When solving for the wave function under a harmonic potential $V(x)=\frac{1}{2}kx^2$, we attempt a solution in the form:
$$\psi(y)=H(y)e^{-\frac{1}{2}y^2},\quad y:=\left(\frac{m\omega_o}{\hbar}\right)^{\frac{1}{2}}x,\quad \alpha:=\frac{2E}{\hbar \omega_o},$$
where $x$ is position, $E$ is the energy. It follows by substitution into the time-independent Schrödinger equation that $H(y)$ is subject to the following:
$$H''-2yH'+(\alpha-1)H=0,$$
which is the Hermite equation. When solving this equation using Frobenius' method, we end up with the recursive relation:
$$a_{n+2}=\frac{2n+1-\alpha}{(n+1)(n+2)}a_n \quad\text{where}\quad H(y)=\sum_{n=0}^{\infty}a_ny^n.$$
When proving that this series must terminate at some finite order $n$ for the final wave function to be square-integrable, it is common to compare the limiting behavior of the ratio between successive terms in this series with that of the function $e^{2y^2}$:
$$H_\infty:\quad \frac{a_{n+2}}{a_n}\sim\frac{2}{n},$$ $$e^{2y^2}:\quad \frac{b_{n+2}}{b_n}\sim\frac{2}{n},$$
since the power series expansion for the latter is:
$$e^{2y^2}=\sum_{n=0}^\infty b_ny^n=\sum_{n=0}^\infty \frac{2^ny^{2n}}{n!}.$$
From here we assume that:
$$\frac{a_{n+2}}{a_n}\sim\frac{b_{n+2}}{b_n}\implies H_\infty(y)\sim e^{2y^2},$$
and therefore the wave function diverges as $y\to \infty$.
My question is: how do we prove that, if the ratios between successive terms in two different power series are asymptotically equivalent, then the two function defined by the power series are also asymptotically equivalent?
From @Gary's very useful comment:
and after some research, the method I presented is not rigorous and not true in all cases. A more sensible method is as follows.
From the general physicist's Hermite differential equation:
$$\frac{\text{d}^2y}{\text{d}x^2}-2x\frac{\text{d}y}{\text{d}x}+2\lambda y=0,\quad \lambda\in\mathbb R,$$
we can use Frobenius' method to derive a series solution
$$y(x)=\sum_{k=0}^\infty a_kx^k,\quad a_{k+2}=\frac{2(k-\lambda)}{(k+1)(k+2)},$$
which implies that the solution is a linear combination of an even series $y_1(x)$ and an odd series $y_2(x)$:
$$y_1(x):=\sum_{k=0}^\infty a_{2k}\,x^{2k},\quad y_2(x):=\sum_{k=0}^\infty a_{2k+1}\,x^{2k+1},\quad \text{such that}\quad y(x)=y_1(x;a_0)+y_2(x;a_1),$$
where $a_0$ and $a_1$ are arbitrary coefficients for the above recursive relationship. From this relationship, we see that one of the series solutions ($y_1$ or $y_2$ exclusively) terminates for positive integer values of $\lambda$:
$$a_{k+2}=\frac{2(k-\lambda)}{(k+1)(k+2)}=0\implies k=\lambda.$$
Aside, we can define two functions:
$$H_\lambda(x):=\begin{cases} \sum_{k=0}^\infty a_{2k}\,x^{2k} & \text{if }\lambda \text{ is even} \\ \sum_{k=0}^\infty a_{2k+1}\,x^{2k+1} & \text{if }\lambda \text{ is odd} \\ 0 & \text{otherwise} \end{cases}\quad \text{where}\quad a_{k+2}=\frac{2(k-\lambda)}{(k+1)(k+2)},$$
$$h_\lambda(x):=\begin{cases} \sum_{k=0}^\infty a_{2k}\,x^{2k} & \text{if }\lambda \text{ is odd} \\ \sum_{k=0}^\infty a_{2k+1}\,x^{2k+1} & \text{if }\lambda \text{ is even} \\ \sum_{k=0}^\infty a_{k}\,x^{k} & \text{otherwise} \end{cases}\quad \text{where}\quad a_{k+2}=\frac{2(k-\lambda)}{(k+1)(k+2)};$$
where we call $H_\lambda$ the physicist's Hermite polynomial of first kind, and $h_\lambda$ the physicist's Hermite function of second kind. We can also see that the latter can be expressed as a confluent hypergeometric function of first kind:
$$h_\lambda(x)={}_1F_1(-\frac{\lambda}{2};\frac{1}{2};x^2).$$
Lastly, for $H_\lambda$ by convention we specify the initial coefficients $a_0=1$ and $a_1=2$.
Now, instead of partitioning the solution based of parity, we split the solution in two functions: a finite-order polynomial, and an infinite power series, such that the solution is a linear combination of the two,
$$y(x)=C_1H_\lambda(x)+C_2h_\lambda(x),\quad C_1,C_2\in\mathbb C.$$
In conclusion: applying this to the problem I originally asked in the question, we require $y\to 0$ as $|x|\to\infty$, as to render the final wavefunction square-integrable (or at least have $y$ grow slower than the rate $e^{-\frac{1}{2}x^2}$ decreases). This can only hold if $C_2=0$, since $h_\lambda(x)$ diverges as $|x|\to\infty$. And if this is the case, we are left with:
$$y(x)=C_1 H_n(x),\quad n\in\mathbb N_0,$$
where we changed $\lambda$ to $n$ to further signify that this parameter is strictly a positive integer. Finally, in the time-independent Schrödinger equation in the original question, we specified $n=\lambda=\frac{1}{2}(\alpha-1)$; applying this change of variables, and substituting into the original ansatz for the differential equation, we arrive at the final solution.
Please edit this answer if something is not quite right.