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BD Receommendations for Tax Professionals

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Jul 16, 2010 10:25 am

I've looked at HD Vest as a way to add investments to my tax practice. I'm finishing up the EA next month and have a 7 from a previous position in a tax firm. I want to make sure there aren't other BDs I should also be looking at for my goals. I don't see myself as primarily an investment guy, but wish to offer investments that address a specific tax issue. (IRA contributions, LTC insurance, annuities, etc.) I'd like a BD with minimul production requirements and a "hands off" attitude to the type of products I'm recommending. I basically want ot offer the service as a convenience to tax cliennts and would like a BD that understands that my main focus is my tax practice. Recommendations or is HD Vest the way to go?

Jul 16, 2010 1:28 pm

All the CPA's I know are either with HD Vest or are RIA's (more specifically, the CPA firm has an RIA channel).  I assume you are also getting your insurance licenses (which you would need for LTC and annuities).

Jul 16, 2010 9:43 pm

Yes, I have the 7, 66 and state insurance licenses.

Jul 26, 2010 6:04 am

or why not find a local practice to partner with and have them do the work and split the business?

Jul 26, 2010 3:07 pm

I still think an RIA setup might be best.  But if you are going to do a lot of small stuff, you might need the B/D like HDVest.  But they will take quite a cut of your production.

Jul 26, 2010 8:33 pm

I'm of course 'very bias' in my support of the RIA model but it might be best to consider a business model which maintains your current level of independence.  Your tax/accounting practice is 100% independent so shouldn't your securities business be of the same breath? 

I believe the RIA model is worth considering considering since you already know what 'fee for service' is all about.  H.D. Vest and others are fine and decent firms but you lose not only on the revenue side but more importantly a portion of your marketability;branding. 

If help is what you need to incorporate advisory work into your tax/accounting practice -- their are several training programs I've uncovered which aren't B/D affiliated and allow you to maintain your independence.

Sep 8, 2010 7:52 pm

send me an email will contact info [email protected]

Sep 14, 2010 3:25 pm

I think HD Vest is an excellent choice for what you have described.  If you determine that you want to be "investment guy" instead of "tax guy" there are many other alternatives that are better, but again, for what you have described, I suspect that HD Vest will be hard to beat.