Wells Fargo to sell HD Vest, thoughts?

9 replies [Last post]
series7taxguy's picture
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Joined: 2010-07-16

Do you think HDV will be better off if sold to a PE firm as rumored? Do you think the WFC brand has been an advantage or disadvantage?

series7taxguy's picture
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Joined: 2010-07-16

Just heard from someone outside the company at another firm that LPL and Ameriprise are potential bidders. Wow...one option is ok, one not...

series7taxguy's picture
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Joined: 2010-07-16

Just heard from someone outside the company at another firm that LPL and Ameriprise are potential bidders. Wow...one option is ok, one not...

mmfw's picture
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Joined: 2011-06-03

I'm looking to buy books of business. Email with info of what you have at available at sellmeyourclients@hotmail.com 

Indyguru's picture
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Joined: 2011-03-22

Since HDVest is for sale, anyone considering joining them should pause, as being acquired by another BD would definitely mean a painful re-papering of accounts to the new BD (BTW: same for SecAmerica Inc).  Likewise, this is an opportunity for HDV reps to be proactive and find the BD that fits them best, rather than relying on WFC to make this decision.  Imagine having to re-paper all your accounts to the BD they choose, then realizing it's a horrible fit (Ameriprise?).  Better to get out in front of this and avoid this potential disaster.  Indyguru

Indyguru's picture
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Joined: 2011-03-22

As to the original question--I think the Wells Fargo name would be a small net positive for HDV reps, as it's more recognizable than HDV, which has little brand value to the general public. So at least they have some brand--but it depends on the clients as well.  I imagine most HDV reps use/share some version of the Tax/CPA firm brand.  being acquired by a Private Equity (PE) firm is desirable in that they could invest into the BD to possibly improve it, and also could keep it independent--ie no near-term repapering pain.  Not sure if it makes much sense as HDV are mostly lower producing advisors, who's focus is sapped by tax practice, and the firm has very little scale potential or competitive advantage versus others.Indyguru

IndyEDJ's picture
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Joined: 2006-12-13

mmfw wrote:I'm looking to buy books of business. Email with info of what you have at available at sellmeyourclients@hotmail.com  Do you have any money or are you a subprime credit??

N.D.'s picture
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Joined: 2009-07-14

Ameriprise aquired H&R Block Advisors and I see it could make sense for them to aquire HD Vest. Ameriprise has come a long way in the last 5+ years, especially the franchise advisor platform.

TimesSeven's picture
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Joined: 2011-03-16

The consolidation trend is interesting. HD has been around forever.

KingwoodNinja's picture
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Joined: 2011-06-29

TimesSeven wrote:The consolidation trend is interesting. HD has been around forever. So it looks like with senior mgmt (financed by PE) buying HD Vest, that trend is reversed? Perhaps they tired of sending money to papa Wells?

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