Wells Fargo AdvisorsConsumerAffairs Unaccredited Brand
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A family member passed away last year and left some money for our minor child. His account was at Wells Fargo. We followed all the instructions provided by Wells Fargo to get the money transferred into an account for the minor that we “HAD” to open at Wells Fargo. It took six months for them to complete the transaction after a lot of back and forth between the various departments we were routed through (following all the instructions they provided). Doesn't seem the departments communicate with each other. Everything was held up in their "back office" with one excuse after another and asking us for different forms they never told us about or sent. And, we would never have found out about the forms or resolve the issue if we didn’t continue to contact Wells Fargo.
Given the difficulty of that process we decided to move from Wells Fargo to another financial institution. Called Wells Fargo and asked what we needed to do before we proceeded. Wells Fargo will not send funds to another bank electronically unless you have a void check from that institution. In this day and age, who does that? Not all accounts are standard accounts (especially brokerage accounts) nor have checks or deposit slips. And nowadays, most institutions can and will transfer funds through ACH or other electronic means. Wells Fargo will make an electronic transfer into another Wells Fargo account. A manager in the department said the IRA department would not budge on this requirement and suggested we have the other institution initiate an in-kind transfer. So, we did that.
We were also told by their representative that there was a fee to terminate the account but because the account was for a minor there would be no fee. Nope… $95 just hit the account. But, in the same breath, the current representative is telling us that there is a fee regardless, if another institution initiates a transfer. Every representative contradicts the other. Wells Fargo does everything in its power to get your money and everything in its power NOT to return it when you ask them and complete all the ridiculous paperwork they ask you to complete (in addition to answering the security questions proving you are who you say you are).
Today, the status is that their so-called “back office” is waiting on documentation from the initiating institution and so the transfer of funds has not happened. Can’t imagine how long it will take to resolve this. Including the problems with Wells Fargo when trying to close on our house several years ago and these two last issues, we will NEVER do any business with Wells Fargo again in this lifetime.
If you are thinking about opening an account with Wells Fargo Advisor, you will definitely regret it. My experience with Wells Fargo Advisor has been HORRIBLE. Each time when you transfer money to the account, you will need to wait 2 business days to clear. If you sell your stocks, you will need to wait for 2 business days for it to clear. Everything takes two business days, and most issues do not get resolved after 2 business days. You will need to contact them over and over again to ensure your money is available after 2 business days. Oh, not to mention, your accounts gets restricted without getting any notice. This only happens when you try to sell your stocks.
When you contact customer service, you get different messages each time when you call. They will tell you to provide different documents/identification and make it a big hassle if you want to sell your stocks. They put a restriction on my account without notifying me, so I miss the timing to sell my stocks. After I request to have my account closed, they put a restriction on my account so I can't transfer the money out. This has been happening for the past two weeks, and I will have to contact them for the 10th time to get my money transfer back to my bank account. I will be contacting my lawyer to escalate this issue.
I have had brokerage accounts with other institutions and was unhappy with the lack of attention, investment strategy and making trades just to generate fees. Wells Fargo Advisors has been my financial consultant for many years, and I couldn't be more satisfied. Personal attention, appropriate investments, and a growing portfolio.
We transferred our investments to Wells Fargo in Portsmouth NH to follow our investment Advisor. Our experience over the last two years has been miserable start to finish. It took a full year for our advisor to complete all transfers, and 2 were never moved. Most of the data entered by his new assistant was inaccurate, beneficiaries changed, birth dates wrong, email address wrong, essential information inaccurate. Accountant changes were made that I was not informed about. Advisory fees deducted from my accounts and mysteriously returned at a later date. Higher fees charged than was our agreement. My advisor stopped scheduling regular meetings and scheduled meetings only when called or pressed to do so. He was so delighted to have an assistant he stopped doing anything himself. We have moved all of our accounts back to our original firm with a new advisor there. Stay away from Wells Fargo.
First off let me say I have nothing against my Financial adviser that I had at Wells Fargo, she was a nice person and had a good heart. Anyway, I opened both a ROTH and a regular investment account in April 2013. After exactly 5 years, my account balance had grown to $100k+, but most of it was just my input, because the total average return after 5 full years on the Investment account was 1.14% and 3.67% on the ROTH. She put me into 4 different mutual funds with supposedly good track records and a good reputation. Also, I didn't realize it at first, but they were charging me $100/year fee for the ROTH, then in 2015 it went to $125, then I realized that last year it went to $150.
The last time I met with my adviser was July 2017, and she has never bothered to communicate with me a single time since then. At that time, it was agreed that my monthly $1400 automatic deduction from my checking account was to be split between two different mutual funds, $700 into each. Well several months later I logged in and realized that the $1400 was just going into the CASH account and not being invested, so I missed out on all those amazing gains we saw the last part of 2017. Yes I should have called her immediately, and asked her what was going on, but I was busy with my business and didn't get around to it.
As of April 2nd, I switched to Fidelity and I am very pleased now, as they have very low fees and no ROTH IRA fees and offer many mutual funds with no loads and no transaction fees. (I was surprised that I was able to do a transfer of assets out of Wells Fargo Advisors to Fidelity without any problems or delays. A miracle judging by all the reviews I have read about WFA.) Then I was hit with two fees of $125 each to close out my 2 accounts with Wells Fargo. Luckily, Fidelity has a program, that will reimburse the fees, up to $150 per account. I will never ever ever go back to Wells Fargo. In my opinion they are the bottom of the barrel as far as a place to build wealth in the stock market.
A side note, after talking to my new financial adviser at Fidelity, I found out that all of the mutual funds I was buying at Wells Fargo Advisors, I could have purchased thru Fidelity without any front end load and no transaction fee. (The 2 main Funds I was buying at Wells Fargo were Thornburg funds.) So I really feel stupid now, since I was paying a 4.5% front end fee at Wells Fargo Advisors. So, anyone currently at WFA, in my opinion, needs to immediately get the heck out of there and go to either Fidelity or Vanguard. Wells Fargo Advisors will hit you with so many fees and to be honest, I have no idea how Wells Fargo Advisors continue to stay in business at this point. Cheers.
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They are informative, helpful, knowledgeable and give current information to the customers. I have not as yet been left without the most current and needed information about my portfolio.
I made the mistake of transferring several hundred thousand dollars into a WFA account. I grew displeased with my advisor's investment activities that routinely caused my portfolio to lose money while I was being charged a significant quarterly fee. I then directed the advisor to convert my portfolio to cash. He later contacted me several times with other investment options which did not appeal to me. He then asked I meet him at the local Wells Fargo bank for a meeting where he offered a new one-time fee structure and represented my account WOULD HAVE GROWN 10% had I not converted to cash and instead left the portfolio under his direction. I agreed to reinvest in the market relying on his statement of 10% growth during the time my portfolio had been dormant.
I repeatedly asked for proof of his claim of 10% and I asked for clarification on the new fee structure; both requests continually ignored; and by the terms of an Agreement between myself and WFA, I was to be given written details of all fee structures - which I was not. I was later alarmed when the advisor told me should I want to convert to cash and return to the market I would be charged about $4k each for the two activities. I have filed a complaint with the appropriate department, appealed their refusal to reimburse my account for the excessive fees I was charged, and filed a Small Claims suit. The suit was dismissed because I had signed an Arbitration clause; I am now in the process of seeking remedy by alternate means. Not only do I advise everyone to refrain from doing business with Wells Fargo Advisors, I am now suspicious of the separate entity Wells Fargo Bank because of their affiliation with the investment entity Wells Fargo Advisors.
December 2014 went to my Mom’s local office, filled out all paperwork to add me to all her accounts including her investment account. The agent at bank printed investment paperwork, we signed, notarized and sent certified mail. January 2018 I was informed I was not added to the investment account because my physical address was not filled in correctly. 5 calls later and these incompetent people are still jerking me around. So received paperwork to add me, still waiting for response. As soon as this is completed, goodbye Wells Fargo. I am done, by the way I have a legal, notarized POA. Mom was just diagnosed with Alzheimer’s 2017, and I have all the paperwork to pursue this issue.
I opened a Roth IRA at Wells Fargo and was prompted, upon completion, to fax in paperwork to transfer my assets from my non-WF IRA into my new WF IRA. I did so. Several hours later, after allowing me to open an account and begin the funding process, Wells Fargo made a "business decision" to close my new IRA, giving me no notice at all. However, my assets had not yet been approved by WF for deposit. Despite closing my account, WF decided to approve the transaction, taking my funds and thereby triggering my non-WF account to automatically close. I spoke to WF and was informed it will take 7-10 business days and my money will be mailed to my home address. Sooo...money is out of the market for now over 2 weeks and I will be paying taxes on a withdrawal I never asked for...
Wells Fargo has such awesome business practices that several hundred branches will be closing this year. Wish I would have read that earlier. Totally my fault I dealt with a badly run company that sucks. My family has had such a good relationship with them for so long, however, we all will be leaving them. Way to start working on repairing your public and customer reputation. STAY AWAY FROM WELLS FARGO.
My son is a veteran and served his country 8.5 years. This company was in charge of his trust fund. They did not do him right. The most horrible inefficient customer service ever. The Department heads are hard to reach and do not return your phone calls until way after the fact. My perception is they do not care. ** does not do his job. He played God with my son's trust funds. Do not give these people your money!! They will mess things up!!
My parents are refugees who came to this country 37 years ago with empty pockets and a dream. After years of hard work, they managed to save some money. Regretfully, they chose to invest with Robert ** of Wells Fargo Advisors. They made it crystal clear to Mr. ** that they need their investments to be liquid. That if they needed their money tomorrow it would be available to them. My father was already 71 years of age and so it only made sense to have their investments liquid.
The real issue began when they asked for their money back. Initially, Mr. ** was questioning why they were leaving. He was hard to reach and ignored their email. Only when we called the 800 number and threatened to file elder abuse charges with the DA did we get a response. Of course he didn't wish to lose out on his income. When they started transferring the money one of the funds with a substantial amount was a long-term investment. Not only did the investment lose money (I understand that happens) but they will have to wait another 10+ years to get their money. My father is now 80. We contacted Robert ** who didn't think what he did was an issue. So, we contacted Wells Fargo Complaint Resolution Group.
Months later after much back and forth we received from Wells Fargo 300 pages of a Private Placement Memorandum agreement that they never saw initially with a letter stating that our case with Wells Fargo Complaint Resolution Group was closed. How shocking that they found themselves blameless. We still have the money tied up in this useless FUND that no one would have consented to had they understood what they were signing. After reading other people's one-star reviews, it looks like Wells Fargo Financial Adviser Services’ regular practice is to take advantage of people especially the elderly.
I have banked with Wachovia (now Wells Fargo) for over 30 years. Hence, when I decided to transfer funds from an investment firm to this bank, I thought I was in good hands. However, this has been the worst move I have ever made. The "Envision" plan can only be used if the bank is paid 1% of your assets. Why do they not say this from the beginning? Customer service is poor or non-existent. Vice Presidents or higher ranks do not return telephone calls. Communication is handled by email if at all. Stay very far away. It will take work but I plan to take all my accounts out of this bank and never look back.
I recently relocated from CA back to PA to take care of my 92 year old mother. Upon opening a checking and savings account at Wells Fargo in Lehighton PA, it was suggested I speak with the bank's financial adviser/broker who could discuss beneficial investments since interest rates for savings accounts are so deplorable. I agreed but having only one year investment experience with a very small investment years ago, I let the WF adviser take control of my savings at his request and put into securities investments.
The adviser cherry picked companies to invest my money while we were making small talk. It took him about 10 minutes to shove my money into what he termed tax free investments. He never explained any of the investments, if they were stocks or bonds and all he kept saying was "I am buying you COMPANIES"! He did not want to discuss with me any further about my new investments, so I simply trusted his so called expertise? Only after I closed the brokerage account (after three months of losing money) I learned the WF adviser/broker put my money into high risk C Class bonds with high fees. The broker told me there were no fees, no charges!
Though the stock and bond market were doing quite well with only a 2 percent loss overall, my portfolio continued to hemorrhage money right from the beginning showing a 7 percent LOSS. Everyday I checked and my accounts were always in the red!! ALL of the investments all RED! All T.M. ** kept saying to me when challenged is "they will go up"!
After losing money everyday for three months, in the first two weeks of the third month my portfolio lost 14K! $14,000.00 loss in two weeks while my financial adviser was visiting the wine vineyards in Napa Valley and during the same two weeks of the huge drop in my money, my Wells Fargo adviser bought his second investment property in St. Augustine, Fla. I have nothing good to say about this so called financial "adviser" or Wells Fargo who lied to me and would not even listen to my pathetically rotten experience with their institution!
For 5 months I have been attempting to transfer an inherited IRA from Wells Fargo to Fidelity. On at least 6 occasions, WFA indicated all paperwork had been completed. On each transfer attempt, Fidelity is advised that something else is required. Having other Wells Fargo accounts I requested a local WF bank representative to assist on the last couple of attempts. Now he is so frustrated, he is not returning my calls. Cannot find another way to contact WF management, and not sure anything less than a court order will get their attention or my money.
Trying to cash out bonds my grandparents bought for me when I was younger now for college and their customer service is a DISASTER. I have been on the phone with them every night since last week and they still have not been able to send me the correct paperwork to even verify that I own the account. I have been sent 3 different forms, all of which coincidentally get "lost" or "misfiled". This company is the biggest joke in financial servicing I have ever seen. I had my financial advisor call them to see if he could make heads or tails of what they needed and he sent the forms over himself. Still no difference.
1 week and counting just to step one of liquidating this account. No one there knows what they are talking about and they will not let you speak to supervisors... Probably because they also have no idea what's going on. Company is a prime example of why brick and mortar banks need to go. Side note: Liquidate your funds if there is no serious tax consequence! Their charge to transfer accounts are beyond insane.
For many years, my wife and I had our investment portfolio managed by Senior VP Michael ** at Wells Fargo Advisors in Laguna Beach, CA. We left that company because of his dishonest and insensitive actions, ultimately resulting in lies and investment fraud. Mr. ** managed all purchases and sales of stocks and other financial products in our portfolio. However, regarding on stock that was our personal choice... because we knew owners of the company... ** sold that stock without our knowledge or permission. The stock continued to rise and we suffered financial loss as a result.
However, our main complaint and grievance involves a Lincoln Financial Annuity strongly recommended by **. He explained the annuity features but I made it crystal clear that we were not interested in the long term features, including taking payments from the annuity "over time" as a retirement vehicle. I made it very clear that we were only interested in the feature he described whereby we could liquidate all principal and interest without penalty or other costs after 7 years. For a $100,000 investment, he told us we could take all principal and interest at the end of 7 years. The payout would be more than $140,000.
Mr. ** lied! I later discussed the annuity features with Lincoln Financial. The Lincoln representative was embarrassed by the facts I shared. Mr. ** boldly lied about the features of the investment. We filed a FINRA Complaint and the FINRA senior investigator in Los Angeles carefully explained that her department does NOT represent the plaintiff consumer. FINRA completed their investigation without any fault or penalties against Wells Fargo Advisors or Mr. ** because the contract and paperwork ** prepared had no faults. However, the senior investigator did encourage us to file for FINRA Arbitration or Mediation so we could face Mr. ** at a formal hearing and have our case considered for compensation and settlement. We may still choose to file such a FINRA process.
I also spoke directly with Mr. **'s supervisor, Mr. Mark **, in the WFA Newport Beach headquarters. Mr. ** was clearly not interested in discussing his subordinate's behavior. It is interesting to note that Mr. ** was later fired by Wells Fargo Advisors for not properly managing the actions of another WFA employee who was also dismissed for gross dishonest investment behavior. (Google it. Wells Fargo is a dishonest company.) We seek an apology and fair compensation for our losses that resulted from dishonest behavior of our WFA Michael **.
Wells Fargo currently manages one of my investments and I requested to switch it over to our main financial manager. We started the paperwork in July 2016 and now again I received more paperwork to update my account??!? I want to advise people to NOT invest with Wells Fargo. One of the reasons I want to move my investments is their fees are high and hidden. And now I know that it's very difficult to get them to release my investments.
Years ago Wells Fargo swindled me of approximately $10,000.00 my parents left me in stocks held at their bank. When I received the stocks I asked the bank if there was any charges for them holding the stocks. They indicated there was no charge. As I was working out of the country at the time I did not pay attention. They started to sell my shares in order to pay themselves a newly established fee and I lost all my monies.
These people are incompetent criminals. I have been working for months to get my stock transferred out of their greedy hands. They always find more paperwork to fill out. At the very bottom of their SNAPSHOT it states right out they are non-bank affiliates of Wells Fargo & company. So we were duped into thinking it was safe. Where are the young lawyers?
Extremely disappointed in the way these guys recently handled a transactions between my accounts. It took three weeks to have money transferred from one account to another and I had to go thru 5 different Advisors. When the transaction was finally settled and sent to my account it was for the wrong amount... Go figure. It's obvious these guys don't know how to communicate effectively with each other or with their customers. I asked to speak with a supervisor regarding the situation but apparently I was not allowed to and no explanation was given as to why just that it was their policy. Imagine that!
I have banked with Wells Fargo for 25 years and have always had a great experience but the Advisors need to get their crap TOGETHER. I will NEVER recommend anyone to invest their money with Wells Fargo Advisors as they are incompetent of handling something as easy as moving money around from one account to another.
Wells Fargo's customer service is one of the poorest examples I've come across. They are dismissive and from my experience, do not prioritize building relationships with their customers. If a problem arises that is their fault, they do not take responsibility. I've been a customer with Wells Fargo for over 10 years and all I can say is that I've learned that it's best to stay far away from this company. Their quality control has gone downhill and I will not work with them ever again.
I have been trying close an account that was in my mother's name, she changed me to be the beneficiary back in Feb 2012 and it seems that they only received 7 of the 9 pages and after years of refaxing all of the info they say they have no record of it. I have sent them more information than what the insurance companies ask for and it's all for nothing. Since it's a small account the local Wells Fargo Advisor will not talk to me at all. They say "call corporate". I filed a Corporate complaint in mid July. On August 15th I received a letter saying they were working on it, well I called on Sept 1st to see what's going on. I was told they have not looked into it yet? Where is the Customer Service here, trust me I will spread the word to stay away from these people.
My biggest advice is do not get involved in the investment department at Wells Fargo. I am currently trying to roll one Coverdell into another (should be easy enough) but no. I have now talked to 3 different people on the phone, all who tell you that you need different forms in order to do this. Today's story is that the fax sent/received on 8/17/16 had an issue so that when it came through to their fax that it came through and split in two. Part of this went to one department and part went to another. They had contact information for me, but I was NEVER contacted to let me know there was an issue.
When I called today, I was under the impression that the rollover had taken place and the initiating account was closed. But this had not happened, so now they have two accounts open that they plan to steal another $125 out of each because they have failed to do their job and process the transaction. I demanded to talk to a manager but was told they were all in a meeting but someone would call me back today. No one called me. I demanded an email address to send the form to so that I would not have to rely on someone in one of their branches faxing the forms. They gave me one along with this other form that magically is needed to get this process moving. The worst part of this is the fact that they are taking money out of my child's college funding every time they charge these ridiculous fees, which why they charge I have no clue since they can get nothing right.
I am just writing to say that I have been very disappointed in the customer service you all provide, and I would never do business with you or suggest that anyone else do the same. This is regarding the account of my late father. In the course of dealing with taking over as successor trustee to his living trust and dealing with his estate, I have had to deal with several financial institutions and government agencies, and dealing with you all was the most frustrating and difficult experience of all.
He had apparently bought a couple of funds from a living breathing, human being at one point, but the person whom he had dealt with had since moved on to join a different organization. Apparently, his account was sent to some customer service center with no person assigned to it. It took me four phone calls to actually talk to a human being. The first three calls, I was on hold for over 45 minutes before I gave up. The worst part was your hold message which thanks people for their patience on a nonstop loop that was quite maddening.
I finally got through on the fourth call after being on hold for over thirty minutes. Of course, once I explained why I was calling I was informed I was talking to the wrong department. I was then transferred and put on hold for another fifteen minutes. I was informed that I would need to send all kinds of legal documents that I did not understand, but that a letter would be sent to me explaining what these were. I found this a bit odd as I was able to take the trust documents and a tax ID number to the bank where his bank accounts were and settle taking over those accounts quite easily. A couple of weeks later, I had not received anything so I called to follow up. I was told that you all were extremely busy, but my case had been assigned to someone, and a letter be sent within 10 days.
I had a statement from American Funds with a phone number on it so I called them to see if there was a way to start the process. I got to them right away. They transferred me to a very helpful individual who understood what I wanted and emailed me the forms I needed within a couple of hours. I completed these forms and mailed them back. Someone called me immediately after receiving the forms to clarify one question. After settling this, I received a packet from you with a bunch of totally different and difficult to understand forms which I still have.
As of today, American Funds has already closed the accounts and transferred the money to the trust bank account without any help from you at all. Based on this experience, I do not understand why anyone would do business with you. Another family member has a personal Wells Fargo advisor she deals with for her investments whom she likes. He, himself admitted that people complain to him about your poor phone service.
BEWARE! If you ever intend to get your money out or your loved ones need to settle after death, you are creating a nightmare for your loved ones! Six months -- many, many hours later Wells Fargo Advisors has decided they will "look into" trying to get an estate settled FINALLY. They keep "finding" new paperwork. Average wait time to call to ask a question 25-35 minutes. Does anyone ever return phone calls? NO. Is the same person ever available to follow through or follow up with? NO. Every time you call, you start over trying to get assistance! Then they ask me if I would like to open an account! NO. NEVER.
On December 18, 2015, I suffered major home damage and needed more cash in my banking account for repairs. I called to liquidate funds and was told my money would be in my bank account shortly after Christmas. Five different representatives and five weeks later, and the money still isn't there. You can't get anyone knowledgeable on the phone and their online "customer service" and email options are always experiencing temporary errors. What they are doing to people is criminal. I cannot express how horrible this past month has been.
Terrible customer service. Was given wrong information from 5 of Wells Fargo advisors. They tried to deduct 10% of proceeds from IRA distribution for federal taxes. I have had this account for over 10 years. I filled out proper paper wok when I opened this account. They are ignorant of the tax laws. They will not let you speak to supervisors or executive offices. They want $95.00 from each account to transfer my three accounts to a reputable broker. That's their way of thanking you for over ten years of loyal service. RUN, DON'T WALK AWAY FROM WELLS FARGO.
I do not feel that the service I was paying for was provided. I was under the impression that I was receiving a personalized service for the fee that was being charged to my account and I do not feel I received that.
Was foolishly talked into investing with Wells Fargo because I had banked with them for many years. I made it known upfront that I didn't know what I was doing and wanted someone to handle this for me so I would not ever need to return to work. Was shown all kind of graphics of "F-squared and Good Harbour." Was told how they were up 30% and when others lost money they were still strong. I made many calls to Diego ** (he NEVER called me). I was always told I was rushing things - I should just wait. I guess I was to wait to lose it all. I got out after a year and 40,000.00 lost on 350,000.00 investment. He is in Concord NC office scamming people still!!! Beware please!!!
Wells Fargo Advisors expert review by Barbara Friedberg
Wells Fargo Advisors handles $1.4 trillion in client assets and is one of the country's leading financial services firms. The Wells Fargo Advisors serve their clientele in person, over-the-phone or online. The company brings Wall Street vision and Main Street values to their client relationships.
Services: Wells Fargo Advisors serve their clientele with insurance, investing, banking and general money solutions. Their interrelationship with other Wells Fargo and Company financial departments incorporates an expansive array of money solutions for their clients.
Products: Their financial products include a wide range of investments, including stocks, bonds, mutual funds, exchange traded funds, futures, commodities, certificates of deposit and more. The firm provides a suite of insurance products including life, disability, long term care and annuities. Wells Fargo Advisors also offers credit and lending products, along with business services and Advisory Services for wealth management.
Investment philosophy: The Wells Fargo mission is to help clients succeed financially. The company provides advice and guidance to help maximize all elements of the consumer’s financial life, whenever and however it is needed.
Educational and client resources: The Wells Fargo Advisors “Our Insights” portal offers strategy and research information including market commentary, investment insights, special reports and more from their panel of experts.
Best for: Wells Fargo Advisors serve consumers looking for a one-stop shop for all financial management needs, from banking to lending.
Wells Fargo Advisors Company Information
- Company Name:
- Wells Fargo Advisors
- Year Founded:
- One North Jefferson
- St. Louis
- Postal Code:
- United States
- (866) 224-5708