- Report: #815330
Report - Rebuttal - Arbitrate
Complaint Review: Wells Fargo Advisors
Wells Fargo AdvisorsInternet 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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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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