, a CPA, had become one of his
clients' most trusted advisors.
clients continually asked him for all sorts of financial advice regarding retirement plans, educational funding and other investment strategies so Herb
clients to stockbrokers and insurance agents to handle their concerns.
Every tax season the new investments would show up on the client's 1040, and often the investment was not what Herb had recommended for the client.
became fed up with his
inability to help his
clients address their financial concerns.
began to offer financial services to his
amazement, client after client loved it.
In fact, his
practice grew so fast, Herb
actually had to release some of his
clients to provide the best level of service.
Even with fewer clients, his
net income and his
referrals grew substantially.
By 1983, it was clear to Herb Vest
that more tax and accounting practitioners should add financial services to their practices because of the enormous benefit to their businesses and the welfare of their clients.
Unfortunately, existing financial services firms did not focus on the special needs of the tax professional.
For this reason, Herb founded H.D. Vest Financial Services, a firm dedicated to helping tax and accounting practitioners integrate financial services into their practices.
was up against accounting regulations that prohibited CPAs from receiving commissions, he
realized the importance of building a company dedicated to licensing, training and supporting CPAs and other tax practitioners throughout the country who desired to add financial planning to their practices.
took risks and defied these regulations, lobbying hard over the next three years to change the laws.
In 1987 both the AICPA and state of Texas agreed to repeal the long-entrenched rule prohibiting commissions.
Most importantly, Herb
proved the company's credibility and succeeded in convincing more and more CPAs, accounting professionals and accounting regulators that financial planning was the wave of the future for traditional tax practitioners as well as a clear benefit to the public.