Wells Fargo in a statement said that HD Vest Financial Services does not align precisely with the business model of Wells Fargo Advisors, Wells Fargo’s retail brokerage unit.
According to Wells Fargo, following the transaction, HD Vest’s existing management team, led by Roger Ochs, will continue to operate the business.
HD Vest, which was acquired by Wells Fargo in 2001, provides independent financial solutions to over 1.8 million retail investors through an advisor base of over 4,800 securities-licensed tax professionals.
Ochs said as a standalone entity under this new ownership structure, HD Vest will benefit from Parthenon’s expertise within the financial services industry as well as Parthenon’s significant financial and strategic resources.
Wells Fargo also said that its clearing business, First Clearing Correspondent Services, will continue to provide brokerage clearing services for HD Vest.
