HD Vest Financial Services

In 1983, a CPA and Vietnam veteran named Herbie Darwin Vest saw a gap in the market. While preparing tax returns for clients, he realized they also needed investment advice, but ethical rules at the time created a wall between the two services. Seeing an opportunity, Vest challenged the system, acquired a securities license, and began offering investment products directly to his tax clients. This was the foundation of HD Vest Financial Services, built on the simple but powerful idea that tax professionals are uniquely positioned to provide holistic financial advice. The company grew by recruiting a network of accountants and tax specialists, many in rural areas with limited access to financial advisors. HD Vest went public in 1988, expanding its reach. A significant chapter opened in 2001 when Wells Fargo & Co. acquired the firm, aiming to leverage its network. However, the journey continued, with private equity firm Parthenon Capital Partners purchasing HD Vest from Wells Fargo in 2011. The final major acquisition came in 2015, when Blucora, Inc., parent company of the tax software TaxACT, bought HD Vest for approximately $580 million. This move aimed to create a synergy between digital tax preparation and human-led financial advice. The firm was later rebranded as Avantax Wealth Management.