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Wells Fargo Advisors Restricting Investments For Retirement Accounts
Prohibiting preferreds, munis (not that you necessarily should put them in an IRA), and other forms of relatively popular and 'safe' corporate debt in a retirement account? Is it me, or is that crazy? Heck even some of their brokers are questioning the logic of this plan....
Per the article:
"One Wells Fargo adviser was confused by the changes, saying that he couldn't recommend the corporate debt of a well known U.S. corporation because it did not meet new credit quality restrictions but could recommend other riskier securities under the new guidelines.
Wells Fargo Advisors recognizes that "clients need choices when making their investment decisions to help them achieve their long-term goals," spokeswoman Emily Acquisto wrote in an email. "We are assessing the DOL's latest guidance and will continue to evolve our strategy to ensure our clients have the best outcomes under the rule." "
Presumably OUT given all their account-related scandals at their banking arm. That said I have a trust account at the full-serve WFA and have had nothing but good experiences there and a rather good, low-key, non-pushy FA to work with. If he ever leaves, I'd either follow him with the account or move it all to a discount firm since there's very little I do with the account trade-wise year-to-year.
Comments
Per the article:
"One Wells Fargo adviser was confused by the changes, saying that he couldn't recommend the corporate debt of a well known U.S. corporation because it did not meet new credit quality restrictions but could recommend other riskier securities under the new guidelines.
Wells Fargo Advisors recognizes that "clients need choices when making their investment decisions to help them achieve their long-term goals," spokeswoman Emily Acquisto wrote in an email. "We are assessing the DOL's latest guidance and will continue to evolve our strategy to ensure our clients have the best outcomes under the rule." "
Regards,
Ted
Presumably OUT given all their account-related scandals at their banking arm. That said I have a trust account at the full-serve WFA and have had nothing but good experiences there and a rather good, low-key, non-pushy FA to work with. If he ever leaves, I'd either follow him with the account or move it all to a discount firm since there's very little I do with the account trade-wise year-to-year.