HD Vest Financial Services, an independent broker-dealer based in Irving, Texas, announced that its portfolio management service, VestAdvisor Select, has grown to over $700 million in assets managed in the year since its launch.
The majority of AUM expansion has been driven by the acquisition of new assets, rather than by market appreciation, according to the firm.
Launched in October 2012, VestAdvisor Select offers advisors and their clients a set of 180 initial investment models built toward specific objectives such as enhanced tax efficiency, domestic exposure and participation in alternatives or commodities, among others.
VestAdvisor Select takes a “dual discretion” approach, under which individual advisors can choose to either completely align with each model they utilize or substitute up to 100 percent of the portfolio. This enables advisors to create highly customized portfolios that fit each client’s risk profile, long-term goals and financial product preferences, according to the firm.
The HD Vest home office team helps manage the customized portfolios by handling routine administrative functions such as cash management, rebalancing and monitoring.