Irving, Texas (Sept. 22, 2003) -- Broker/dealer H.D. Vest plans to unveil three new software tools for its reps at its national conference next month in Dallas.
President Roger Ochs told WebCPA that the firm will roll out a trading tool to enable reps to trade stocks, bonds and mutual funds electronically, an account wizard that will allow them to open new brokerage accounts electronically, and a trade management tool that will give them the tools to build model portfolios, submit trades and rebalance portfolios electronically.
“With the client’s permission, the advisor can a push button to rebalance the portfolio to whatever tolerance ranges they’ve set in the portfolio,” Ochs told WebCPA. The firm is offering reps remote training on the new tools now and will offer hands on training at the conference. The software tools will be available for use after Nov. 15, when the firm will complete the anticipated conversion of its clearing to Wells Fargo from National Financial, a move it announced in May at its Vest Fest annual meeting. Vest became a non-bank subsidiary of Wells Fargo last year.
“The change in the clearing doesn’t impact [advisors] at all,” Ochs said. “That will happen behind the scenes over two weekends. We’ve already sent out letters to notify clients for about 50,000 of the 90,000 brokerage accounts. The advisors don’t have to do anything, unless a client has an option or margin account. Then they have to collect the paperwork from the client for a new account application.”
In announcing the change in clearing, Vest said it would waive the custodial fee for client IRA accounts over $100,000 and will waive the ticket charge for purchases over $10,000.
-- Melissa Klein
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