The H.D. Vest Story

Herb Vest, a CPA, had become one of his clients’ most trusted advisors. His clients continually asked him for all sorts of financial advice regarding retirement plans, educational funding and other investment strategies so Herb referred his clients to stockbrokers and insurance agents to handle their concerns. Every tax season the new investments would show up on the client’s 1040, and often the investment was not what Herb had recommended for the client.

Herb became fed up with his inability to help his clients address their financial concerns.  Cautiously, he began to offer financial services to his clients. To his amazement, client after client loved it. In fact, his practice grew so fast, Herb actually had to release some of his clients to provide the best level of service. Even with fewer clients, his net income and his referrals grew substantially.

By 1983, it was clear to Herb Vest that more tax and accounting practitioners should add financial services to their practices because of the enormous benefit to their businesses and the welfare of their clients. Unfortunately, existing financial services firms did not focus on the special needs of the tax professional. For this reason, Herb founded H.D. Vest Financial Services, a firm dedicated to helping tax and accounting practitioners integrate financial services into their practices.

Although he was up against accounting regulations that prohibited CPAs from receiving commissions, he realized the importance of building a company dedicated to licensing, training and supporting CPAs and other tax practitioners throughout the country who desired to add financial planning to their practices. Herb took risks and defied these regulations, lobbying hard over the next three years to change the laws. In 1987 both the AICPA and state of Texas agreed to repeal the long-entrenched rule prohibiting commissions. Most importantly, Herb proved the company’s credibility and succeeded in convincing more and more CPAs, accounting professionals and accounting regulators that financial planning was the wave of the future for traditional tax practitioners as well as a clear benefit to the public. H.D. Vest provides individuals and small businesses convenient options in their financial decisions with professionals they can trust and, ultimately, change the way America invests for its future.

Two decades later, more than 5,400 tax professionals nationwide are affiliated with H.D. Vest Financial Services, now a non-bank subsidiary of Wells Fargo & Company. Today, we continue to help tax professionals provide investment planning to their clients – and we can help you, too.

H.D. Vest remains the nation’s leader¹ in the growing market for comprehensive financial planning services. More than 5,400 independent H.D. Vest Advisors collectively manage over $30 billion in assets and provide investment and tax advice for more than 3 million individuals and small businesses in all 50 states. President Roger Ochs, recently recognized as one of the “Top 10 Names to Know in Financial Planning” by Accounting Today, continues to pursue Herb’s vision of providing innovative solutions and the latest tools and technology to help H.D. Vest Advisors meet their clients’ needs.

H.D. Vest is committed to four main strategic corporate goals:

• Enhance Advisor training and education.
• Provide access to a broadened group of products and services.
• Increase and improve client communication tools.
• Simplify the Advisor's practice.