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For years, Wells Fargo overcharged almost 11,000 investment advisory accounts about $27 million in fees, federal regulators alleged on Friday.
Americans angry enough to bring their bank fee complaints to a federal agency increased 66% between 2021 and 2023. ... JPMorgan Chase and Wells Fargo have been especially charge-happy, ...
For almost two years, Wells Fargo has been under near-constant fire. Now, Now, former advisors in the wealth management area of the Private Bank, which caters to high-net-worth investors, have ...
The order also required Wells Fargo to pay an estimated $2.5 million in refunds to customers and hire an independent consultant to review its procedures. [33] Wells Fargo incurred additional costs due to refunds and lawsuits: $6.1 million in customer refunds due to inappropriate fees and charges; [34]
The bank also paid $40 million, including interest, to compensate customers overcharged by its advisers.
Wells Fargo Advisors is a subsidiary of Wells Fargo, located in St Louis, Missouri. It is the third largest brokerage firm in the United States as of June 30, 2021 with $1.9 trillion retail client assets under management .
My advisor charges a 2% fee for financial advice. He does not provide tax advice. My portfolio is currently worth around $850,000. Does this fee sound appropriate? – Tim Without knowing the full ...
Allspring Global Investments was originally the asset management unit of Wells Fargo known as Wells Fargo Asset Management (WFAM) that was established in 1995. [2]In October 2020, Wells Fargo was exploring the sale of WFAM as part of its efforts to focus more on core competencies and improve its financial performance after the Wells Fargo cross-selling scandal.