These WFC executives cannot be trusted to manage an ice cream truck, much less a Top 5 Bank

https://www.advisorhub.com/wells-fargo-faces-sec-investigation-over-cash-sweep-programs/

Are they d-mb? Thieves? I can’t figure it out.

Common knowledge is that we cannot profit in any way in an advisory account beyond the advisory fee charged to a client. Or said another way, we cannot charge a client twice, or we cannot make two incomes from one source. So, Wells Fargo can not charge both a commission (or a markup) on a trade for an advisory account and an advisory fee. Or we can not include a proprietary fund in an advisory account. This would be considered double dipping: making money from both the advisory fee and from profits associated with managing the proprietary fund.

One of the cash sweep options in our advisory accounts is Allspring which is partially owned by Wells Fargo after Charlie sold our Asset Management arm. There are many Money Market Funds out there, but Wells uses one which they partially own? SEC says double dipping … A big no-no. This is first-grade basic common knowledge, Brokerage 101. Embarrassing.

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@4xze+1ppLe1pf

Wells Fargo is one of the top 5 because of its large size. But for the quality of service, you are correct, WF is at the bottom. In a scale of 1 to 5, some customers said they want to give 0 or even -1.

That's not fair. Wells isn't a top 5 bank.

Wells Fargo executives cannot even be trusted to manage cow manure.

Hmmm waffle cone

@dmv+1ppLe1pf

So just for your information, the client pays nothing for this allspring fund. There’s no AUM fee for it. The WFA employee who sells also doesn’t generate one dime of revenue off it.

If wells makes money on it, that in itself doesn’t seem wrong? However, what would be wrong is them not compensating the advisor that sells it.

Per the article, there’s a couple things going on here that present a conflict of interest in advisory accounts, where clients pay a % of their total principal/year vs transactional commissions and where Wells Fargo is required to always act in the client’s best interest.
1 Wells Fargo is getting kickbacks from the 2 low-interest cash sweep options which would be less if they provided our clients with higher interest rate options.
2 The higher rate option, which is only available to certain clients, is Allspring which Wells still has partial ownership in and also profits from behind the scenes. The issue is not whether a broker gets paid twice in an advisory account - it’s whether Wells Fargo gets paid twice.

Allspring is a shell corporation and front. The larger criminal operations are happening in multiple third-world countries under Charlie's command.

Advisors make nothing off the allspring fund and it yields well for the client. I don’t see the issue here?

D-mb thieves.

Thread regarding Wells Fargo & Co. layoffs

These WFC executives cannot be trusted to manage an ice cream truck, much less a Top 5 Bank

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