Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I do not think WF has a good reputation in this area. We have spoken to their WM group a few years ago and although the individuals were very nice I did not see any past experience examples where they would have done any better then I had done.
I would not look to the banking system for this service.
I agree on both accounts.
WF has been very publicly lashed at for creating false accounts or whatnot.
Second i would not use my bank as a wealth management strategy. Vanguard or Fidelity is where I'd look for that.
I also learned a long time ago to give ANYONE who professes to 'manage wealth' a small amount, and see what they do with it, and how they handle it. Id rather lose $1k to mismanagement than to lose $10k. If the fees and hidden fees eat up to much. Or what they do with it costs me too much, I'll move on, thank you very much.
Regular Banks i don't ses as good for managing money, they seem to only be interested in what THEY get out you, rather than what they can GIVE you.
WF has been very publicly lashed at for creating false accounts or whatnot.
Second i would not use my bank as a wealth management strategy. Vanguard or Fidelity is where I'd look for that.
I also learned a long time ago to give ANYONE who professes to 'manage wealth' a small amount, and see what they do with it, and how they handle it. Id rather lose $1k to mismanagement than to lose $10k. If the fees and hidden fees eat up to much. Or what they do with it costs me too much, I'll move on, thank you very much.
Regular Banks i don't ses as good for managing money, they seem to only be interested in what THEY get out you, rather than what they can GIVE you.
All big banks have wealth management arms Wells, Bank of America, Chase, Citigroup etc and big wealth management firms that aren’t owned by a bank have created their own banks Goldman and Morgan. All the above are certainly more than capable of executing wealth management strategies. Not saying the op should go this route just adding it along
Last edited by Lowexpectations; 06-13-2019 at 08:47 AM..
I’d bet vanguard expects him to reach out to his clients at least every 6-12 months. That would be a prudent minimum standard by his supervisors
I have a sizable Vanguard account that I manage myself. I have never received a call or even an email from Vanguard offering to manage it for me.
The only person who will put your financial interests first is YOU. I would never let anyone manage my financial affairs, especially someone who receives a commission for doing so. I do consult with a fee-only financial planner occasionally (maybe once every 5 years) if my financial picture changes substantially.
And I can't imagine why anyone would give Wells Fargo their money after the criminal way Wells Fargo has treated their customers.
I was a Bank of America customer then switched to Wells Fargo. I bank with WF because it's convenient. But I am careful with my money and only have a small amount with WF.
I have a sizable Vanguard account that I manage myself. I have never received a call or even an email from Vanguard offering to manage it for me.
You are self directed which isn’t the scenario we were discussing
Quote:
The only person who will put your financial interests first is YOU. I would never let anyone manage my financial affairs, especially someone who receives a commission for doing so. I do consult with a fee-only financial planner occasionally (maybe once every 5 years) if my financial picture changes substantially.
Cool story but there is a high probability you would benefit with more frequent contact with an advisor even paying them vs your maybe once every five years
Quote:
And I can't imagine why anyone would give Wells Fargo their money after the criminal way Wells Fargo has treated their customers.
Im not saying I would use them either but it’s two separate operations wells bank vs Wells wealth management
I have a sizable Vanguard account that I manage myself. I have never received a call or even an email from Vanguard offering to manage it for me.
I also have a sizable account with Vanguard. I've never received calls from them, but I have certainly received emails inviting me to try out their personal adviser services.
I also have a sizable account with Vanguard. I've never received calls from them, but I have certainly received emails inviting me to try out their personal adviser services.
Thats why no bank or business gets my email, nor my cell number.
If i have done, say, searching fir something or the like on the web, im careful about who gets my email and or home number. I can ignore the home phone easier with caller ID, and chose not to answer. ( my cell has caller ID too, but i rarely give it out).
If i have yo put that info in to get research info on something, i thoroughly evaluate whether the info is THAT important and that i cant get it elsewhere, before i put in that info. After a couple calls with no answer, they stop calling.
I quit any online banking and auto deductions a long tine ago.
One company was authorized for a MONTHLY billing to be removed from my checking, andinstead was billing WEEKLY. it was a utility company from California that sold electricity here in NY under the "choose ypur supplier ". I contacted them and alerted them when i got a mysterious 'overdrawn fee ' notice from my bank.i DONT overdraw.the bank told me i had a WEEKLY draft coming out, and that caused the overdrawn. The company answered my query with " well we have been hacked for billing WEEKLY insteadof monthly. 3 months later to Stop the continued drafts being removed i alerted them at both 2nd and 3rd month, they replied " wete working on it"... a major company cannot get an error corrected in 3 months??? So to stop further deductions i closed tye checking account and reopened a new one. The company then claimed they could not refund my money if i closed the account, i said send mea check, nope no can do they said. Needs to be credited back to the account overdrawn. I terminated services, as i had paid in 3 months more than a years worth of billing, and told them i was severing ties with them, and would alert the media here about their shady dealings. I said ' you got my money once, but youll never get it again". Expensive learning.
Another time with online banking, my acvounts were drained, andof course the bank claimed no responsibility, and offered no help in getting our money back. Never again. I went back to paper statements and writing paper checks.
And as many times as my credit cards have been compromised, i dont do THAT online either anymore.
Sometimes the old ways are better.
Never have had another problem since i went back to the ways.
All of that is a jumbled mess of bad advice. The worst thing you could really do it go back to paper statements. A minimum of 7 people will touch everything you put or receive in the mail. It’s still the largest area of data compromise for folks.
My banks and credit cards all have my cell and email. I can easily ignore them but if something goes wrong I want to know ASAP. Going with home phone only is a bad idea as well
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
