Wells Fargo
While it's perhaps best known for its banking services, Wells Fargo is also one of the largest wealth management firms in the country.
Wells Fargo is both an investment advisory firm and a broker-dealer. Its clients include individuals, pension or profit-sharing plans, trusts, estates, charitable organizations, corporations, governmental entities, educational institutions and banks or thrift institutions.
Wells Fargo Advisors Background
Founded in 1852 by William G. Fargo, Wells Fargo has been in business for more than 170 years. The company opened in San Francisco, offering banking and express delivery. Its express business led it to get involved in the stagecoach business, and it eventually came to own and operate the world's largest stagecoach operation.
Wells Fargo provides its broker-dealer and investment advisory services through a network of independent contractor representatives. While the firm is legally registered with the SEC as Wells Fargo Advisors Financial Network, LLC, you may see the firm conduct business as Wells Fargo Advisors.
Wells Fargo Advisors Client Types and Minimum Account Sizes
Wells Fargo is capable of working with a notably wide range of clients. Its account minimums make its services accessible to non-high-net-worth individuals, and it also works with high-net-worth individuals. Additionally, Wells Fargo serves pension or profit-sharing plans, trusts, estates, charitable organizations, corporations, governmental entities, educational institutions and banks or thrift institutions.
Wells Fargo Advisors offers a range of account minimums across its 24 wrap fee programs. The FundSource and CustomChoice programs each require a minimum of $25,000, while Private Investment Management, Fundamental Choice and Quantitative Choice accounts require $50,000. The account minimum for the Personalized Unified Managed Account (UMA) program varies, with a $200,000 minimum for the Multi-Strategy account and $10,000 for Single Strategy accounts, depending on selected options. For Customized Portfolios, the minimum is $250,000, and Private Advisor Network accounts have a minimum of $100,000, subject to manager requirements.
Meanwhile, Wells Fargo Advisors typically requires a minimum net worth of $250,000 for its Fee-based Planning services.
Services Offered by Wells Fargo Advisors
Wells Fargo Advisors provides a range of financial services through multiple advisory programs tailored to client needs. The aforementioned Fee-based Planning service covers personalized financial guidance in areas like retirement, risk and wealth planning.
The wrap fee programs offer investment management solutions like the FundSource and CustomChoice mutual fund portfolios, as well as Private Investment Management, which provides actively managed portfolios. The Unified Managed Account (UMA) program offers flexible options through multi-strategy or single-strategy portfolios, while Personalized Advisory Services provide customized investment approaches.
Clients also have access to consulting and financial planning services for broader financial guidance. For clients requiring institutional-level management, the Private Advisor Network connects them with specialized managers. Each program is designed to align with specific financial objectives, leveraging both Wells Fargo's expertise and external manager partnerships.
Wells Fargo Advisors Investment Philosophy
Wells Fargo Advisors offers a range of investment strategies tailored to meet diverse client needs and objectives. Strategies include long- and short-term purchases of securities, supplemented with options like covered call writing, margin trading and short-selling for clients seeking more active management.
Advisors employ various analysis methods – fundamental, cyclical and quantitative – to construct portfolios that align with client risk tolerance and goals. Model-based portfolios, including those in the Personalized UMA and Compass Advisory programs, provide disciplined investment approaches while adhering to established guidelines and adjusting for individual client circumstances. These strategies emphasize a balanced, research-driven approach to asset allocation?.
Fees Under Wells Fargo
Typically, Wells Fargo Advisors charges clients a percentage of assets held in an account. This fee covers investment advice and trading costs. However, for certain investment advisory programs, clients are charged an asset-based fee as well as commissions on each trade that's made. In this arrangement, a client usually pays the asset-based fee to a third-party manager who has been selected to oversee their account. The commissions are paid to Wells Fargo for any services it provides.
The only advisory service that does not adhere to one of these two fee structures is Wells Fargo's Fee-based Planning services. For this service, clients will pay a one-time fee that can reach up to $25,000, depending on what the financial plan covers and the client's net worth. Meanwhile, a client with a net worth of over $1 million could pay up to $25,000 for a financial plan that covers all eight of the main planning services that Wells Fargo offers:
- Cash flow analysis
- Education planning
- Retirement planning
- Risk planning
- Wealth planning
- Divorce planning
- Special needs analysis
- Sports and entertainment
The maximum fee for a financial plan created for a client with a net worth of between $250,000 and $500,000 is $5,000. Clients with a net worth of up to $1 million would pay a max fee of $12,500.
All of the investment programs offered through Wells Fargo Advisors Financial Network, a network of independent contractors, are wrap fee programs. In the past, fee rates varied by advisory program, but the firm currently charges a flat asset-based fee of 2% of account value for all of its wrap fee programs.
What to Watch out For
Advisors receive different levels of compensation for different programs, which may create an incentive for them to recommend one program over another. Advisors may also be eligible to receive incentives or bonuses for meeting certain targets, such as referring businesses to affiliates or promoting investment advisory services.
Wells Fargo Advisors listed 191 total regulatory and criminal disclosure on its most recent Form ADV filed in 2024, although many are related to affiliated entities. However, in 2021, the firm paid $2.25 million in fines and consented to a censure after FINRA alleged it failed to properly store records related to its customer identification program.
Opening an Account With Wells Fargo
To find a financial advisor near you, simply go to Wells Fargo’s website and scroll down to “Find an Advisor.” You'll then be provided with a list of nearby office locations, along with each location's direct phone number. Prospective clients can also learn more by calling (866) 224-5708.
Where Is Wells Fargo Located?
Wells Fargo was founded in San Francisco and its headquarters remains there. However, Wells Fargo Advisors is currenty based in St. Louis.
The company’s financial advisors are located across the U.S. in Wells Fargo Advisors offices and inside Wells Fargo branch locations. Wells Fargo notes its advisors are also available over the phone.
Tips for Choosing a Financial Advisor
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- Consider an advisor's certifications, which can be indicative of their areas of expertise and level of education. Two of the most distinguished certifications are the Certified Financial Planner™ (CFP®) and chartered financial consultant (ChFC), as they require extensive coursework, a certain level of experience and an agreement to abide by a code of ethics.
