Avantax acquires Summit Wealth Advocates

Avantax has acquired Summit Wealth Advocates, a Minnesota-based wealth management firm with approximately $330 million in total client assets as of June 30, 2023. Prior to the acquisition, Summit was not affiliated with Avantax. While looking for growth partners, Summit founder Bruce Primeau met with Avantax’s operations and client services teams, as well as Avantax leadership who immediately saw the value-creating potential of combining Summit with Avantax. Primeau and his team join 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. The Summit Wealth Advocates acquisition reflects growing interest that external RIAs have in joining Avantax. 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(k) accounts and other held-away assets.