Literally DOZENS of better options, higher rate accounts to put your hard-earned money into. Let your MONEY do the talking, stop with the whining on this board which gets nothing accomplished. MOVE YOUR MONEY OUT!!! I did, it's super easy and really quite satisfying.
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The old adage for employees rings true:
Don't sh!t where you eat.
You're increasing your risk exponentially when you work for a company and also invest $$$ in it.
Same goes for spouses working at same company. All your eggs are in one tenuous basket.
The only decent funds in the 401k are the index funds. Everything else is ripping you off with fees.
"Unfortunately, Empower transactions aren't immediate, so you can't really time the transaction".
A responder on this thread is quoted above.
Trying to time any markets is not a good strategy.
I retired in June of 2023. All of my 401K funds are evenly split 50/50 in the SP500 and NA100 investments. This has been the case since I first joined WF and the account balance has compounded into a very acceptable retirement future. The key to this good fortune is never moving out of SP and NA! While it is true there have been some stormy tides to ride out but in the end the market always responds and recovers.
All of my funds are still held in the 401K and will be transferred out sometime in 2024 when the timing is right. (since retirees are awarded the 401K matching funds it comes under consideration)
As a general rule of thumb you should always diversify your investments. So for the 401k, only invest in the broad, diversified mutual funds. That means basically all of them, except for Wells Fargo stock. The moment January 2 rolls around, you get that money OUT of WF stock and into anything else, so you don't have money in a non-diversified investment.
If the OP is talking about savings accounts, that's true too. WF's paying 0.01% last time I checked, while many other banks and credit unions are paying 100-500 times as much interest. If you're willing to use a mutual fund as your savings account, you can get about 5.3% (530x as much as a WF savings account) right now.
YMMV, but this is not a good time to work for or have your money invested with an old school bank.
Well, this is true for any checking account really at any institution. Keep enough to pay your bills and leave the rest in a high yield account, t-bills, brokerage, etc
Who knows what jibberish is going on in OP’s head.
I believe the OP is talking about the 401k match. Yes, if you read the performance charts in Empower you'll see that the default fund performs much lower than many others. Unfortunately, Empower transactions aren't immediate, so you can't really time the transaction. That being said, Wells stock barely moves up when things are good and takes a dive every time it's in the news. Advice: Don't worry about when best to move out of Wells stock -- just DO IT.
No thanks. No issue with the services WF provides. I do have my savings (HYSA) at another bank but that's only because the interest rate is a lot higher.
Although I invest iRAs through great WFA advisor, I have no stock w/WF and no other business w/WF (no banking/checking, no mortgage, etc.)