Cetera's Avantax Acquires $180M AUA Affiliate Sweeney Kovar

Avantax, the tax-focused financial planning and wealth management wing of the Cetera Holdings network, has acquired the assets of Danville, CA-based Sweeney and Kovar, a longtime Avantax affiliate with $180M in assets under advisement.

Sweeney Kovar was founded in 1984 by Kevin Sweeney and Joseph Kovar and has been affiliated with Avantax for 25 years. The team largely works with high-net-worth individuals and businesses, according to Kovar’s LinkedIn profile. The firm also serves pre-retirees and retirees providing wealth management and tax and accounting services as stated in its website.

The deal comes as a succession strategy for Sweeney and Kovar in order to continue providing the firm’s clients with a consistent level of service. As part of the transaction, Sweeney and the firm’s 12 members will become Avantax employees. Kovar will continue managing the firm’s wealth management unit with the support of an Avantax-employed assistant.

This is the first acquisition of Avantax in the new year, further enhancing its California presence after the recruitment of San Francisco-based Sentinel Financial Group and Xavier Consulting of Covina, CA, as reported by Dakota on October 14, 2024.