Wells Fargo Advisors
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About Wells Fargo Advisors
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Wells Fargo Advisors is a financial advising company that offers services for guided portfolio management, self-management and robo-advising. The company is not a fiduciary and requires annual fees and transaction fees, but it doesn’t charge trading fees for stocks or ETFs. Wells Fargo Advisors has locations in all but thirteen states.
Pros & Cons
- Multiple investment services
- Free consultation
- Accounts on mobile
- Not FDIC-insured
- No locations in some states
Wells Fargo Advisors is an investment service and advisor company. It’s a non-bank affiliate of Wells Fargo Bank. Its three main plans are self-managed, robo-advisor and dedicated advisor.
Top Wells Fargo Advisors Reviews
Jared… exhibited several outstanding qualities, while administering my mother’s finances since January 2018. As a Financial Representative / Advisor; Mr. ** is knowledgeable, atte...Read full review
We've been clients for well over a decade. Our long-time advisor passed away. He had taken considerable effort to be sure he transferred his clients to the 'right' person. After o...Read full review
What is Wells Fargo Advisors?
Wells Fargo Advisors is an investment services and financial solutions company. The company is a non-bank affiliate of Wells Fargo Bank. It offers a variety of services in investing, IRAs, borrowing, insurance, advisory and more.
Wells Fargo Advisors has more than 12,000 advisors across the nation. The company provides in-person help, over-the-phone advice and online tools to help clients manage their accounts. It’s important to note that the company’s investment and insurance products are not insured by the FDIC or any government agency.
How does Wells Fargo Advisors work?
There are three main services Wells Fargo Advisors offers: WellsTrade Brokerage Account, Intuitive Investor Account and Dedicated Financial Advisor.
- WellsTrade Brokerage Account: This low-cost service allows clients to invest online independently. Clients can trade stocks, ETFs and no-load mutual funds from their mobile device. There’s a DIY toolkit to help investors make informed decisions, as well as 24/7 phone assistance.
- Intuitive Investor Account: This is a robo-advisory account that allows clients to invest without the hassle of picking stocks, trading and otherwise tracking the market. Portfolios are matched to the client’s interests and risk tolerance. The accounts are monitored day to day and are automatically readjusted.
Clients also get access to professional advisors for a small annual fee. The account requires a minimum investment of $5,000. It also has a 0.35% annual advisory fee, plus other fund-related expenses.
- Dedicated Financial Advisor: This is a full-service account for those interested in customized guidance. Clients get a dedicated advisor to create a personal portfolio. Your advisor is there to help with your investing questions or other financial matters. If you’re curious, you can take advantage of a free consultation.
Wells Fargo Advisors fees
Wells Fargo Advisors fees depend on the products and services you choose. The WellsTrade account has an annual fee of $30 per household. There is no fee for stock or ETF trades, but some mutual funds have a transaction fee of $35.
The Intuitive Investor account has an annual fee of 0.35% of your account value. The minimum deposit for this account is $5,000. The cost of a dedicated financial advisor is based on the services you select. The advisor then provides you with a fee structure.
The payment method depends on whether you choose investment advisory or brokerage services. Investment advisory is paid based on a percentage of assets in your account. Brokerage services involve a cost per transaction.
Wells Fargo Advisors FAQ
Is Wells Fargo Advisors a fiduciary?
Wells Fargo Advisors is not a fiduciary. Wells Fargo Bank does offer some fiduciary services, but Wells Fargo Advisors is a separate, non-bank affiliate. This means advisors aren’t beholden to fiduciary rules.
Where is Wells Fargo located?
Wells Fargo has a corporate headquarters in San Francisco, California. You can connect with Wells Fargo advisors at office locations and over the phone. There are currently no Wells Fargo locations in:
- New Hampshire
- West Virginia
How does Wells Fargo Advisors get paid?
Wells Fargo Advisors get paid fees and commissions from the products it sells. When you choose a financial advisor, the two of you establish your fee structure for your desired services.
Is Wells Fargo Advisors the same as Wells Fargo Bank?
Wells Fargo Advisors is not the same as Wells Fargo Bank. It’s a separate affiliate, and it’s a non-bank entity.
Is Wells Fargo Advisors FDIC-insured?
Wells Fargo Advisors is not FDIC-insured or insured by any other federal government agency.
Is Wells Fargo Advisors good?
Wells Fargo Advisors is a good business for investors and those seeking financial advice. It helps that the company is an affiliate of the well-established Wells Fargo Bank — it’s easier for people to trust a name they already know. Clients who already bank with Wells Fargo can save on Wells Fargo Advisors services.
The company has an investing level for anyone interested. There’s a robo-advisor account for people who are more interested in setting something up and letting it self-regulate. If you’re confident in investing without advice, you can choose an independent investment account. If you want someone to take on the responsibility for you, you can choose to work with a dedicated financial advisor who will guide you and keep you informed.
Wells Fargo Advisors insurance and investment products aren’t backed by the FDIC or other government agencies. That said, you’re always taking some amount of risk when you invest your money. Ultimately, Wells Fargo Advisors is a good option for investment services and other financial products.
Wells Fargo Advisors Reviews
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Wells Fargo Advisors (as well as WF Bank) are great at taking your money with a smile and a kind word. But just try to get the money back out when someone dies. My father in law passed away with a revocable trust account. My husband is both the trustee of the account and the Executor of the estate. We have attempted for 5 months now to get the money out of the account. Gotten an EIN for the now Irrevocable trust account, set up a new account with that EIN and have been trying to get the money transferred from the deceased's account.
We have filled out every form (multiple times) - they just keep sending the form again (with a different reference number every time), however they won't ever tell you what they are looking for if something is incorrect. You can call them, but the Estate Department will not answer the phone - 3 1/2 hours sitting on hold waiting for a live person - nope, never got one. If you call the sales department (new accounts) they will answer the phone right away and are happy to set up an account with you over the phone. My husband went live and in person the the WFA office in our state of NH - he said because my FIL had moved to FL the account had gone to "National" and he couldn't help. When we were dealing with the bank - they said we would have to go to a WF bank branch, but there isn't one within 160 miles of us - so sorry, don't care was basically the response. DO NOT DO BUSINESS WITH WELLS FARGO.
They closed my checking account for suspicious activity and I had a balance of over 500.00 dollars and said they would send that in a couple weeks so I called and said they sent the direct deposit back to my employer but they haven’t said anything. They are a bad banking company and I will never do business with them again.
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Wells Fargo sent a mail promotion for having a new checking account, which will receive a bonus of $325. The only requirements are: 1000 deposit within a 90 day period. 3 month past, the $325 bonus did not come in, while I satisfied the $1000 deposit in 30 days. I called customer service and initiate a ticket to investigate when the $325 will come in. No response for 3 weeks, then a letter came and said we did not qualify.
Call made on 4/10/23, and 2 people could not answer and argue that my company monthly deposit to my checking account is not considered deposit. This is absolutely ridiculous.. that is the only way my company is paying me is through ACH deposit to my checking account. This is purely a scam that the Wells Fargo bank is running. I recommend not ever getting involved with Wells Fargo bank. I have since then close all relationships, both checking account and credit card with this unethical bank.
Wells Fargo Bank in Quakertown, Pa. 18951. The worse bank I ever dealt with. It is a small incompetent bank that Wells Fargo should replace the entire staff. I have had so many issues with this bank I just closed my account and went elsewhere. They have ridiculous fees. Every time I go into this bank I hear "you can't" or "we can't" or "I don't know". No one in this bank knows what they are doing-you ask for a bank manager their only answer is go online and schedule a appointment to see one. My last visit I received a check, went to this incompetent bank to cash it and the teller tells me, "We can't cash that check." I go to the next Wells Fargo 3 miles down the road they cash it with zero issues. Avoid this bank. You won't get anywhere.
Seven years ago, our then advisor Brian ** got us into an investment that was promised to be 5 years, we drilled the point and we’re assured 5 years, THEY LIE, BRIAN ** IS A LIAR. The investment was a total loser like many of the investments we were led into from our supposed knowledgeable advisor. We’ve since pulled almost the entire account and put into Edward Jones.
I would advise everyone to not use their Mobile Banking. My wife made a deposit. We were at a Positive now because their system has big problems. We are on hold with that deposit and are now at a huge Negative Balance. Called CS. No help at all. Very unprofessional, Extremely rude.
Do NOT use this bank! I am STUCK with this bank for reasons too long to go into. But I am constantly locked out of my accounts, the ** online robot will NOT recognize my password, nor will the idiot auto robot recognize my account numbers. Calling the so-called 24/7 HELP number is nothing but a lie, as there IS no such thing. Trying to get help from my "Financial advisors" takes emails and phone calls unlimited because they are only in my horrible branch one day a week. And I don't think they BOTHER to look at emails or phone messages daily. I'm out of this as soon as I can GET OUT!
My father had invested his life earnings for over 22 years in Wells Fargo Advisors (WFA). We set up a family trust for him over 15 years ago and named the WFA accounts to his trust to avoid probate and expedite his wishes in the distribution of his estate. The Financial Advisor said that we would not have any problems with the trust and securing the funds in a timely manner. NOTHING could have been farther from the truth!! WFA assigned a new employee to facilitate the liquidation of his funds.
She, who was overseen by the manager of field support & Assistant VP, made numerous mistakes in closing the account. I contacted the attorneys who created the trust for my father and my father's accountant and they guided WFA through the process. Both firms shared that I, as the executor, was doing things correctly and they were surprised by the lack of knowledge of closing a trust with WFA. Unfortunately, as a customer, WFA never provided an overview of the process, and the new employee and Assistant VP had to contact the “Estate Team” throughout the process to acquire clarification of the trust process which delayed liquidation by months.
The attorneys who created the trust shared my father's trust was a very simple “cookie cutter trust”. Due to the lack of knowledge in closing my father’s WFA accounts and poor communication, we shared our concerns with WF Complaints office twice and received back boilerplate form letters sharing that they would use our concerns as “coaching opportunities to make sure our level of service does not fall short again.” WF Executive Office followed up to share their protocol to justify the poor closing procedures. Recently, I took time to review some of the past reviews of WFA on the Better Business Bureau and Consumer Affairs website and noticed that we are not alone when concerning the mismanagement of WFA. We do NOT recommend investing funds with WF.
On an interest payment of $637.50 I was charged $175.00. I have bonds with Stifel and receive no charges. Why can one financial institution work for the customer while another seems to be out for itself?
They open account as if they are Wells Fargo but later games start. They don’t want to pay back or ask for certified motorized ID just to transfer my money to my own Wells Fargo account and even a visit to a branch with con call with this wells trade spoke to someone maybe from India like a call center, just couldn’t help.
Wells Fargo Advisors Company Information
- Company Name:
- Wells Fargo Advisors
- Year Founded:
- One North Jefferson
- St. Louis
- Postal Code:
- United States
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