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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.
WF got onto big trouble a few years ago for quietly signing clients up for credit cards or other WF services that they didn't need and hadn't requested. It reminds me of what the GE people used to call "Share of Wallet". In other words, once you had a customer for one thing you tried to cross-sell other products and services to get a bigger share of their wallet.
I'm just not too enamored of banks getting into the "wealth management" business. They can paste that name on the division but that doesn't mean they have good people who have your interests at heart and give good advice.
if it is a broad based fund like a total market fund or s&p 500 fund except for diversifying away from equities you need no other stock funds unless you are trying to beat the market
I agree with Low; most people, as in the majority of the population, don't really have much clue as to what an IRA is vs 401k vs 529 vs money market vs brokerage vs checking account.
It's quite scary the lack of financial knowledge that exists out there, and an advisor is worth their weight in gold for these people (the vast majority).
That being said the banks from what I've seen personally do not offer good products and as such people tend to mistrust them. This needs to change. Your bank and advisor should be like a trusted family member and right now most people just think banks are out to "get them".
I would be leery of anything that is related to wells fargo. I would agree that most people don't understand finance stuff and there is a definite place for financial advisors but I've always believed someone connected to a financial institution will push that companies products even if they may not be in my own best interest. If I didn't have as much financial knowledge as I do, it probably wouldn't matter.
I would be leery of anything that is related to wells fargo.
Wells Fargo Advisors their wealth management arm played no part in the bs fake account issues that plagued the bank
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I would agree that most people don't understand finance stuff and there is a definite place for financial advisors but I've always believed someone connected to a financial institution will push that companies products even if they may not be in my own best interest. If I didn't have as much financial knowledge as I do, it probably wouldn't matter.
Your belief is generally incorrect. Most wealth management firms have moved away from proprietary investment products.
Why would it scare you? The idea of going with a fund is to diversify the holdings versus going with single stocks?
I think he is implying you have 250k that you’re able to have on chill in a s&p fund that you gave to a banker to baby sit. Lol. Majority of America don’t have 250k or even close to that. Including myself hahah
I think he is implying you have 250k that you’re able to have on chill in a s&p fund that you gave to a banker to baby sit. Lol. Majority of America don’t have 250k or even close to that. Including myself hahah
the majority of america will not be private clients either so that is why it is a select group .but the point is you dont give them 250k in cash .
same with fidelity , we are private access clients too and they have a minimum 4x that . but again , it is made up of all accounts you have including ira's
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