Wells Fargo has sold HD Vest, the US-based tax and financial planning business, to the private equity firm Parthenon Capital Partners for an undisclosed sum.

Wells Fargo says in a statement that HD Vest’s business “does not align precisely” with the model of Wells Fargo Advisors, which focuses on wealthy clients. Texas-based HD Vest offers financial solutions to almost two million individuals, families and small businesses.

Wells Fargo’s clearing business, First Clearing Correspondent Services, will continue to support HD Vest.

Wells Fargo Advisors, formerly Wachovia Securities, has more than $1.1 trillion in client assets. The trade name is used by two separate broker-dealers and non-bank affiliates of the company: Wells Fargo Advisors and Wells Fargo Advisors Financial Network.

HD Vest’s existing management team, led by Roger Ochs, will continue to be in charge of the business. “Our advisors will continue to have access to the same products, services, and tools to offer clients as they do today,” Ochs said in a statement.

“HD Vest is well positioned to capitalize on the growing demand for independent financial advice, particularly as the country’s large baby boomer population begins to reach retirement age,” said Andrew Dodson, partner at Parthenon who deals with its financial services investments.

Parthenon is a medium-sized firm based in Boston and San Francisco, specializing in business services, insurance and healthcare.