Wells Fargo is looking for a company to buy its H.D. Vest brokerage and tax-advisory unit, according to a Bloomberg report.
Wells bought H.D. Vest for about $128 million about 10 years ago. The San Francisco-based financial services company is hoping to attract a bid of more than $200 million for the businesses, Bloomberg reported.
Wells has been looking for ways to rebuild its wealth management business since December, when its top executive, John Stumpf, called the business arm “sub-optimized.”
Wells declined to comment on the rumors.
H.D. Vest, which is based in Irving, Texas, was founded in 1983 by Herb D. Vest, who sold it to Wells in July 2001. It has about 5,200 independent contractors, including certified public accountants, enrolled agents and tax practitioners, and manages more than $26 billion of client assets.