Avantax, Inc. (NASDAQ:AVTA) Q2 2023 Earnings Conference Call August 10, 2023 8:30 AM ET

Company Participants

Dee Littrell - Investor Relations

Chris Walters - Chief Executive Officer

Marc Mehlman - Chief Financial Officer

Conference Call Participants

Joshua Siegler - Cantor Fitzgerald

Alexander Paris - Barrington Research

Daniel Kurnos - The Benchmark Company

Operator

Welcome to the Q2 2023 Avantax Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Dee Littrell, Director of Investor Relations. Please go ahead.

Dee Littrell

Thank you, and welcome, everyone, to Avantax Second Quarter 2023 Earnings Conference Call. Yesterday afternoon, following market close, we issued our earnings release and posted the release and supplemental information on the Investor Relations section of our website at avantax.com. I'm joined today by Chris Walters, Chief Executive Officer; and Marc Mehlman, Chief Financial Officer.

Before we begin, let me remind everybody that today's discussion contains forward-looking statements that speak only as of the current date. As such, they include risks and uncertainties, and actual results and events could differ materially from our current expectations. Please refer to our press release and our SEC filings, including our most recent Form 10-K and Form 10-Q for more information on some of these specific risks and uncertainties. We assume no obligation to update our forward-looking statements, except as required by law.

We will discuss both GAAP and non-GAAP financial measures today. Our earnings release and supplemental financial information are available on the Investor Relations section of our website at avantax.com and include full reconciliations of each non-GAAP financial measure discussed to the nearest applicable GAAP measure.

With that, let me hand the call over to Chris.

Chris Walters

Thank you, Dee. Good morning. I'm pleased to report that two quarters in operating as a pure-play wealth management business, we have maintained strong operational performance across key metrics. We delivered our sixth straight quarter of positive net asset flows and are on pace toward another record year. We've also continued to see stabilization in our financial professional count and growth in count of our most productive financial professions.

We continue to experience strong inflows of assets and minimal attrition resulting in our production retention rate remaining above 99.5% in the second quarter. We have also continued to make significant progress towards streamlining our operations to provide a more scalable and efficient organization.