Wells Fargo Advisors Review: Highlights
• Wells Fargo Advisors is an all-around investment firm that provides brokerage and managed accounts.
• Every account, except for the company’s robo account, must be opened through a local financial advisor.
• Investment accounts easily connect with deposit accounts at Wells Fargo Bank.
Overview of Wells Fargo Advisors
Many types of investment services are available through Wells Fargo Advisors. Combined with cash-management features from Wells Fargo Bank, Wells Fargo can serve as a single place for complete financial management.
Investing
Through brokerage and investment-advisory accounts, Wells Fargo Advisors clients can trade the following assets:
- Common and preferred stocks
- Options
- Funds (mutual, exchange-traded, and closed-end)
- Unit Investment Trusts (UITs)
- Bonds and other fixed-income assets, including brokered CDs
- Annuities
Then there are the uncommon investments. These include futures and hedge funds.
Every account, whether managed or brokerage, must be opened with a financial planner at a local office. There are many locations around the country (some are independent Wealth Management firms that work with Wells Fargo Advisors). The one exception is the Intuitive Investor account, which uses a digital advisor entirely online.
To help its clients reduce taxes, Wells Fargo Advisors provides several tax-friendly accounts. Choices include solo 401k plans, custodial accounts, 529 plans, and Coverdell Education Savings Accounts.
Financial Planning
Investing is just one service at Wells Fargo Advisors. The firm also provides financial planning through its many investment advisor representatives. Exact offerings will differ by advisor. Possible services include:
- Cash Flow Analysis
- Education Planning
- Retirement Planning
- Special Needs Analysis
- Risk Planning
- Wealth Planning
- Sports & Entertainment
- Divorce Planning
Banking
Through its affiliated company Wells Fargo Bank, Wells Fargo Advisors can provide a wide range of cash-management features. Deposit accounts opened with the bank are automatically linked on the website and mobile app, allowing for quick money transfers.
Then there is Premier, a boosted banking service. Premier users receive discounts on various services, like ATM charges, wire transfers, and jumbo mortgages. Some Wells Fargo Advisors fees are also lowered or dropped altogether for Premier customers.
Above Premier is Wells Fargo’s Private Bank. This option gives top-level banking for the company’s wealthiest clients. Offerings include custom lending packages, charitable services, and family wealth planning.
Wells Fargo automatically creates a cash sub-account for brokerage accounts. The sub-account has its own routing and account numbers and functions like a bank account. Checks can be ordered for the sub-account.
Wells Fargo Advisors Fees
The Premier plan has a $35 monthly fee for clients with less than $250,000 in assets. Above that amount, the monthly fee goes away. The $250,000 threshold can include both investment and bank balances. Standard bank accounts have their own rules and fees, which differ by account and location.
Investment accounts have their own cost schedules. Managed accounts usually charge around 2.0% yearly, though this can be negotiated. The robo service, Intuitive Investor, costs 0.35% annually. Full-service accounts need either $25,000 or $50,000 to begin, based on the exact plan. These amounts are also negotiable. The automated service has a $500 opening requirement.
Brokerage accounts at Wells Fargo Advisors have no deposit minimums, though accounts without funds will be closed. They also face flat monthly fees and trading commissions, which are explained during account setup. Self-directed brokerage accounts via WellsTrade have no yearly charges and no commissions on many trades.
Financial planning fees range from $0 to $25,000, depending on how much work is needed. Clients must have a net worth of $250,000 to arrange a meeting.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Investing on Margin
Wells Fargo Advisors provides margin so its clients can engage in more advanced trading. Short sales are possible, as is leverage for long positions. Option spreads can also be done.
Interest rates on margin loans are competitive compared to current market standards. The highest rate is 14.25% for balances below $25,000. For balances above $10 million, the rate falls by 4%. Clients with total assets above $250,000 may qualify for rate reductions.
Website
Accounts set up through Wells Fargo Advisors can be accessed on the Wells Fargo website, where WellsTrade and Wells Fargo Bank accounts are also visible with the same credentials. Trading resources are limited, with basic charting and order input. The order form has only 4 order types, and charts can’t stretch the full width of the screen.
The site’s main strength lies in personal finance tools. For example, there is a free FICO score and various tools for budgeting and saving.
Mobile App
The Wells Fargo app mostly mirrors the website. Under the Explore tab, you can find other services in the Wells Fargo family. There’s a branch locator under the “Make an appt.” button, and we saw other options for credit cards and loans.
Other Software
Neither Wells Fargo Advisors nor WellsTrade provides a desktop platform for advanced trading. No branch of Wells Fargo has an app for smartwatches.
Extra Services
Fractional Shares: With a linked WellsTrade account, you can buy and sell ETFs and stocks with dollar-based orders.
IRA Service: Wells Fargo Advisors has SEP, SIMPLE, Roth, and Traditional IRAs. These carry annual and closing fees (up to $125 each).
Dividend Reinvestment Plan: Cash dividends may be reinvested as more shares of the paying securities.
Extended Hours: WellsTrade and Wells Fargo Advisors both allow pre-market and after-hours equity trades.
Stock-Lending Income Program: Not offered.
Initial Public Offerings: Wells Fargo Advisors (but not WellsTrade) grants access to new stock releases.
Autopilot Mutual Fund Purchases: Enabled.
Our Recommendations
Stock and ETF Trading: Because of commissions and yearly fees, we don’t recommend a brokerage account
with Wells Fargo Advisors. While WellsTrade is cheaper, it lacks advanced tools. We suggest heading to Charles Schwab to trade on thinkorswim.
Retirement Planning & Long-Term Investing: We suggest working with a Wells Fargo financial advisor who has expertise in retirement strategies.
Small Accounts: Due to minimums for advisory accounts, Wells Fargo Advisors isn’t ideal for full-service investing. The company’s robo service can be a substitute, though, with a $500 minimum. WellsTrade has no minimums.
Beginners: Novices will receive good support at Wells Fargo Advisors.
Mutual Funds: Either WellsTrade or Wells Fargo Advisors can handle mutual funds well. Watch out for loads, transaction fees, and expense ratios. Firstrade
provides 11,000+ mutual funds with no commissions.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Visit Wiser Advisor
Wells Fargo Advisors Review Verdict
Wells Fargo Advisors has a solid full-service advisory system that is even stronger when paired with Wells
Fargo Bank. Customers who can deposit more than $250,000 will find good value here.
Updated on 1/8/2025.
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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