The drop was "primarily due to attrition related to lower revenue-producing financial professionals.” He noted the decline in staff led to a 17-percent increase in per advisory and commission revenue per financial professional,” Walters said.
Walters said the decline was partly offset by recruitment and onboarding of independent financial professionals. He noted there was no attrition of professionals with more than $500,000 in gross revenue for the 12 months ended March 31, with March showing the lowest month for attrition in years.
He also said during the webast the company had stemmed attrition and that Blucora invested “in improved account opening experience and client portal and an elevated service experience through our service consultant program” That lead to better retention and pro performance.
In addition, Avantax hired 85 new pros during the quarter.