Walter’s compensation in 2020 during the pandemic. Maintaining a corporate management team with insufficient experience in the wealth management sector and spending approximately $8 million on Mr. We recognize that the current Board’s decision-making and inattentiveness has led to Blucora:ĭoubling down on a failed, six-year-old strategy that is predicated upon achieving what we view as non-existent synergies between Avantax and TaxAct.ĭeploying approximately $940 million on acquisitions to build out Avantax and then hiring Chris Walters – the Company’s longest-tenured Board member – as Chief Executive Officer in 2020, despite the fact that he has no prior experience in the wealth management or tax advisory sectors.įailing to sufficiently invest in organic growth and the resources that Avantax advisors need in today’s highly-competitive, technology-oriented environment.įailing to run a credible review of strategic alternatives for TaxAct, even though a potential sale of the business could allow more resources to be put behind Avantax advisors. While we imagine you are frustrated by recent fee hikes and poor support, you should know that all four of us are committed to helping build a better Blucora if we are elected to the Company’s ten-member Board at the Annual Meeting on April 21 st. We are writing to you today to emphasize that our slate understands advisors such as you have suffered for far too long due to Blucora's missteps and poor decisions. #Ancora pain management how toAncora urges Blucora’s stockholders and stakeholders to visit to obtain important information, including instructions for how to vote on the WHITE Proxy Card to elect our four-member slate.Īncora has invested a significant amount of capital in Blucora based on a simple thesis: Avantax can become a gem of the wealth management industry and a growing, thriving business if its advisors finally receive the respect, support and treatment they deserve. Smith Spacek for election to Blucora’s Board of Directors (the “Board”) at the Company’s 2021 Annual Meeting of Stockholders (the “Annual Meeting”). MacKinlay and Kimberly Smith Spacek to the more than 3,750 independent financial professionals affiliated with Avantax WM Holdings (“Avantax”). (“Blucora” or the “Company”) (NASDAQ: BCOR), today issued the below letter from Frederick D. (together with its affiliates, “Ancora”), which collectively with the other participants in its solicitation beneficially owns approximately 3.4% of the outstanding common stock of Blucora, Inc. CLEVELAND-( BUSINESS WIRE)-Ancora Holdings, Inc.
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