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Financial Planning > Tax Planning

Fidelity RIA Chief to Be HD Vest CEO

By Janet Levaux

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Bob Oros, head of Fidelity Clearing & Custody Solutions’ RIA business, is set to become CEO of HD Vest.

The executive has been in his current post at Fidelity for the past five years and announced he was leaving the firm on Jan. 13. He will start at HD Vest, on Feb. 28 and succeed Roger Ochs, who is “stepping down as HD Vest CEO after 30 years with the tax-oriented wealth management firm,” according to the company.

HD Vest is owned by Blucora, the maker of TaxAct software, which bought the broker-dealer for about $580 million a year ago. Its 4,500 affiliated advisors work with roughly $38.5 billion in client assets.

“We are pleased to welcome a leader of Bob’s caliber. His experience in building advisor relationships will be instrumental to HD Vest’s future,” said John Clendening, president and CEO of Blucora, in a statement. “Under Bob’s leadership, the HD Vest team will continue to innovate and provide tax professionals and independent financial advisors with the right solutions to meet and exceed their clients’ needs.”

Ochs will remain with the company through March 31 to help with the transition.

“With Bob at the helm and the support of a great leadership team, I’m comfortable stepping aside knowing that he has a strong commitment to our business model and is an advocate for advisors. I look forward to watching the company continue to grow under his leadership,” the departing CEO said in a statement.

While at Fidelity, Oros worked with about 3,000 RIAs and other clients that have about $1.7 trillion of client assets under advisement. Prior to Fidelity, the executive was with the Trust Company of America, LPL Financial and Charles Schwab; at Fidelity, he had about 130 employees that directly reported to him.

“I am excited to become the next CEO of HD Vest and to work alongside such a talented group of individuals,” said Oros, in a press release. “HD Vest pioneered the idea of tax-smart wealth management services through tax professionals. I am thrilled with the opportunity to lead the innovative team at HD Vest and look forward to working with the firm’s advisors.”

In November, Blucora announced plans to offer its 5 million do-it-yourself tax clients access to Financial Guard’s robo-advisory platform in the upcoming tax season and later in 2017 to HD Vest’s roughly 4,500 affiliated advisors who want to use it to work with smaller accounts.

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