Guest Taxed Posted May 9, 2013 Report Share Posted May 9, 2013 Anyone getting calls and letters from HD Vest in TX to join their org.? Anyone who is a member of HD Vest? What are the pros and cons? Quote Link to comment Share on other sites More sharing options...
ADGFINANCIAL Posted May 9, 2013 Report Share Posted May 9, 2013 I have been with H D Vest since 1992. They are a good organization. Let you run your financial business without pressure to sell. I do about $5000. a year in commissions to our clients. Like anything it's work and you get what you put into it. Good luck if you give it a go...August @ ADG Financial.com Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted May 9, 2013 Report Share Posted May 9, 2013 Thanks. What does it cost to join the org? There is an exam you have to take. How much does that cost? Do they cover any of those costs if you pass? What are the annual fees you have to pay to keep your affiliation? Do you see any conflict of interest wearing two hats? Quote Link to comment Share on other sites More sharing options...
FLORIDA TAX MAN Posted May 9, 2013 Report Share Posted May 9, 2013 Personally, I see it as a conflict of interest in appearance if not substance. Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted May 9, 2013 Report Share Posted May 9, 2013 How so? Are there any disclosures? Are you affiliated with HD Vest? Quote Link to comment Share on other sites More sharing options...
ADGFINANCIAL Posted May 9, 2013 Report Share Posted May 9, 2013 You really need to speak with them. There is an exam. You have to pay the cost but sometimes they cover it if you pass. Depends on the deal you work out with them. A lot of study time and compliance issues. I like doing it. It was the reason I got into the business to begin with. The Financial Planner I was working for at the time back in 1985 told me if I want to make a living at this I should do taxes also. She was right. Of the $90,000. a year I do, $85,000. is for tax prep and the other is just helping people make good choices. I don't see the conflict. They will buy from someone why not someone they trust and see one a regular basis. August @ ADG Financial.com Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted May 9, 2013 Report Share Posted May 9, 2013 I will give them a call. BTW do you need a series 6 or 7 securities license? How tough is that exam? Quote Link to comment Share on other sites More sharing options...
jasdlm Posted May 9, 2013 Report Share Posted May 9, 2013 I used to be with Vest. At that time, a 6 or 7 was acceptable. I left Vest because I felt they were limited as a broker dealer. This is not a criticism; it just didn't fit my practice. (I have a law practice and a financial planning practice with a state registered RIA.) For the kind of thing AugustHV is describing, they do a fine job. The point about no sales pressure is really important. It's difficult to find a broker-dealer that won't fire you for low production. It took me a while to find a successor broker-dealer that fit more with my practice but still had the 'no pressure' approach. The Chapter meetings can be useful as groups of CPAs get together to discuss strategy, tech, business models, etc. Definitely worth looking in to if you have a mind for that kind of thing. Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted May 10, 2013 Report Share Posted May 10, 2013 When you say limited as a broker dealer are you talking about the products they offer are limited? As a tax preparer i can't see myself selling stocks and bonds in a brokerage account or advising clients on investments. But I can see recommending products such as IRA's, 529 plans etc. that impacts the tax situation. As a matter of fact I already tell folks who do not have a 401(k) at work to seriously consider an IRA and show them the tax impact. Quote Link to comment Share on other sites More sharing options...
jasdlm Posted May 10, 2013 Report Share Posted May 10, 2013 They are an independent broker dealer, so you are not tied to a specific product. However, if you are going to recommend IRAs, etc, you have to recommend the product to fill the shell. You will have to advise clients on investments; that's the way you make commission. The Series 6 exam will let you recommend mutual fund products, and annuities, I believe (I have Series 7, so I'm not positive, but I think that's the distinction - 7 allows individual stocks, bonds, etc.) The exam is not a cake walk. You will need to study. I have a Masters in Finance and I still needed to study/take practice exams for the Series 7. You're obviously good at math, given the profession you've chosen, so familiarity with the lingo and the formulae is what's important. I believe Vest is set up exactly for someone like you. I think they work hard to specialize in the CPA market. Quote Link to comment Share on other sites More sharing options...
Pacun Posted May 10, 2013 Report Share Posted May 10, 2013 Their website is not working properly. I get an error each time I request an ebook they offer or when I request additional info. Quote Link to comment Share on other sites More sharing options...
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