Wells Fargo Assets Under Management (AUM)
Wells Fargo is a huge firm with $2.2 trillion in assets under management. But its higher-rated competitor, Charles Schwab, has
$9.93 trillion in AUM and over 37 million customers.
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Wells Fargo & Company
WellsTrade and Wells Fargo Advisors are both owned by Wells Fargo & Company, a financial holding group that also owns Wells Fargo Bank. The financial giant also owns Wells Fargo Securities, which conducts investment banking. Wells Fargo & Company is one of the largest financial conglomerates in the world.
Comparison
Some on-line brokerage firms are not owned by a financial holding company. Vanguard and Robinhood are two examples. They only provide investment
services. Vanguard has $10.4 trillion in client assets, far outdoing Wells Fargo’s banking and brokerage divisions combined. Vanguard has roughly 20,000
employees. Presumably, many of these workers are not investment advisors, so Vanguard must have fewer advisors than Wells Fargo.
One disadvantage of Vanguard is that it doesn’t have a network of branch locations. As we already saw, Wells Fargo does have locations throughout
the U.S. These offices are typically located inside a Wells Fargo Bank branch.
E*Trade is owned by a larger financial conglomerate. The broker-dealer has slightly north of $420 billion in client assets,
making it quite a bit smaller than Wells Fargo’s brokerage division. Besides self-directed accounts, E*Trade also offers managed services.
But unlike Wells Fargo, E*Trade has only 30 branch locations where clients can meet with an investment advisor. Because of E*Trade’s smaller size,
the broker-dealer doesn’t operate its own brand of mutual or exchange-traded funds. Wells Fargo does have a long list of mutual funds. However,
E*Trade has a robo-advisory service, which WellsTrade still lacks.
Wells Fargo IRA Review
Besides general brokerage accounts, WellsTrade also offers a selection of Individual Retirement Accounts. Throw in a large assortment of mutual funds and the financial
strength of Wells Fargo supporting it, and the broker is worth considering.
Wells Fargo IRAs Offered
WellsTrade offers Traditional, Roth, SEP, and SIMPLE retirement accounts. The Roth IRA is designed for individuals who plan to be in a higher tax bracket during retirement. The Traditional was created for savers who expect to be in a lower tax bracket after work. The SEP account is intended for small businesses and self-employed persons, while the SIMPLE IRA can be set up by employers with less than 100 employees.
Wells Fargo IRA Fees
A WellsTrade IRA has the same fee schedule as a regular securities account. There are no inactivity
or setup fees for a WellsTrade IRA. However, the broker does charge an IRA termination fee of $49.95. The fee is not charged for a client over 70½, or if an account is closed because of disability or death. There is also a $49.95 transfer fee for moving an account to another broker.
The Cost of Trading
WellsTrade's regular commission schedule applies to retirement accounts. ETF and stock trades are $0. Options cost $0.65 per contract for all customers. Trading U.S. Treasury bonds incurs a $50 commission
for each transaction.
IRA Calculators
WellsTrade has one IRA tool. It's called My Retirement Plan. Users input various data, such as current age, life expectancy, present income, and age at retirement. The calculator then recommends a minimum savings amount each month until retirement commences. Graphs and pie charts are shown as a visual representation of the calculator's results. The tool also displays a scenario in which the securities markets may underperform, and what effect such a situation could have on a portfolio's value. Furthermore, the calculator determines a total retirement savings goal, which is the entire amount that needs to be saved to avoid running out of money during retirement. It can also incorporate Social Security benefits into its calculations.
Mutual Funds for Wells Fargo IRAs
WellsTrade offers a good selection of mutual funds that can be traded in an IRA. There are over 10,000 funds on the broker's website. Approximately 2,600 of these are no-load, no-transaction-fee funds. There is a good screener that makes searching through these products quick and easy. The firm imposes a $35 transaction fee for non-NTF funds.
Retirement Planning
WellsTrade is affiliated with Wells Fargo Advisors, a group of financial professionals who can assist customers with retirement preparation. There is an additional charge for this service. Wells Fargo Advisors has several locations across the U.S. Alternatively, retirement specialists can be reached over the phone at 1-866-876-3168.
Other Wells Fargo Retirement Accounts
Wells Fargo Bank offers IRAs whose assets are deposited solely in FDIC-insured savings accounts or certificates of deposit. Customers who don't want the riskiness of the securities markets might prefer the inherent safety of a bank IRA. Wells Fargo Bank also offers a Rollover IRA for customers who have an old employer plan, such as a 401(k) or 403(b).
An IRA can also be opened with Wells Fargo Advisors. In this case, investment consultants assist clients in the management of their accounts. This would be a good option for customers who aren't confident enough to do their own financial planning.
Wells Fargo IRA Comparison
The WellsTrade site doesn't have very much material devoted to retirement topics. The broker's one retirement calculator pales in
comparison to Vanguard's ten. Merrill Edge has retirement videos, whereas WellsTrade does not. Voya has more articles
than WellsTrade. E*Trade offers more IRA types.
Exchange-traded funds with low expense ratios are popular among investors today, and many of them would be good choices for a retirement
account. But WellsTrade does not offer any that are commission-free. Several other companies do, including Firstrade, Schwab, and Fidelity.
The WellsTrade mutual fund screener does not have the ability to scan for target-date mutual funds, which are designed for retirement investors. Schwab's mutual fund screener, by comparison, does have the ability.
Wells Fargo AUM Summary
Retirement savers can open an IRA at WellsTrade and invest in a large selection of mutual funds. Investors who want a better
fee schedule or more educational resources would be better off with Charles Schwab.
Updated on 5/12/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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