wealth Administration.

In June 2021, Blucora, laid out plans to carry collectively its tax software program and wealth administration companies.

In November 2022, Blucora introduced they might rebrand as Avantax, and turn into a pure-play wealth administration agency. This modification got here as the corporate shed its TaxAct enterprise. An affiliate of Cinven, a world personal fairness agency, agreed to purchase TaxAct for $720 million in money.

Ancora Holdings, an funding advisory agency and Blucora shareholder that waged a public proxy battle with the corporate for board seats, had been calling on Blucora to promote TaxAct since 2021.