Irving, Texas-based HD Vest is the largest of the three main brokerages that help certified public accountants become registered as investment advisers with the U.S. Securities and Exchange Commission, a process that clears them for selling mutual funds and other securities products to clients. The other two are 1st Global and Cetera Financial Specialists, a subsidiary of Cetera Financial Group Inc.
HD Vest has a network of more than 4,500 representatives that manage more than $36 billion in assets for small businesses and wealthy people and families, according to Wednesday’s statement. It has to ensure that its representatives, independent contractors, are complying with securities laws.