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Blucora to rebrand wealth management business

Blucora Inc. will rebrand its wealth management business, which consists of HD Vest and 1st Global Inc., to Avantax Wealth Management.

The rebranding is designed to bring broader awareness to the company's tax-smart wealth management approach, according to a news release. It is expected to take place in two phases, with HD Vest converting to the Avantax Wealth Management name Sept. 16 and, subject to regulatory approval, 1st Global merging into Avantax Wealth Management later this fall.

The two wealth management divisions have a total of 4,200 affiliated advisers who oversee more than $67 billion in client assets.

In connection with the rebranding, Blucora determined that it will incur a noncash impairment charge related to the intangible asset associated with the HD Vest trade name, the carrying value of which was about $52.5 million as of June 30. The company has not yet been able to establish a meaningful estimate of the amount or range of amounts of the impairment charge.

Blucora does not expect to incur any future cash expenditures resulting from the impairment charge, according to a filing.