Wells Fargo Private Banking and leaving Ameriprise.

[Red35]

I bank at Wells Fargo and have been treated very well. I have a online brokerage account, business checking, and personal checking with them. My checking accounts are "PMA accounts" so that qualifies me for a free online account and 100 free stock trades per year. Today my banker took me out to lunch to discuss with me "private banking". As long as my accounts total over $250,000 I qualify for this extra service. He told me there aren't any extra fees, but I will receive VIP status and they will advise me on how to invest my money. Has anyone ever heard of "Wells Fargo Private Banking"? Also, I am getting out of my Ameriprise account. I am trying to decide between Wells Fargo or Vanguard to roll over a SEP and ROTH IRAs. I believe the Wells Fargo Brokerage account would be advantageous with the 100 free trades every year with my PMA checking account. Does anyone have experience with a Wells Fargo Brokerage account?

[LOL!]

I have way more than $250K at WF including the PMA package and free trades in several accounts via WellsTrade, but I am not doing VIP private banking because that costs money. There may be no extra fees, but there are plenty of fees: High expense ratio funds, possibly front-end loads, variable annuities, and other crap.

BTW, you do not get 100 free trades with your PMA checking account. You need to have the self-directed brokerage account for that. Also note that WellsFargo has in-house advisors which are NOT part of the self-directed brokerage account business.

[73ss454]

I was driving with DW today in down town Orlando. WellsFargo has a new very beautiful building in the heart of the town. I was wondering who was paying for it, now I know.

[Red35]

Quote:

Originally Posted by LOL! I have way more than $250K at WF including the PMA package and free trades in several accounts via WellsTrade, but I am not doing VIP private banking because that costs money. There may be no extra fees, but there are plenty of fees: High expense ratio funds, possibly front-end loads, variable annuities, and other crap. BTW, you do not get 100 free trades with your PMA checking account. You need to have the self-directed brokerage account for that. Also note that WellsFargo has in-house advisors which are NOT part of the self-directed brokerage account business.

Yeah I specifically told him that I wanted the "self-directed" account and I would manage my own portfolio. He wasn't too excited about that. How do I transfer my Ameriprise IRAs over to my self-directed Wells Trade account?

[LOL!]

Quote:

Originally Posted by Red35 Yeah I specifically told him that I wanted the "self-directed" account and I would manage my own portfolio. He wasn't too excited about that. How do I transfer my Ameriprise IRAs over to my self-directed Wells Trade account?

Go here: https://apply.wellsfargo.com/common_auth_start
Then get the form to transfer your IRA assets, fill it out, and mail it in.

[PaddyMac]

You can have a private banker even with the self-directed brokerage/PMA account. Our guy told us to call him whenever we had any issue. We're very happy with WF PMA, but they have the annoying habit of screwing up standing orders about half the time. When we refinanced, they canceled the old mortgage AND the new mortgage automatic payments! When we got a nasty letter saying we hadn't paid our mortgage(!), one call to our private banker was all it took. Yes, they get a little annoyed that you are not giving them 1% of your money, but don't throw away his card.

[Red35]

Quote:

Originally Posted by LOL! Go here: https://apply.wellsfargo.com/common_auth_start Then get the form to transfer your IRA assets, fill it out, and mail it in.

Thank you very much!

[Red35]

Quote:

Originally Posted by PaddyMac You can have a private banker even with the self-directed brokerage/PMA account. Our guy told us to call him whenever we had any issue. We're very happy with WF PMA, but they have the annoying habit of screwing up standing orders about half the time. When we refinanced, they canceled the old mortgage AND the new mortgage automatic payments! When we got a nasty letter saying we hadn't paid our mortgage(!), one call to our private banker was all it took. Yes, they get a little annoyed that you are not giving them 1% of your money, but don't throw away his card.

Thanks for the advice.

[rescueme]

Quote:

Originally Posted by Red35 As long as my accounts total over $250,000 I qualify for this extra service. He told me there aren't any extra fees, but I will receive VIP status and they will advise me on how to invest my money. Has anyone ever heard of "Wells Fargo Private Banking"?

I have never heard anybody use the term "PB" with only $250K. It seems (at least to me) to do a sweep of those who have below a nominal true private banking level of multiple the amount you mention, and allow access to alternative investments.

That's not my opinion (who has a PB, but sorry, I won't discuss) but here's a reference:

Private Banking Definition

Are you given the opportunity to participate in alternative investments on your own, or are you give the opportunity only based upon the decisions of others that (combined with your assets) can acquire access to these other investments?

I'm not saying that you should not investigate, but I hate to see a term mis-used in "marketing".

Just my opinion, and my simple POV...

[Red35]

Quote:

Originally Posted by LOL! Go here: Then get the form to transfer your IRA assets, fill it out, and mail it in.

Hey LOL! I clicked on your link, but the Wells Fargo page that opens up says "We are unable to process your request at this time."

[Red35]

Quote:

Originally Posted by rescueme I have never heard anybody use the term "PB" with only $250K. It seems (at least to me) to do a sweep of those who have below a nominal true private banking level of multiple the amount you mention, and allow access to alternative investments. That's not my opinion (who has a PB, but sorry, I won't discuss) but here's a reference: Private Banking Definition Are you given the opportunity to participate in alternative investments on your own, or are you give the opportunity only based upon the decisions of others that (combined with your assets) can acquire access to these other investments? I'm not saying that you should not investigate, but I hate to see a term mis-used in "marketing". Just my opinion, and my simple POV...

I missed your post. Thanks for the info.

The banker told me the "qualification" level for Private Banking was $250K.

However, I have investments, checking, and saving accounts that are valued over $500K and I deposit $25k to $35K every week.

He pressured me to let him be my financial advisor, but I told him I only wanted the Wells Trade online account, so I could manage it myself.

He did mention that I have the freedom to use any of services whenever I need to. I just don't like being pressured.

After lunch he drove off in a brand new Mercedes CL600, so obviously Private Banking is very lucrative for Wells Fargo Bankers.

[rescueme]

Quote:

Originally Posted by Red35 After lunch he drove off in a brand new Mercedes CL600, so obviously Private Banking is very lucrative for Wells Fargo Bankers.

I'm sure it's lucrative for anybody in the business, and I don't have a problem with a PB driving a nice car; actually I expect it, since I would question a PB driving a 10-year old Honda ...

However, you must ask yourself the question as to his/her "lifestyle" based upon what they are marketing. Are they a "Burger King" outfit, trying to look like a Ruth's Chris Steak House?

[LOL!]

Quote:

Originally Posted by Red35 Hey LOL! I clicked on your link, but the Wells Fargo page that opens up says "We are unable to process your request at this time."

Maybe you are not ready for online banking and a self-directed brokerage account if you cannot get past this step?

[Red35]

Quote:

Originally Posted by LOL! Maybe you are not ready for online banking and a self-directed brokerage account if you cannot get past this step?

I have been doing online banking for 8 years.

And I have had a Wells Trade account for over a year with no problems.

However, I went to their "IRA Center" page, but still couldn't find the actual form I need to transfer the IRAs over.

I thought your link was the actual form, but I will just contact Wells Fargo on it.

Thanks anyways.

[Red35]

If anyone is interested here is the form you need to transfer an IRA to a Wells Trade Account:

https://www.wellsfargo.com/pdf/onlin...ransfer_wf.pdf

[LOL!]

I'm very glad to read that it got figured out. Most things are pretty easy to find on the internet.

[ER Fireball]

We wasted some time getting all of our money out of Wells Fargo and the Wells Fargo Advisers. A couple days ago we received 'bills' in the mail asking for money for 'management fees'. I am so glad they will never see another dollar of investment from us!

I was involved as executor on a trust that had investments with Wells Fargo. They deducted all of the interest on the CDs plus some early withdrawal fees because 'the trust didn't die, only the person who established it'.

Since then I have moved all of my money and my wife has moved some IRAs out of Wells Fargo. Relatively small potatoes, but I know that WF has also lost the banking business for a manufacturing outfit that a fellow executor is involved with.

If you have a trust, make sure that there is not a nickle of it invested at Wells Fargo!

[Red35]

Quote:

Originally Posted by ER Fireball We wasted some time getting all of our money out of Wells Fargo and the Wells Fargo Advisers. A couple days ago we received 'bills' in the mail asking for money for 'management fees'. I am so glad they will never see another dollar of investment from us! I was involved as executor on a trust that had investments with Wells Fargo. They deducted all of the interest on the CDs plus some early withdrawal fees because 'the trust didn't die, only the person who established it'. Since then I have moved all of my money and my wife has moved some IRAs out of Wells Fargo. Relatively small potatoes, but I know that WF has also lost the banking business for a manufacturing outfit that a fellow executor is involved with. If you have a trust, make sure that there is not a nickle of it invested at Wells Fargo!

That's why I only signed up for the Wells Trade Account. I will handle everything myself.

I was planning on putting together a Trust.

Who do you recommend?