The mismanagement is also alienating Avantax's advisors, Ancora says, sending many fleeing for other broker/dealers. In an open letter from Ancora's four board nominees to Avantax's 3,770 advisors sent on Wednesday, Ancora's chief executive, Fred DiSanto, pointed out Avantax suffered a net loss of 100 advisors over the previous year and cited a lack of industry experience among the management team. "Ancora 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," the letter read. "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."