Laid off last year found a new job but didn’t update LinkedIn for about 90 days. Updated it this week and today get a message ( solicitation) congratulations on your new job ( listing company by name) and asking me to talk to WF about rolling over my 401k. The ba--s!! You treat people like cr-p, have rolling lay offs for years , no empathy for the impact on people and then turn around and solicit me. Actually WTF. I realize it is not the fault of the individual advisor but who came up with this idea. Let’s solicit people who gave decades to this company and we treated them like trash. Yes, maybe they will keep their 401k rollover with us so we can continue to profit off them. The company no longer has a moral center. Anyone else have this happen? Also if you didn’t want me around anymore - why are you looking at my LinkedIn. Creepy
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You still have your 401k under WF control?
PSA: for those between 55 and 59 1/2, do your self a favor and check IRS Rule of 55 before moving money out of a WF 401K to help understand your options.
@dt
IF you have a rollover IRA. Anyway ETF indices are cheap if not cheaper than the funds Empower offers. There is one.pr two emerging market funds and they are not very good. Where is my high dividend equity fund in empower? nada.
Be very careful with rollovers from Empower. Empower rollovers are done via check. If the check gets lost in the mail, you are SOL.
It's really not that hard to diversify. Just invest your rIRA and brokerage $ in whatever far flung asset classes you want and use your 401 to hold cheap indexes.
@bf you are out of your element here. FAs are almost completely shield from some of the bank's BS with layoffs and stuff. No way are they in the same position as you.
@bw that's a lot different than saying a WFA as is or reached out. Empower is a completely separate company. How can people NOT understand that?
@bz WF 401K has sh-t options for diversification. Want to put 15% of your portfolio in alternative assets like real estate or commodities? good luck with that. It's hard to get your equity portfolio away from the AI trade too.
You are far better off rolling over your 401k into an IRA and slicing it among ETFs
Truth is, you can leave your 401k with Wells indefinitely and it’s not a bad thing. The fees are low and great options.
Recent experience- When you try to rollover your WF 401k to anywhere else, the Empower phone reps are all licensed FA's. They put on a hard sell to get you to talk to them about leaving with Empower under their management. just tell them you've already considered your options and not interested.
If a Wells Fargo advisor contacted me after I lost my WF jobs, id tell them "your so fu---d get out now" and then ask the advisor if instead I should send him links to new jobs. Lol. I bet the advisor would say Please!
@aa WF is asking me to roll over my WF 401k to an advisory account.
@ak actual individual advisor messaged me on LinkedIn
T rowe does the same thing. Tell Wells Fargo and t rowe to pound sand. I have told people not to keep assets at either firm. T rowe has struggled so whatever I can do to move seets out is helpful. Wells fargo is shameless, just like the useless advisors there. Same deal. If the advisors cared about clients they wouldn't be there. No integrity.
They want you to leave your 401k with WF(Empower) and not transfer your 401k to the new company
There are some gaps or missing info. Was it an automated message from WFA or an actual individual advisor that reached out.
@OP
Confused,
So your new company is asking you to consider rolling your WF 401K over to their plan or is WF asking you to roll over your new company 401K plan to WF?
Either way, consider what investments are performing best and put them there rather than reacting with an emotional outrage.
It's just business.
I would report them for non compliance with Social Media requirements with WF, SEC & FINRA. Consent is required as well a big no for cold solicitation restrictions.