Avantax Wealth Management
Clearing firm: National Financial Services LLC
No. advisers: 3,984
AUM: $70,134,749,939
Year founded: 1983
Year end: Dec. 31
Recruitment & Staffing
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| No. of reps | 3,825 | 3,984 | 3,593 |
| No. of reps, male | — | — | — |
| No. of reps, female | — | — | — |
| No. of producing reps | — | 3,431 | 2,907 |
| No. of producing reps, male | — | — | — |
| No. of producing reps, female | — | — | — |
| No. of reps producing $100K-$499K /year | — | 584 | 821 |
| No. of reps producing $500K+ /year | — | 176 | 123 |
| No. of CFPs | — | 870 | 0 |
| No. of full-time employees | — | 358 | 350 |
| No. of fee-based advisers served | — | 1,408 | 2,700 |
| Average payout per rep, per year | — | $108,207 | $100,320 |
| Avg. annual production of top 20% reps | — | $414,225 | $347,723 |
| Total payout, per year | — | $443,417,493 | $326,744,497 |
| Cost of E&O insurance per rep, per year | 2,300 | 2300 | — |
| Affiliation fees charged per rep, per year | 1,800 | none | — |
| Affiliation fee coverage | FINRA Processing, Bonding/processing, audit fee, IAR renewal fee, disclosure document fee, branch office fee | — | — |
| $0-$249,999 | $250K-$499,999 | $500K-$749,999 | $750K-$999,999 | $1,000,000+ | |
|---|---|---|---|---|---|
| Mutual funds | 45%-86% | 86%-90% | 86%-90% | 86%-90% | 90%-94% |
| Insurance | 45%-86% | 86%-90% | 86%-90% | 86%-90% | 90%-94% |
| Variable annuities | 45%-86% | 86%-90% | 86%-90% | 86%-90% | 90%-94% |
| Limited parterships | 45%-86% | 86%-90% | 86%-90% | 86%-90% | 90%-94% |
| Securities | 45%-86% | 86%-90% | 86%-90% | 86%-90% | 90%-94% |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total revenues | — | $507,978,780 | $373,173,600 |
| Commission revenues | — | $191,050,432 | $164,199,984 |
| Securities revenues | — | $82,604,507 | $67,350,103 |
| Securities revenues: Stocks | — | $8,752,263 | $7,354,537 |
| Securities revenues: Bonds | — | $292,159 | $503,233 |
| Securities revenues: ETFs | — | — | — |
| Securities revenues: Other | — | — | — |
| Mutual fund revenues | — | $22,579,104 | $22,860,643 |
| Annuities revenues | — | $41,882,302 | $33,270,242 |
| Annuities revenues: Fixed | — | $19,080,713 | $14,159,994 |
| Annuities revenues: Variable | — | $22,801,589 | $19,109,390 |
| Annuities revenues: Other | — | — | — |
| Insurance revenue | — | — | — |
| Insurance revenues: Life | — | — | — |
| Insurance revenues: Disabilities | — | — | — |
| Insurance revenues: LTC | — | — | — |
| Insurance revenues: Other | — | — | — |
| Alternative revenues | — | $9,311,690 | $3,361,364 |
| Alternative revenues: Hedge funds | — | — | — |
| Alternative revenues: Managed futures | — | — | — |
| Alternative revenues: Private placements | — | — | — |
| Alternative revenues: REITs | — | $8,495,898 | $2,904,807 |
| Alternative revenues: Other | — | — | — |
| Other commission revenues | — | — | — |
| Fee revenues | — | $252,367,061 | $164,353,527 |
| Fee revenues: Rep-managed accounts | — | — | — |
| Fee revenues: Firm-managed accounts | — | — | — |
| Fee revenues: Outside-managed accounts | — | — | — |
| Fee revenues: Other | — | — | — |
| Total revenues: Other | — | $64,561,287 | $44,620,090 |
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Total account assets | — | $70,134,749,939 | $41,738,858,334 |
| Fee-based assets | — | $27,629,508,888 | $12,555,485,997 |
| Fee-based assets: Clearing firm | — | — | — |
| Fee-based assets: Advisory firm platforms | — | — | — |
| Fee-based assets: Third-party money managers | — | — | — |
| Fee-based assets: Other | — | — | — |
| Total account assets: Other | — | $42,505,241,051 | $30,721,373,852 |
| Average assets per rep | 0 | $17,604,104 | $11,616,715 |
| Social Media & Mobile | |||
| Software Offered | |||
| Account aggregation software | Built in house/Proprietary DST Vision Pro |
||
| Compliance software | NRS ComplianceMAX (National Regulatory Services) Protegent Surveillance (SunGard Data Systems Inc.) Smarsh Built in house/Proprietary |
||
| CRM | Built in house/Proprietary | ||
| Document management | Microsoft Office Document Imaging in combination with Microsoft Office SharePoint Server (Microsoft Corp.) Built in house/Proprietary Pega |
||
| Financial planning | eMoney360 (eMoney Advisor) FinanceWare Wealthcare |
||
| Portfolio management | Envestnet (Envestnet) Morningstar Office (Morningstar Inc.) Built in house/Proprietary |
||
| Portfolio rebalancing | Built in house/Proprietary | ||
| Robo-advice | |||
| Offers robo-advisory platform? | N | ||
| If not, when plans to offer a robo-platform | 0-6 months | ||
| Robo-advice services offered | — | ||
| How robo-platform developed | — | ||
| Charge for robo-advisory services? | — | ||
- Notes
- N/A = Not available
- N/D = Not disclosed
- — = Information not available or not disclosed
All 2011-2016 recruitment and staffing data is as of Dec. 31 in the calendar year displayed. Prior year recruitment and staffing data is as of Sept. 30. All financial figures are for firms' year end, unless noted.
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