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Moneco Advisors, a Fairfield, Conn.-based registered investment advisor with about $2 billion in client assets, has completed its merger with Lichtenstein Financial and its affiliated tax firm, Lichtenstein Tax Consultants, which it acquired in 2023.
The two firms have undergone a multi-year integration process, with Moneco launching Moneco Tax, the rebranded business of Lichtenstein Tax Consultants, this week. Moneco will now have in-house tax professionals who can provide clients with tax preparation and tax planning services.
“Tax is such a vital pillar of the financial planning process,” said Derrek Metz, chief wealth officer at Moneco, in a statement. “By bringing tax and wealth together, under the same roof, our team can not only suggest tax planning strategies for our clients but map out what it would look like on their future return. We have greatly increased the level of tax expertise on the broader Moneco team.”
Moneco Tax will operate as a standalone tax compliance and consulting business. TJ Hickey, who joined Moneco in 2023 as a partner, will lead the RIA’s tax and wealth management business in Glastonbury, Conn.
Founded in 1980, Moneco has about 50 employees, including nearly 40 advisors, across seven offices in Connecticut, Rhode Island and New Jersey. In 2023, Emigrant Partners made a strategic, nonvoting minority investment in the RIA. Moneco uses LPL Financial for brokerage business.
Several major RIAs have been building out in-house tax businesses, particularly through mergers and acquisitions. Mercer Advisors, for example, is seeking to expand its planning and preparation capabilities through partnerships with tax firms. The firm recently announced its first tax-only deal, acquiring Beach Freeman Lim & Cleland, a Los Angeles-based accounting firm. In February, Mesirow Wealth Management hired advisor and tax specialist Gary Pattengale in a newly created role to provide tax services to its network of advisors. In January, Sequoia Financial Group acquired Carlson Capital Management, a $3.8 billion firm that brought with it an internal tax planning and preparation services specialty. Last November, RIA Allworth Financial acquired CCA LLP, a tax-focused CPA firm, to bolster its in-house tax capabilities.
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