Avantax Wealth Management added 85 advisors in the first quarter to both its traditional independent broker-dealer and its RIA, Avantax Planning Partners. Avantax set a record in recruited assets for the first quarter at $529 million, which represents 56 percent of the firms' recruitment accomplishments in 2021. 

Advisor headcount remained flat with the firm ending the first quarter at 3,409 total advisors, compared with 3,416 advisors at the end of the fourth quarter of 2021. The President of Avantax attributes the flat headcount to the firm's shift in its recruiting strategy. The firm now focus is on recruiting more tenured advisors that have existing practices. 

Avantax also has broadened its recruiting strategy to focus on three other segments.  They are: existing financial professionals who also are tax professionals or CPAs at other broker-dealers; financial professionals who are not tax professionals or CPAs but are looking for a strong alignment with tax planning to offer more comprehensive planning; and midsize and large accounting firms that are looking to expand into wealth management. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.