Blucora, the parent company of independent broker/dealers HD Vest and 1st Global, has hired Enrique Vasquez to serve as president of the company’s wealth management business. He’ll be responsible for some 4,500 tax-focused advisors managing $66 billion in assets.
Todd Mackay, who was serving as interim CEO of HD Vest following Bob Oros’ departure, has been named chief business operations and development officer at Blucora. Previously, he was an executive vice president and general manager of the company’s TaxAct business.
Vasquez joins from Care Builders at Home of Illinois, a caregiving service provider in the Chicago area, where he was president, owner and area developer. Prior to that, he served as president and CEO of Cetera Financial Specialists, and in other senior roles at Cetera Financial Group for 12 years.
Blucora, a public company, made its first foray into wealth management with the purchase of HD Vest in October 2015 for $580 million. HD Vest was previously owned by an investor group led by Parthenon Capital Partners and includes Lovell Minnick Partners and Fisher Lynch. Blucora felt its TaxAct customers, many of whom are millennials, would represent a potential lead generation opportunity for HD Vest advisors.
In March, the company announced plans to acquire 1st Global, a tax-focused independent broker/dealer in Dallas, for $180 million in stock, funded via cash on hand and a $125 million add-on to its existing credit facility. The two IBDs are to be combined.
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