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.
Overall Satisfaction Rating
- 5 stars
- 4 stars
- 3 stars
- 2 stars
- 1 stars
- 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.
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Wells Fargo does not have a list item at branches to give customer real information on what needs to bought to office to resolve deceased sole proprietor business accounts. Started 1st week of September to today still waiting to address my son’s Guru 360 Roofing and Restoration business account after providing twice Death certificate in NC and AZ. Still nothing has been done —in limbo. Estate department called twice—they cannot help. Forwarded to business department. Still will not help. Forwarded to Advocate department today. Have to wait until Wednesday to hear something.
Today on the phone with Wells Fargo from 12:30 pm to 3:30pm MST—only a case setup and now other state offices are closed but Arizona is still open. As a grieving mother very sad. Between my son and I we have 4 accounts with the bank and he passed and I cannot seem to get straight service when I have retained an attorney since First week of September and he does want to work with Wells Fargo when I am trying to put over $100,000.00 into a Wells Fargo estate account. Very Sad. The back office has been giving at least three business personal bankers different information and still nothing resolved. Wells Fargo Personal bankers are at the mercy of the back office and they do not speak to me and no phone number to talk directly to them.
800 225 5935. 844 931 2273. 866 907 9913. Just three of the numbers I called today. Their rep in NC and AZ was the reason I did not close my home with them last year. Now this has taken a real personal toll on me. Too many staff members getting paid but none can handle professional business involving monies. Very Sad. Gave death certificate Sept 2020. Gave court document I am executor. Gave notarized document I am managing business. Gave business Articles from my attorney twice. It is January 21st when I went into branch First week of September. Wow! Very sad. They need online specific line item on what to bring to bank regarding a sole proprietor business account. They need to have this data or handout at all branches Instead of one bankers say this and another say that and the back office say something totally different.
Unprofessional on how a grieving mother is getting the runaround regarding something that should not take as long. Very sad day! Still cannot handle the account when contractors needed to be paid and one check needed to be refunded and it cleared but someone at bank reversed it. Customer still waiting on his reversed refund from December and I am still waiting to have funds placed in my son’s estate account. Very Sad grieving mother with nickel and dime request for documents and no list to provide to customer or prospect upfront to avoid the inconsistencies and runaround.
I use auto payment and tried to up the monthly amount being automatically paid, instead I accidentally deleted the auto payments. Wells Fargo never called my home, cell or business to notify me. I finally found out 6 weeks later by snail mail. At that point I had missed 2 payments but IMMEDIATELY went online and corrected the situation. When I wrote to WFHM to explain what had happened and ask them to reverse the remarks that caused my credit to drop a whopping 100 points they basically told me tough luck and that they had every right to do what they did and were under no obligation to help out. I'll be refinancing that property.
I am giving this 2 stars only because trading WAS easy and simple. I started to day trade on their platform which is very simple, it could use some adjustments but for my type of day trading it worked. I spent about a month swing/day trading then got into it heavy for a week. I was making really good money every day and BAM Wells Fargo locks my CASH STOCK TRADING ACCOUNT that has over $50K in it and flags it for "pattern day trader(PDT)".
I researched day trading prior to doing it and in a cash account you can buy and sell all you want. Wells Fargo told me I was REQUIRED to day trade in a margin account by FINRA rules eby:n:s:00798. So I looked it up and all of that is reference to margin accounts and NOT cash accounts, a cash account cannot be flagged as a PDT account with the reference they gave me. The rep told me when he took his series 7 he THINKS he remembers something about it. I asked him if I went to another trading platform would they allow me to day trade and his response was "I don't know their policies" which tells me this is a policy not a FINRA regulation.
This is some sideways Wells Fargo shenanigans trying to scam people out of interest for trading on margin. I am now transferring all of my funds from Wells Fargo to Merrill Lynch who I already spoke with and they laughed about what Wells Fargo was doing and set me up an account to day trade in with no trading fees. The Advisor I spoke to was Scott Sutor with Wells Fargo advisors. Why does Wells Fargo continue to do shady things? Any time I would tell someone I use Wells Fargo for trading they would cringe and ask why, well now I know why.
I've been with Wells Fargo Advisors for over 10 years. My advisor knows when to connect me and when to leave me alone. She sends me emails and texts regarding the latest in what's happening and what I should be aware of.
Horrible business practices. Once I tried to move money out of Wells Fargo the horrendous customer service started. I submitted my forms to transfer a 529 account to another brokerage in July. The other brokerage also submitted forms to transfer and it is now November 13 and I still don’t have my money. I have called 20 times to Wells Fargo and 10 times to the other brokerage trying to get help. My new brokerage calls WF with me on the line and it’s a constant run around. I called WF today and Abe put me on hold and didn’t come back. I called back in and was told he had connection issues. The new person is Nicole and she wants me to fill out new forms. I asked for a manager and was put on hold, later to be told they are all busy, but can call me back in 24 hours. Wells Fargo is a mess! Do not use them! Invest with Fidelity instead.
Wells Fargo Advisors cashed a check from my pension account on Oct 14th but refuse to admit they have my funds. They are making me get copies of the cashed check as they are claiming they cannot find the funds. I'm scared my pension is now gone. The reps all speak broken English so what country are they in? Is this where my money went? I Do not trust them with any funds at this point.
Updated on 09/20/2020: I am following up on my previous review with Kevin/Advisor and realized he manipulated me during our financial advising to want to sign up for investment. He did not want me to choose my own fund accounts. I asked for all Index funds but Kevin drew up all this funds and bonds, may around 20, and expect me to accept it. I asked do he have bonds and he replied, "No. But you are just beginning." He did not explain and restrictions or limitations or low cost funds. Kevin also change my benefit package forms to put my retirement check in Wells Fargo Advisors. Now, I was there to get a notary but Tom/notater set me up.
I am disappointed but I'm grateful that my retirement is less than the amount aloud for wire. I will return the check if it is in their name. Monday, September 21, 2020 I will request another package from my previous employer where I early retired and start the process over. Even if I have to take a hit. I check online and YouTube that Wells Fargo's Brokers are just a bad as the bankers. CEO fired 100 bankers some years ago for duplicate accounts. This was on the news as well. Therefore, the world or at least US heard about including myself. I am not writing this review to disencourage anyone from using Wells Fargo Advisors. I just want you to check the company's records and be clear to ask questions. Good luck.
Original Review: I will give it a 3 Star right now because I just signed up with Wells Fargo Advisors personally at the Wells Fargo's location in Philadelphia. I have been banking with this bank for over 10 years so I feel comfortable. No problems at all. My Advisor Kevin is a very nice young man. I feel that I can trust him. However, when he told me there is a lot of risks I thought he said it in a way to be prepared. But, that could be my nerves because I am investing my entire retirement pension and 401k in this company. I am willing and happy to work with Kevin. We will meet often when he or I is available to talk about my investments. Looking forward in making a little money. I feel confident that my money will be safe.
I had my account set for overdraft protection so I couldn't take out more money than what I had but Wells Fargo took it upon themselves to approve Snackcrate and Birchbox to take the money out that I didn't have in my account and on top of them two things making my account negative. I get charged two overdraft fees....I had no idea wells fargo would change my account to no overdraft protection without notifying me.
My mother used Wells Fargo Financial Advisors for investments. One of the investments was an annuity. Either no one advised her to fill out the beneficiary portion or advised her to designate her estate as the beneficiary. So we had to go through probate for just this one investment and pay %30 income tax. Between lawyer fees and taxes the cost was over $20,000.00 out of $60,000.00. NEVER USE THESE CLOWNS!!!!
One star is really too many stars for the extremely poor customer service delivered by Wells Fargo Advisors. I am a long time customer. They failed to credit a deposit to an account I have with them. I have called and faxed them repeatedly over the past month in an attempt to get them to correct their error. I have spent well over an hour on hold on the phone. At one point I spoke to a CSR who assured me that I would hear something back from them by the end of the day. Of course, I did not. This is how they treat a customer of 15 years!! I run a business and I understand customer service. In my business, I go the extra mile to deliver excellent customer service to keep my clients happy. Trying to get through to anyone who can actually help you is a near impossible task. Go to Vanguard, or Fidelity, or USAA. But whatever you do, do not do business with Wells Fargo Advisors. You will only end up regretting it.
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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