The latest mergers and acquisitions in the North American wealth management industry.

Avantax, a tax-focused financial planning and wealth firm that is part of Cetera Holdings, has acquired the assets of Sweeney Kovar, a wealth management and accounting firm. Sweeney Kovar has been affiliated with Avantax for almost 25 years.

The financial terms of the acquisition were not disclosed

Sweeney Kovar, which was founded in 1984 by Kevin M Sweeney and Joseph C Kovar, had about $180 million in assets under administration as of September 30, 2024. The tax and accounting business processed 2,000 tax returns annually. 

Kovar and the firm’s staff of 12 became Avantax employees as part of the transaction, and continue operating from their current office in Danville, California, east of San Francisco. Sweeney is continuing to work with the wealth management business, supported by his wealth management assistant who joined Avantax as an employee.

After evaluating succession options, the partners decided to sell their firm’s assets to Avantax because they saw it as the most seamless succession option that also helped ensure consistency of service for their clients while paving positive career paths for their employees, Avantax said in a statement yesterday.