As it pivots into providing wealth management services, the tax solutions company reported US$149 million in revenues.
Blucora (NASDAQ:BCOR), a fintech company principally engaged in providing tax solutions announced a 56 percent uptick in its revenues compared to the third quarter of 2018, reaching US$149 million. Following the acquisition of 1st Global earlier this year, the company is focusing more on its wealth management services, unifying brands under its newly established Avantex Wealth Management arm.
As quoted in the press release:
Third Quarter Highlights and Recent Developments
- Increased total revenue by 56% year-over-year (y/y), including addition of 1st Global for full quarter
- Legacy HD Vest advisory assets increased 9% y/y, legacy 1st Global advisory assets increased 16% y/y
- Total Client Assets ended the quarter at $67.7 billion, with $26.3 billion, or 39% in Advisory Assets
- Integration of legacy wealth management businesses running better than plan; Completed consolidation on the same clearing platform ahead of schedule, and unified both under new brand, Avantax Wealth Management
- Repurchased more than 560,000 shares of common stock, or 1.1% of outstanding shares – first under current authorization
“In our first full quarter since the acquisition of 1st Global, I’m pleased to report solid quarterly results as well as an integration that is now running ahead of plan,” said John Clendening, Blucora’s President and Chief Executive Officer. “Integration synergy capture is running strong in the short-term, and the early consolidation of our legacy wealth management businesses from a clearing platform perspective, should allow for additional synergy capture over the long-term. I’m also excited to announce that we have unified our legacy wealth management brands, HD Vest and 1st Global, under a powerful new brand, Avantax Wealth Management, as we aim to redefine what tax-smart wealth management means and provide superior results for our clients.”