• Report: #815330

Complaint Review: Wells Fargo Advisors

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  • Submitted: Thu, December 29, 2011
  • Updated: Sun, January 01, 2012

  • Reported By: thegbs — greensboro North Carolina United States of America
Wells Fargo Advisors
Internet United States of America

Wells Fargo Advisors Wells Fargo, Wells, Wachovia Bad Brokerage Accounts Internet

*Consumer Comment: So, How Helpless Are You???

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Wells fargo is THE WORST. I want to spread the word loud a clear.

I had a small IRA investment in a money market account which they promptly sent me over to their advisors when I asked about savings interest rates... I agreed with the fund they recommended but the fees having been adding up and up and up. It is not the market that is killing my balance it is their greed - with the highest fees around. 

They also are only going to recommend loaded funds - 12b to get additional fees.

I asked an Financial Advisor a question in the branch and without my permission he changed the account over from a general brokerage account to one that was in his name so he could get the $ credit. This might seem minor but it has been a Huge headache. This guy in the branch was a 'bleep-bleep'. He had such 'canned' 10 minute advice.

Then it took 6 calls to get it transferred out of his name. With the merger between Wachovia and Wells Fargo - what was a waived annual fee when i set up the account - got thrown into being flagged as a fee account when Wells took over Wachovia which the representative no longer  had control over it being waived because their policy had changed and i am no longer exempt. 

This is ALL within 7 months!!! I am so pissed off. Now to transfer the account out of Wells is $95 no matter how the distribution is done - raised from Wachovia's fee.

This is THE WORST investment advice and experience EVER. Greedy Executives. I will NEVER do investment business with them again and will continue to get the word out to advise others of the same.

It has cost me over $450 in 1 year in fees on a measly $4,000 - Not because of the market - but because of their ridiculous back-end transaction fees, unresponsive customer service, and 'Management doesn't care about customer-retention approach'. Jeez I have accounts set up at 5 other institutions includnig Fidelity, Etrade, TRowe Price - and have experienced Nothing like this ever in 20 years - Highway Robbery.   

This report was posted on Ripoff Report on 12/29/2011 10:20 AM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Advisors/internet/Wells-Fargo-Advisors-Wells-Fargo-Wells-Wachovia-Bad-Brokerage-Accounts-Internet-815330. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

So, How Helpless Are You???

AUTHOR: Jim - (USA)

OK, they recommend loaded funds.  Did you read the prospectus?  Did you carefully note the fee structure?  Did somebody hold a gun to your head to take them without regard to what you thought?  Why are you going to a bank to do this anyway?  Apparently you are inexperienced in buying investments.  But the bottom line is you write as if you have had your arms amputated, feet amputated and your mouth glued shut.  You don't need to play doormat to any merchant!  First, learn all about what you are buying.  Mutuals in this market are dogs!  Second, develope a BACKBONE and don't sit there, hat in hand, ready, willing and able to accept any crumb they throw your way.  You are the potential customer.  You are gold.  I doubt very much your last name is "doormat".  No, I don't work for them!
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