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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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Is The Worst Over For Wells Fargo Advisors?

FYI: After six years as a broker with Wells Fargo Advisors, Michael Landsberg parted company with the firm this past summer. And while the prime reason was a chance to start his own registered investment advisory firm, Mr. Landsberg acknowledged that Wells Fargo's tarnished reputation is taking a heavy toll on both clients and brokers.


  • TV ad says "they are reinventing themselves." Time to buy a few shares ?

  • One of my long-long term accounts is full-service at WFA and I've had no problems. Of course, my FA is from AG Edwards before the mergers, and he's a very lowkey, low pressure fellow -- I have no problems w/him or his office. If they ever quit, I'd probably consider moving the account elsewhere.
  • People don't change. People's perception of people might change, but people don't.
    Unless everyone in WFC is fired and replaced I will not believe anything has change.
    I hope good people will join me to make sure we don't bail out Wells Fargo by giving them business. NOW is the best time to do it so the good people of WFC can find jobs while the bad ones wither away with the company.

    It would be a good thing to have one less TBTF bank in this World. I don't know a better candidate at this moment.
  • Any WFA clients, make sure you check your trades THOROUGHLY...
    During the last week of 09/2018, I placed trades in 2 different WFA accounts (a Roth and T-IRA). Both trades were for purchases the same security (a PIMCO OEF), and for the same dollar-amount.

    The following day, I discovered WFA filled the trades, but at the wrong NAV (higher than the real NAV). The errant NAV was used in both accounts. They eventually corrected it, after I called their 800#, and the un-empowered Millenial intern I spoke with issued me a "ticket" for someone else to fix (he didn't have the authority to wipe his own backside.) But I wonder how many other "oops" are occurring, which go unnoticed every day... Trading OEFs is supposed to be a "no-brainer". How does a brokerage firm not know how to reliably do this?

  • Are you talking about a WFA account or a WellsTrade account? They're owned by the same corporation, and use the same clearing brokerage (Wells Fargo Clearing Services LLC dba WFA). But the services offered are different. Not that I'd trust either of them.

    It's still a good idea to check all your transactions, regardless of who your broker is. And to hold onto purchase confirmations until well after you sell the holdings.

    The IN article starts: "The wirehouse has felt blowback ...". It presents data about the exodus of advisors (as opposed to order-taking drones) from WFA.

    "The term [wirehouse] typically refers to full-service brokerages that offer research, order execution and investment advice all under the same roof." Financial Times.

    This may have changed, but years ago when I had a WellsTrade account, I could not walk a check into my brokerage. I was told that if I'd had a WFA account I could have handed it to a broker at a Wells Fargo bank. But since my account was with WellsTrade account, I would have to either mail in the check, or deposit it in a bank (WF or any other bank) and then transfer the money to my brokerage account.

    WellsTrade® Brokerage Account vs. Intuitive Investor® Account vs. Wells Fargo Advisors
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