IRVING, Tex. - Financial and tax advisory firm H.D. Vest Inc. said Wednesday that its shareholders had approved the company's sale to Wells Fargo & Co.

The transaction still needs regulatory approval and is expected to be completed in late June or early July. H.D. Vest shareholders approved the offer at a May 22 meeting.

In March, San Francisco-based Wells Fargo announced that it would buy the Irving, Tex., firm for $127.5 million. The deal would give Wells a network of 6,000 independent contractors to offer tax and financial advice under the H.D. Vest name.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.