Wells Fargo Voluntarily Releases Trumps Records as Advisors Flee with Over $29.5 Billion
It was just reported that Wells Fargo has passed over thousands of records willingly to Maxine Waters and the House Finance Committee, related to President Trump. Radio host Mark Levin has now called for an all-out boycott of the bank, urging listeners to close their accounts with the shameful institution.
If you're an account holder or an investor with Wells now is the time to seriously reconsider your next move!
Most investors hold shares of mutual funds. It’s one asset class among others that’s often part of an investor’s diversification strategy.
But aside from market risks, mutual funds carry several risks that are not as transparent--from transaction costs, management fees, taxable events, and a revolving door of fund managers. Most investors hold shares of mutual funds. It’s one asset class among others that’s often part of an investor’s diversification strategy.
Let’s talk about this last point, as many investors are simply not aware of this common practice.
Fund history--how a mutual fund has performed over time--is a crucial deciding factor for many investors.
And when it comes to the performance of an actively managed fund, the fund manager occupies a critical position.
But funds often change hands. Fund management is a revolving door. Managers step out as new ones step in.
Some managers or advisors rebalance portfolios actively, causing you to pay a higher expense ratio in fees and distributions, while others may not be as capable as their peers in managing a given fund.
Either way, you have no choice. And when a mutual fund ceases to perform well, it’s not just the markets to blame, it can also be the fund manager, and the cost you pay for that manager’s services--whether the fund makes or loses money.
But how often do changes occur? How often are assets under management (AUM) just handed off to another incoming manager?
Wells Fargo has been quite active recently with regard to manager outflows.
In 2019, so many of Wells Fargo’s fund managers have jumped ship, leaving over $29.5 billion of customer funds in the hands of...who knows who?
Exiting in Droves
The information we present below, taken straight from investmentnews.com, is publicly accessible, though many investors may not be aware of it since it’s a trade publication. The AUM figures we present are from their Advisers On the Move page. When an adviser’s AUM is unknown, it is presented as a blank.
Here are the biggest departures year to date:
Twenty one advisers managing $6.4 billion have left Wells Fargo for Raymond James Financial Services, Inc.
Eighteen advisers managing $5.8 billion have left Wells Fargo for Ameriprise Financial Services, Inc.
Twelve advisers managing $4.6 billion have left Wells Fargo for Robert W. Baird & Co. Incorporated.
Eight advisers managing $4.2 billion have left Wells Fargo for Janney Montgomery Scott LLC.
Nine advisers managing $2.3 billion have left Wells Fargo for LPL Financial LLC.
Five advisers managing $1.3 billion have left Wells Fargo for Stifel, Nicolaus & Company, Incorporated.
In total, 141 advisers managing over $29.5 billion have left Wells Fargo since January 1, 2019.
Here’s the data (source: investmentnews.com)
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$150 |
03-15-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-01-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
03-01-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-01-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-22-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-15-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$100 |
02-15-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
02-14-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
04-12-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$150 |
03-29-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-29-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$250 |
03-29-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
02-01-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-18-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
01-18-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
01-16-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
01-11-2019 |
|
|
Ameriprise Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
01-04-2019 |
|
|
BancWest Investment Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
02-25-2019 |
|
|
Cambridge Investment Research, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
03-15-2019 |
|
|
Cetera Advisor Networks LLC |
Wells Fargo Clearing Services, LLC |
$50 |
03-07-2019 |
|
|
Cetera Advisors LLC |
Wells Fargo Clearing Services, LLC |
— |
02-01-2019 |
|
|
Coastal Equities, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
01-15-2019 |
|
|
Commonwealth Financial Network |
Wells Fargo Clearing Services, LLC |
$150 |
02-15-2019 |
|
|
Csuite Investment LLC |
Wells Fargo Clearing Services, LLC |
— |
01-03-2019 |
|
|
Desert Rose Capital Management Inc. |
Wells Fargo Clearing Services, LLC |
— |
04-12-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
$25 |
03-22-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
— |
03-01-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
— |
02-04-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
— |
02-01-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
— |
01-18-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
$50 |
01-18-2019 |
|
|
Edward Jones |
Wells Fargo Clearing Services, LLC |
— |
01-07-2019 |
|
|
Empire Asset Management Company |
Wells Fargo Clearing Services, LLC |
$47 |
04-15-2019 |
|
|
Fifth Third Securities, Inc. |
Wells Fargo Clearing Services, LLC |
$10 |
02-08-2019 |
|
|
First Republic Securities Company, LLC |
Wells Fargo Clearing Services, LLC |
$25 |
02-15-2019 |
|
|
First Republic Securities Company, LLC |
Wells Fargo Clearing Services, LLC |
$10 |
02-15-2019 |
|
|
First Republic Securities Company, LLC |
Wells Fargo Clearing Services, LLC |
$100 |
01-11-2019 |
|
|
First Republic Securities Company, LLC |
Wells Fargo Clearing Services, LLC |
$100 |
01-11-2019 |
|
|
Forefront Wealth Management |
Wells Fargo Clearing Services, LLC |
— |
01-12-2019 |
|
|
Frost Brokerage Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-11-2019 |
|
|
Hayden Royal |
Wells Fargo Clearing Services, LLC |
— |
02-14-2019 |
|
|
Hohimer Wealth Management, LLC |
Wells Fargo Clearing Services, LLC |
— |
04-25-2019 |
|
|
Independent Advisor Alliance, LLC |
Wells Fargo Clearing Services, LLC |
— |
04-03-2019 |
|
|
InVest Capital Partners |
Wells Fargo Clearing Services, LLC |
— |
02-15-2019 |
|
|
J.P. Morgan Securities LLC |
Wells Fargo Clearing Services, LLC |
— |
04-09-2019 |
|
|
J.P. Morgan Securities LLC |
Wells Fargo Clearing Services, LLC |
— |
04-04-2019 |
|
|
J.P. Morgan Securities LLC |
Wells Fargo Clearing Services, LLC |
— |
04-02-2019 |
|
|
J.P. Morgan Securities LLC |
Wells Fargo Clearing Services, LLC |
— |
01-23-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$25 |
03-27-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$1 |
03-27-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$200 |
03-05-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-05-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-01-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$25 |
01-18-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-16-2019 |
|
|
Janney Montgomery Scott LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-16-2019 |
|
|
Kestra Investment Services, LLC |
Wells Fargo Clearing Services, LLC |
— |
01-11-2019 |
|
|
Lincoln Investment |
Wells Fargo Clearing Services, LLC |
$50 |
01-16-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$1 |
03-11-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
— |
02-28-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
— |
02-27-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$100 |
02-15-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$100 |
03-29-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-25-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-22-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$50 |
01-14-2019 |
|
|
LPL Financial LLC |
Wells Fargo Clearing Services, LLC |
$50 |
01-02-2019 |
|
|
Lucia Securities, LLC |
Wells Fargo Clearing Services, LLC |
$100 |
04-03-2019 |
|
|
Mattern Capital Management, LLC |
Wells Fargo Clearing Services, LLC |
— |
02-11-2019 |
|
|
MD Wendell Wealth Partners |
Wells Fargo Clearing Services, LLC |
— |
02-25-2019 |
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
Wells Fargo Clearing Services, LLC |
— |
03-01-2019 |
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
Wells Fargo Clearing Services, LLC |
$50 |
02-13-2019 |
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
Wells Fargo Clearing Services, LLC |
— |
01-14-2019 |
|
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
Wells Fargo Clearing Services, LLC |
$100 |
01-03-2019 |
|
|
MML Investors Services, LLC |
Wells Fargo Clearing Services, LLC |
$50 |
01-03-2019 |
|
|
Moors & Cabot, Inc. |
Wells Fargo Clearing Services, LLC |
— |
04-17-2019 |
|
|
Morgan Stanley |
Wells Fargo Clearing Services, LLC |
$1 |
03-01-2019 |
|
|
Morgan Stanley |
Wells Fargo Clearing Services, LLC |
$50 |
03-01-2019 |
|
|
Morgan Stanley |
Wells Fargo Clearing Services, LLC |
$50 |
01-25-2019 |
|
|
Naples Wealth Planning |
Wells Fargo Clearing Services, LLC |
— |
01-30-2019 |
|
|
National Securities Corporation |
Wells Fargo Clearing Services, LLC |
$50 |
02-22-2019 |
|
|
National Securities Corporation |
Wells Fargo Clearing Services, LLC |
$150 |
02-01-2019 |
|
|
Oppenheimer & Co. Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
02-06-2019 |
|
|
Oppenheimer & Co. Inc. |
Wells Fargo Clearing Services, LLC |
$150 |
01-25-2019 |
|
|
Optas, LLC |
Wells Fargo Clearing Services, LLC |
— |
05-07-2019 |
|
|
Optas, LLC |
Wells Fargo Clearing Services, LLC |
— |
05-07-2019 |
|
|
PNC Investments |
Wells Fargo Clearing Services, LLC |
— |
04-12-2019 |
|
|
PNC Investments |
Wells Fargo Clearing Services, LLC |
— |
02-06-2019 |
|
|
Private Client Services, LLC |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-02-2019 |
|
|
ProEquities, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
02-20-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
04-02-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
— |
04-02-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
02-13-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-13-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
02-13-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
02-13-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
02-08-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$143 |
01-22-2019 |
|
|
Raymond James & Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-11-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
03-25-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-18-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
02-21-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
01-18-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
01-18-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$50 |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
— |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-17-2019 |
|
|
Raymond James Financial Services, Inc. |
Wells Fargo Clearing Services, LLC |
$100 |
01-17-2019 |
|
|
RBC Capital Markets, LLC |
Wells Fargo Clearing Services, LLC |
$50 |
02-20-2019 |
|
|
RBC Capital Markets, LLC |
Wells Fargo Clearing Services, LLC |
$50 |
02-13-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-25-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$65 |
03-25-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$100 |
03-25-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$100 |
03-08-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1 |
03-01-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-01-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$150 |
03-01-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1,000 |
02-08-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$150 |
01-25-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1,000 |
01-25-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$1 |
01-17-2019 |
|
|
Robert W. Baird & Co. Incorporated |
Wells Fargo Clearing Services, LLC |
$49 |
01-17-2019 |
|
|
Royal Alliance Associates, Inc. |
Wells Fargo Clearing Services, LLC |
$100 |
02-01-2019 |
|
|
SagePoint Financial, Inc. |
Wells Fargo Clearing Services, LLC |
$25 |
01-16-2019 |
|
|
Stifel, Nicolaus & Company, Incorporated |
Wells Fargo Clearing Services, LLC |
$1,000 |
03-21-2019 |
|
|
Stifel, Nicolaus & Company, Incorporated |
Wells Fargo Clearing Services, LLC |
$50 |
03-07-2019 |
|
|
Stifel, Nicolaus & Company, Incorporated |
Wells Fargo Clearing Services, LLC |
$100 |
04-04-2019 |
|
|
Stifel, Nicolaus & Company, Incorporated |
Wells Fargo Clearing Services, LLC |
$107 |
04-04-2019 |
|
|
Stifel, Nicolaus & Company, Incorporated |
Wells Fargo Clearing Services, LLC |
$50 |
01-03-2019 |
|
|
Triad Advisors LLC |
Wells Fargo Clearing Services, LLC |
$1 |
03-22-2019 |
|
|
U.S. Bancorp Investments, Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-21-2019 |
|
|
UBS Financial Services Inc. |
Wells Fargo Clearing Services, LLC |
— |
02-15-2019 |
|
|
UBS Financial Services Inc. |
Wells Fargo Clearing Services, LLC |
$1 |
04-03-2019 |
|
|
UBS Financial Services Inc. |
Wells Fargo Clearing Services, LLC |
$1,000 |
04-03-2019 |
|
|
Wedbush Securities Inc. |
Wells Fargo Clearing Services, LLC |
— |
03-18-2019 |
|
|
Wedbush Securities Inc. |
Wells Fargo Clearing Services, LLC |
— |
01-18-2019 |
|
|
Wedbush Securities Inc. |
Wells Fargo Clearing Services, LLC |
$100 |
01-14-2019 |
On a separate front, albeit one that may be hard to dissociate from this mass exodus, Wells Fargo faces yet another lawsuit, this one for $98 Million for deceitful practices.
According to the allegations, Wells Fargo violated contractual obligations when the bank solicited buyers for the prestigious Downtown Los Angeles Garland Center in an attempt to oust and “destroy” Garland Connect, the Center’s MMR Operator.
According to the complaint:
- “Wells Fargo back-channeled $2,000,000.00 to its co-conspirators, Rising Realty and HRRP, the company formed to purchase the Garland Center, for costs incurred in HRRP's efforts to terminate Garland Connect's Operating Agreement.”
- HRRP attempted to terminate the Operating Agreement through an arbitration proceeding based on false allegations that Garland Connect was charging above market rates.”
- “Garland Connect prevailed in the proceeding and the arbitrator found that the companies had resolved to terminate the Operating Agreement and replace Garland Connect with a new MMR operator even before the purchase of the building was completed.”
This is yet another lawsuit that further magnifies the endemic problems facing Wells Fargo since it was forced to pay more than $4 Billion in settlements and fines in 2016.
Main Point: No matter how often banking institutions give us a reason to mistrust them, we can’t avoid them altogether. But this doesn’t mean we have to trust them with 100% of our money. You can hedge your wealth against the various rent-seeking manipulations that banks practice simply by stashing some of your money away in private storage. And if you want to protect your money from the dollar’s declining value, then convert a portion of it to gold and silver, as both comprise the ultimate sound money hedge.
The financial market is crumbling and EVERYONE will be affected. Only those who know what's going on and PREPARE will survive... dare we say thrive. Our 7 Simple Action Items to Protect Your Bank Account will give you the tools you need to make informed decisions to protect yourself and the ones you love.
