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Old 06-11-2019, 03:14 PM
 
26,165 posts, read 21,415,004 times
Reputation: 22761

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Quote:
Originally Posted by zitsky View Post
What goes through my head is... what's the value add? I'm reasonably smart. Smart enough to make financial decisions.
I’m not sure if the wells folks could deliver on the value add but most people would benefit from an advisor so long as the advisor executes in a few areas. Here is vanguards outline for it

https://www.vanguard.com/pdf/ISGQVAA.pdf
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Old 06-11-2019, 03:34 PM
 
13,811 posts, read 27,337,465 times
Reputation: 14244
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".
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Old 06-11-2019, 05:46 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
12,994 posts, read 7,378,606 times
Reputation: 9728
I'm only getting email solicitation from BofA (a Amtrak rewards card). I haven't responded, too busy in retirement and I don't bank there. However, if they offer a free donut and good coffee, I may consider their offer on my return trip from the gym. They have a big cross sale operation in Redmond WA.
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Old 06-11-2019, 05:58 PM
 
Location: Florida
6,594 posts, read 7,263,609 times
Reputation: 8107
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.
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Old 06-11-2019, 06:15 PM
 
Location: Henderson, NV
7,087 posts, read 8,596,922 times
Reputation: 9978
I've met with Wells recently, they're my bank, about some of their options for parking a large amount of cash. I found the guy helpful, he suggested some options I liked and wasn't aware of, but that being said I'm not positive I'd have them do it versus just doing it myself, it depends on the situation. They have access to non-bid T-bills at much higher rates than regular auction style bills. He had quoted 3.15% returns on various T-bills that weren't long term, and the appeal of that for me is definitely there with no federal taxes due, no state taxes in my case, so 3% would be a substantial amount of money for short-term rates anyway with the portion of my money I'm keeping safer. I agree I don't trust Wells Fargo that much as a company, they kind of disgust me, but I'm sure there are good people working there and bad people, and I think they've been forced to overhaul their practices and be on their best behavior.

I'll probably meet with a few other banks though, too. When it's a lot of money, never too much hassle to be smart about it, and it's easy to get the meetings anyway lol. I like to gather information if nothing else.
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Old 06-12-2019, 06:34 AM
 
Location: broke leftist craphole Illizuela
10,326 posts, read 17,355,022 times
Reputation: 20327
I thought WF sold their investing business off to PFG or was that just the IRA/401k retirement accounts business.
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Old 06-12-2019, 07:10 AM
 
26,165 posts, read 21,415,004 times
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Quote:
Originally Posted by MSchemist80 View Post
I thought WF sold their investing business off to PFG or was that just the IRA/401k retirement accounts business.
Wells Fargo’s wealth management arm still does IRA business for sure
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Old 06-12-2019, 08:05 AM
 
456 posts, read 346,143 times
Reputation: 991
I bank with Chase and get at least one call from them every year. When I left an old employer, JP Morgan Chase managed our 401(k) program so I had a decent sized investment with them. I rolled it over the Vanguard a couple months after leaving and the phone calls began. I think they also see some of the amounts that run through the checking account and are trying to capture some of that business before I move it to an online savings account at another bank.


I'm just not impressed with their offerings and their charges.
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Old 06-12-2019, 08:55 AM
 
Location: Raleigh, NC
6,802 posts, read 9,001,953 times
Reputation: 5168
Quote:
Originally Posted by numsgal View Post
I bank with Chase and get at least one call from them every year. When I left an old employer, JP Morgan Chase managed our 401(k) program so I had a decent sized investment with them. I rolled it over the Vanguard a couple months after leaving and the phone calls began. I think they also see some of the amounts that run through the checking account and are trying to capture some of that business before I move it to an online savings account at another bank.

I'm just not impressed with their offerings and their charges.
Do you mean Vanguard starting calling you, after the transfer?
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Old 06-12-2019, 09:05 AM
 
26,165 posts, read 21,415,004 times
Reputation: 22761
Quote:
Originally Posted by zitsky View Post
Do you mean Vanguard starting calling you, after the transfer?
I’m pretty sure that was chase calling him once he transferred to vanguard

Last edited by Lowexpectations; 06-12-2019 at 09:39 AM..
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