If you have trouble viewing this email, read the online version.
 
WM Breaking News
Wealth Management Morning Memo

APRIL 20, 2021

Blucora, the parent company of tax-centric broker/dealer Avantax Wealth Management, has been embroiled in a proxy battle over the last several weeks with RIA and investor Ancora, which owns about 3.4% of Blucora’s shares. Ancora is seeking four seats on Blucora’s board of directors, and argues the company has mismanaged the broker/dealer, sending many advisors fleeing for other firms. WealthManagement.com has covered the battle at every turn. The fight comes to a head Wednesday, when shareholders vote on whether to keep the existing board of directors, or elect Ancora’s nominees.  

INDUSTRY

Former Avantax Advisors Cite Service Decline, Mounting Fees, Shrinking Payouts

Amid a proxy battle with an activist investor, advisors who recently left Avantax say service levels suffered and fees rose after parent company Blucora acquired and combined their broker/dealers.  

FULL ARTICLE

INDUSTRY

Activist Investor Ancora Seeks Changes in Blucora Board

RIA and investor Ancora argues Blucora is mismanaging Avantax, its roll-up of tax-centric broker/dealers, including HD Vest, sending advisors fleeing.  

FULL ARTICLE

INDUSTRY

Former Blucora CEO Says Firm Is Rewriting History in SEC Filings

As Blucora continues to face a proxy battle with activist investor Ancora, its former CEO, John Clendening, accuses the company of filing false statements.    

FULL ARTICLE

INDUSTRY

Blucora’s Proxy Battle Wages On

In the latest salvo, Blucora criticized Ancora's slate of board nominees, saying the firm deserves directors built on 'merit, experience and talent,' not 'prior business relationships.'  

FULL ARTICLE

PEOPLE

Amidst Proxy Battle, Avantax Adds to Executive Team

Avantax hires a CMO and elevates practice management leaders, even as an outside investor seeks to shake up the broker/dealer's parent company.  

FULL ARTICLE

INDUSTRY

Avantax Acquires Lead-Gen Platform GuideVine

At the same time, an activist shareholder in the b/d’s parent, Blucora, continues its proxy campaign with a new 73-page presentation calling for change in the firm’s board of directors.  

FULL ARTICLE