Avantax, a unique community within Cetera Holdings and a leader in tax-focused financial planning and wealth management, announced two major acquisitions: S&P Financial Services and Noble Oak.
S&P Financial Services
Avantax brought in financial advisors John Surace, Kelly Powers and their S&P Financial Services team (based in Hauppauge, New York, in the heart of Long Island). Transferring to Avantax from Osaic, the team has about $150 million in client assets under administration as of June 2024.
S&P Financial’s goal is to build strong, multi-generational relationships with clients by offering them clarity, education, confidence, and complete disclosure when approaching their financial strategies.
Before forming S&P Financial Services, Surace’s experience included being an executive with a global financial services firm where he supervised a location with over 300 advisors, which won the President’s Trophy several times for being among the country’s top-producing branches. Powers has managed money for clients for 30 years, while having other roles such as vice president, sourcing, hiring and training new financial advisors.
Surace and Powers formed S&P Financial Services since they wanted to open an independent operation. But after the prior broker/dealer became part of Osaic, they started looking for a broker/dealer whose experience, service and focus on keeping commitments aligned with how Surace and Powers wanted to operate their organization.
Key Quotes About S&P Financial Services Deal
“When we started talking with Avantax, things sounded so good that I was actually skeptical going in, but everything they told us came to fruition, and the entire company is very competent, from the top down. Transitioning to a new broker/dealer is stressful, and in other places the level of services that were promised turned out to be subpar. We didn’t experience any of that with Avantax. We trusted our gut, went with Avantax, and it’s been all green lights from the beginning.”
- John Surace
“The transition is a very stressful time for the advisor because it’s all new and it feels like your livelihood is in limbo, but the Avantax transition team was so professional, they took charge of everything and made me so comfortable. On previous transitions we were busy filling out paperwork, but at Avantax they picked up the ball and ran with everything, allowing us to focus on our clients. My experience was amazing, it was seamless and it’s all working very well.”
- Kelly Powers
“John, Kelly and their team are fantastic additions to the Avantax Community. Their experience running advisory practices at scale is impressive, and we’re looking forward to supporting them as they serve existing clients while planning to add advisors and grow their already highly successful practice.”
- Head of Avantax Business Development Tim Stewart, CFP
Noble Oak Teams
Avantax also welcomed financial advisors Josh Linton, CPFA and Mike Koltz, CPFA, and their director of operations and client services Danielle Boutwell, CPFA. Linton and Koltz, founders of Noble Oak Financial, were previously affiliated with LPL Financial and had approximately $300 million in client assets under administration as of December 2023.
After leading a community bank’s wealth management business together for over seven years, Linton and Koltz decided that the rigor of opening and running their own independent practice was worth the potential rewards. They picked Avantax because they felt it was the right fit for their long-term growth plans.
Key Quotes About Noble Oaks Deal
“Going full 1099 was a big decision, and through that diligence Dave Renko, Southeastern Regional Director, and Avantax were always there, responsive and professionally persistent with honest answers to our questions. What we really liked about Avantax is they’re big enough to have all the tools and resources advisors need while being small enough to not lose you in the crowd. During our search, Avantax kept coming up to the top. It just felt right with Avantax, and at the end of the day, you have to trust your gut.”
- Josh Linton
“We did our homework and really liked the emphasis Avantax puts on taxes because that can help clients in many aspects since taxes are obviously a huge part of everyone’s puzzle. We have access to tools and resources we’ve never had before to be more tax-conscious and use more tax-efficient strategies for clients. By going independent with Avantax, I can build a legacy along with Josh and Danielle for our families and our community.”
- Mike Koltz
“I was amazed at how quickly people would respond and they got back to us with correct information the first time. Even when something wasn’t perfect, Avantax was there helping us correct the issue instead of leaving us to guess how to fix it, like we’ve experienced before,” Boutwell said. “I’ve had a really good experience with the onboarding team, and I’m excited about the future with Avantax because the service has been awesome.”
- Danielle Boutwell
“We’re honored that Josh and Mike chose Avantax as part of their decision to go independent, and we’re eager to support their new journey. Longer term, I’m excited to see Josh, Mike and Danielle grow Noble Oak Financial by building on their experience as trusted financial professionals for the Augusta community.”
- Laurie Stack, VP, Business Development at Avantax
