Avantax introduced robust development in 2022 that it mentioned Tuesday included 66 recruits within the fourth quarter, contributing to newly recruited belongings of about $1.7 billion for the complete 12 months, up about 79% from 2021.

For all of 2022, Avantax attracted 258 recruits, in response to Todd Mackay, president of Avantax Wealth Administration, the agency’s unbiased broker-dealer division.

Giving Avantax an edge over many rivals within the monetary companies sector is its tax and monetary professionals providing purchasers the “differentiated worth of tax-advantaged wealth administration,” in response to Tim Stewart, vice chairman and head of enterprise growth for Avantax.

Purchasers, he mentioned in an announcement, are more and more rising “annoyed by advisors providing restricted companies.”

In the meantime, Avantax recruits “don’t wish to be nameless cogs of their broker-dealer’s machine,” he mentioned. “They’re becoming a member of Avantax to be a part of our neighborhood of like-minded, growth-oriented friends who collaborate and assist elevate one another as they develop.”

Monetary professionals are transferring to Avantax from varied channels, together with massive BDs, RIAs and regional companies, the corporate mentioned.

Impartial monetary professionals who grew to become affiliated with Avantax in the fourth quarter included Kenneth S. Hamada, who the corporate mentioned transferred his observe from Impartial Monetary Group.

Hamada has been an advisor and dealer for 4 companies since becoming a member of the sector 24 years in the past, in response to his report on the Monetary Trade Regulatory Authority’s BrokerCheck. He joined UBS in 1998, left to affix LPL Monetary in 2002, then joined IFG in 2014 and Avantax final 12 months.

He chosen Avantax to proceed rising his observe’s belongings and geographic presence with the help of Avantax.