LOS ANGELES, April 09, 2021 (GLOBE NEWSWIRE) -- Jonathan Foster, President and CEO of Angeles Wealth Management, LLC, and a personal shareholder of Blucora, Inc., today issued an open letter expressing support for the incumbent Board of Directors at the upcoming 2021 annual meeting of stockholders, scheduled to be held on April 21, 2021.
Full text of the letter follows:
Dear Fellow Shareholders of Blucora:
In watching the proxy fight process unfold and reading the dialogue from both sides, I feel compelled to make my opinion known as a fellow personal shareholder. Angeles Wealth Management, and its affiliate Angeles Investment Advisors, do not hold any interest in Blucora. I have been a private client advisor and operator of advisory businesses for over 30 years. I’m currently the President & CEO of Angeles Wealth Management, and former President of Carson Wealth and Howard Capital, as well as the former Head of Wealth Management for ETrade Financial.
I have known Todd Mackay, the President of the Advantax Wealth Management division of Blucora, since we worked together at ETrade, and he is the right person to run the advisory business. He has a deep understanding of the RIA/Independent Rep business.
Blucora has positioned itself extremely well, and the businesses should stay together. They are a home for tax prep and tax-efficient wealth management. It is 100% branding consistent.
On the advisor side, they focus exclusively on offering an advice platform to CPAs who want to expand their services to their clients. CPAs are incredibly tax-sensitive, so the branding/messaging around Advantax as an after-tax focused investment platform is strategically sound and a very smart move. It will attract more CPAs, and they will be able to market the services because they really believe in the after-tax focus.
Ancora’s comments about Advantax driving advisors away from the direct-to-fund model is misguided. It is absolutely in the best interest of the clients, the advisors and Advantax to move from an independent rep commission model to a true fiduciary advice model.
I am voting my proxy with management.
/s/
Jonathan R. Foster
President & CEO
Angeles Wealth Management, LLC
www.angelesinvestments.com
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