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Wells Fargo Advisors

Wells Fargo Advisors

 3.5/5 (120 ratings)
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About Wells Fargo Advisors

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

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.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Multiple investment services
  • Free consultation
  • Accounts on mobile

Cons

  • Not FDIC-insured
  • No locations in some states

Bottom Line

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

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Rated with 5 stars
Verified

Jared… exhibited several outstanding qualities, while administering my mother’s finances since January 2018. As a Financial Representative / Advisor; Mr. ** is knowledgeable, atte...

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Rated with 5 stars
Verified

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...

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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:
  • Hawaii
  • Indiana
  • Kentucky
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
  • Missouri
  • New Hampshire
  • Ohio
  • Oklahoma
  • Vermont
  • 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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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Oct. 4, 2021

My wife and I have been clients of Wells Fargo Advisors for over 20 years. They have known that for the last 15 years, we have lived in the UK, though always with the plan to return to the US for our retirement. After those 20 years, without so much as a consultation, they have told us that they will no longer service "international" accounts, and we have to move all our savings, including our retirement accounts, elsewhere. This is, as far as we understand it (though who knows, we might be wrong, which we suppose we could discover if we page through all the fine print), just because they no longer feel like servicing international accounts at all.

Being overseas, it is very difficult, bordering on impossible, for us to open another USD account in the US. With all our savings in USD, it appears that our only way out is to move all the funds to the UK, converting the funds to British sterling, taking a hit of some thousands of dollars just to make the conversion (with intermediary banks probably taking a cut, and our getting an unfavourable conversion rate from our UK bank). Then, when we return to the US, we will have to reconvert the savings to USD, with another hit for the conversion. At least, this is what we have gathered from our inquiries with a few other advisors in the US.

Wells Fargo Advisors have offered us no assistance whatsoever, and have only warned us that if we don't move our savings out from them by 15 October, it will be something of a hassle for us to access them at all -- only by a long distance call, as far as we can tell (though, again, somewhere in the fine print they may have offered some other means). They will also discontinue our debit card which we have used for those same 20 years or so, even while our savings remain with them while we scramble to make other arrangements. Heartless, miserable. It makes us feel very much the fools for having trusted them at all. Please, then, take note.

2 people found this review helpful
Rated with 4 stars
Verified Reviewer
Original review: Aug. 13, 2021

I actually have two financial advisors. One was from SunTrust Bank. He decided to leave SunTrust and work for Wells Fargo. I decided to move my SunTrust accounts over to Wells Fargo and retain his services at Wells Fargo. Both financial advisors knows me well and my risk tolerances in the types of investments. However, at this time, I still make the final decision in my various investment accounts.

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    Rated with 3 stars
    Verified Reviewer
    Original review: July 22, 2021

    Been with WF Advisors for decades, approx 5 years ago, they got us involved with an investment (loser investment too, but that’s not the issue) that we were told had a 5 year commitment, period. They did NOT tell us that this investment would require us to file tax extensions every year, VERY DISPLEASED, and we are now being held hostage in the investment for another 5-6 years as some internal issue took place which sounds like a load of ** to us. This has made us ineligible for covid stimulus funds as well as the continued nightmare of tax extensions that take us into October before we can file taxes. Basically, we got an advisor that did not know what he was getting us into, very unhappy with their excuses and the entire story they feed their investors.

    5 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: June 8, 2021

    I have been with Wells Fargo Advisors, Alan ** in the Deerfield, IL branch since 2012. To say I feel fortunate to have found him would be a gross understatement. He understands my goals and is always quick to respond to any questions I have. His expertise and professionalism is truly second to none. His performance is consistently above average. In conversations with friends and relatives regarding their personal financial advisors, I am reminded how exceptional Alan is on every level. There isn’t a single negative! His support staff is equally outstanding and always a pleasure to deal with. Without hesitation, I can say Alan earns 5 stars X 1000.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 18, 2021

    In trying to close my father in law's estate it has taken months with multiple return of documents because the documents group constantly identifies new problems. Accounts group tries to help resolve problems with customer without success. Neither group appears to communicate well with each other. Very frustrating and impossible organization to deal with. This is not an organization I would recommend doing business with.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 26, 2021

    Our Mother passed away 5 months ago and left a TOD. My share was set up in an account immediately. But my one of my sisters died a month later and Wells Fargo REFUSES to let me withdraw my funds. My account is in my name only. They make excuses and say their legal department won’t let them. But they won’t let me speak to their legal department or have them call me. I was going to leave some bonds in my account, but not now. They are very shady and no help at all. Beware!

    14 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: April 22, 2021

    (-5) that is my rate. One because I have to select one. One of the worst experience I ever have easy to take your money extremely difficult to take your money out. I open an account with this company and they block it to check my identification for months, when I already have with them a checking and saving acct. More than a week to get my money back and maybe 7 days to get it by mail. Be careful. They hold your money as they want.

    13 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 27, 2021

    Wells Fargo advertises "free trades" however they proceeded to charge me a non refundable 38 dollar fee one way to place a trade on any security under $1.00. I questioned the arrogant & argumentative representative who informed me that the $38 dollar "penny stock fee" as they call it was buried on some page in a book they had sent me. I never placed another trade with them... not recommended at all. $38.00 one way is a long way from free & Wells Fargo is deceptive in this.

    11 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Feb. 17, 2021

    I had some excess cash in 2019 that I though I would put into a WFA account. I have accounts with several other financial institutions and try to be a little diversified.

    (1) My advisor asked me some questions then put it into what he claimed was a safe account. The pandemic hit and the market dropped this account dropped 15% (ok). Then the market rebounded and this account never returned to what I had seeded it with. A bit odd. No calls of any kind from my advisor to explain anything or make any suggestions. Likely just in it for some commission. Advisors in my other accounts were in touch with me several times discussing options.
    (2) At the start of 2021 I I decided to pull out of the account as it was going nowhere and I personally make 40% on direct trades in a hot market in 3 months.
    (3) About 1% of the account value was subjugated to fees.
    (4) Since there were dividends, etc., involved, about 2% of my base amount went to taxes.
    (5) Thus, when the market went up more than 20% in 2020... this account dropped 3-4% in net.
    (6) You cannot directly trade anything and have to call your advisor and wait for a response.

    (7) I have not received an 1099-R as of 2/18.. All my other financial institutions provided me one over a month ago. All I was provided so far is an INCOMPLETE 1099-R. They claim that they are still waiting for others... My response is that WF cannot manage this since it is obviously dealing with other who are behind the times.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 1, 2021

    I had an accounts with Wells Fargo for nearly 2 decades. My investment account, was a bit newer. If anything goes wrong on my other accounts, they usually call me. Not so when it is their issue! On Jan 27, 2021 chaos seemed to reign in Wall Street over the "Game Stop" trading. I have multiple trading accounts which all but one, sent either apologies over the disruption of their sites during this time or their trading issues. Wells Fargo did not! They saw this as a time to make money off of my retirement account. Who would go there during all the political, economical, health, and investment insecurity? Wells Fargo did, cause that's who they are. Clients don't matter, profits do. I will prove this point.

    On Jan 27, I wanted to do 2 trades. One, sell stock. Two buy other stock. I am not a day trader, but rebalance enough that I managed a 100% gain in this account during 2020. Because this is a self-directed account (no advisor, robo or otherwise used--just me). Wells Fargo did not get as big a cut as they would have liked. They waited... Then the whole Game Stop craziness happened. I did not participate, but enough craziness ensued to affect many online trading sites.

    Bc I wasn't shorting or anything, I thought I could conduct a simple trade. I sold some stock as I have done other times over the years. I was told the sale went through and I was allotted a certain balance to buy shares of the other stock. I bought those. Suddenly, I received a message that I had bought too many shares and my account had a negative balance. Days later, I realized that Wells Fargo executed the buy order before the sell order and lied about the amount available to trade. I panicked and sold some of the just purchased shares to correct the mistake--In hindsight this should not have happened, but once Wells Fargo screwed me, I should have sold a few shares of something else to make up the difference. An experienced trader, I remain confused about what the real numbers were. Wells Fargo refuses to tell me.

    The next day I was shocked to to see over $800 in my account available to trade. What? I should have been close to zero. I hate to have money sitting in my account, so I bought a few shares of a stock I already had, but not either of the two from the previous day. That night I received an obscure message regarding my account status. I was challenged to find the slightly less obscure notification buried somewhere in my account. A multidecade relationship with Wells Fargo means nothing. They could have 1) called me. 2) Emailed me a personal rather than robo email explaining what was going on. 3) Made it clear when I logged in that I had a message. 4) Apologized like all their peers/competition over their trading screw-up of 1/27.

    On the 29th, I log into my account. Although my previous trade on 1/28 seems to have gone through, I still have $800 plus dollars to trade. So, I attempt use this balance to buy stock. It goes through initially, then comes back a few minutes later. I am confused by this. I call Wells Fargo advisors where the robo answerer declares that I can stay on hold if I really want to, but it will be a 20 minute wait. It kept asking my account number, but I only ever see 4 digits, so I don't know it. I believe that through my phone number, it finally figured out I was a self-directed account and threw me into oblivion. 45 plus minutes later, I had a live person who explained that because I sold a portion of just purchased stock right after purchase (remember it was their mishandling of the trade that caused it), I could not be trusted.

    For the 90 days Wells Fargo Advisors would limit my account. EVERY transaction would be delayed 3 days before being accessible to me. This means I cannot buy and sell on the same day. It will take more than 1 week. This is not due to Federal law or SEC guidelines. It is not what any other company does and it inhibits my use of my money while they use the frozen funds and stocks to generate income for themselves. Heartless, shameless, borderline legal. I am transferring this account as soon as possible. I can't today because they are inhibiting it. The only good thing to come out of all of this is that they will not be able to do this to me when I am retired and much more vulnerable.

    18 people found this review helpful
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    Wells Fargo Advisors Company Information

    Company Name:
    Wells Fargo Advisors
    Year Founded:
    1852
    Address:
    One North Jefferson
    City:
    St. Louis
    State/Province:
    MO
    Postal Code:
    63103
    Country:
    United States
    Website:
    www.wellsfargoadvisors.com