Wells Fargo Clearing Services, LLC

CRD#19616
Investment Advisor Firm

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Overview

Wells Fargo Clearing Services, LLC is a financial advisory company headquartered in Saint Louis, Missouri. The firm controls $433.2 billion in assets under management across 1.4 million client accounts, placing it among the largest firms in the country by assets under management (AUM). The company has a very large group of 26,352 employees, eleven thousand, five hundred seventy-four of whom are financial advisors. Wells Fargo Clearing Services, LLC is not a registered broker-dealer, signifying that it is not able to buy and sell securities for its clients' and own accounts and instead must go through a broker-dealer company to do so. Securities are tradable fiscal investments such as options, bonds and stocks.

Wells Fargo Clearing Services, LLC administers most of the company's client assets in a discretionary manner. Discretionary management is a structure in which a portfolio manager makes buy and sell judgments for the client's account without needing to seek the customer's approval. Wells Fargo Clearing Services, LLC also administers 364,607 non-discretionary accounts with a total of $146.0 billion in assets. The investment advisory firm's typical account size is $301,930. The average advisor at Wells Fargo Clearing Services, LLC administers around 124 client accounts.

Wells Fargo Clearing Services, LLC's headquarters is located at One North Jefferson Avenue, Saint Louis, Missouri 63103-2205. The firm is allowed to serve customers throughout 50 U.S. states and territories.

Assets Under Management

$433.2 billion

Number of Advisors

11,574

Disclosures

No

Office Location

One North Jefferson Avenue
Saint Louis, MO 63103-2205

Wells Fargo Clearing Services, LLC by the Numbers

Total Assets Under Management

$433.2 billion

National Average: $3.3 billion
Total Number of Employees

26,352

National Average: 31
Total Number of Accounts

1,434,106

National Average: 1,935
Average Account Size

$302.1 thousand

National Average: $1.7 million

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Products and Services

Wells Fargo Clearing Services, LLC provides a number of financial services, including financial planning services, portfolio management for individuals and small businesses, portfolio management for institutional clients, pension consulting services, selection of other advisers and other services. In the prior financial year, the firm provided financial planning services to 101-250 of its customers. The company is engaged in selling products or offering services other than investment advisory services to its clients. The company is affiliated with one or more other service providers in the financial services industry, including with a broker-dealer or securities dealer, banking or thrift institution, trust company, insurance company or agency, pension consultant and commodity pool advisor.

Core Advisor Services

  • Offered by 44% of firms

    Financial Planning Services

    This is the process of planning for your financial future, including for events such as retirement, your child's college education or estate succession.

  • Offered by 61% of firms

    Portfolio Management

    This is the selection and management of an investment mix and portfolio strategy for individuals and small businesses.

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    Market Timing Services

    This is the practice of attempting to make short-term profits on investments by buying low and selling high.

Other Services

  • Offered by 23% of firms

    Selection of Other Advisors

    This is the firm's assistance with choosing other advisors to work with who may have different specialties.

  • Find a firm that offers this service

    Publication of Periodicals

    This is the publication of various financial education materials.

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    Educational Seminars/Workshops

    This is the hosting of seminars or workshops to educate investors on financial concepts.

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Fee Structure

Fees for financial advisory services largely depend on which services are provided. However, fees billed by the company can consist of the following fee types: asset-based, hourly, fixed or commission-based. Wrap fee programs, or the practice of bundling services for a single fee, are provided by the firm.

Available

  • Offered by 72% of firms

    Percentage of Assets

    Show Explanation

    This fee, which is the most common fee type charged by advisors for portfolio management, is based on the amount of assets you have under management. Also referred to as an asset-based fee, this fee typically ranges from 0.50%-2.00% of AUM annually. You'll typically pay a lower rate the more assets you have under management.

  • Offered by 35% of firms

    Hourly

    Show Explanation

    Like a lawyer, a financial advisor may charge you by the hour. This can be helpful if you are only looking for short-term or one-time advice. Rates typically range from $100-$300 per hour, depending on the complexity and level of services needed.

  • Offered by 2% of firms

    Commissions

    Show Explanation

    Occasionally, advisors earn commissions from selling financial products, such as securities or insurance policies, or making certain referrals or transactions. Advisors who earn commissions may be incentivized to make certain recommendations to clients in order to make a commission. Fee-only advisors do not earn commissions, while fee-based advisors may.

  • Offered by 39% of firms

    Fixed

    Show Explanation

    Fixed fees are a one-time, lump sum charged for a specific service, like the creation of a financial plan without subsequent implementation. This can be useful if you only need advice for one specific purpose, rather than a long-term advisor. Fixed fees usually range from $1,000 to $3,000.

Unavailable

  • Find one of the 17% of firms that offer this fee type

    Performance-based

    Show Explanation

    Advisors only earn performance-based fees if a portfolio outperforms a defined benchmark. This fee may be calculated in a number of ways but most commonly is charged as a percentage of investment profits. Performance-based fees may incentivize advisors to make riskier decisions in order to generate higher returns.

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    Subscription

    Show Explanation

    Firms generally charge this fee for educational materials provided, such as a monthly magazine. This can be useful if you want to learn about investing or financial management on your own.

  • Find one of the 12% of firms that offer this fee type

    Other

    Show Explanation

    Firms can sometimes charge customers using non-traditional fee structures. See this firm's Form ADV for more details.

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Types of Clients

The company works with a broad range of customers. The company provides services to retail investors, high net worth investors, banking institutions, pension plans, charitable organizations, state or municipal government entities, insurance companies, corporations and other. Out of its 1,434,106 accounts, Wells Fargo Clearing Services, LLC's biggest client group by number of accounts is retail investors, although it also caters to 565,031 high-net-worth individuals. A high-net-worth individual is defined by the SEC as an individual who has at least $750,000 under management or a net worth of more than $1.50 million or who is considered a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the company's accounts reside abroad.

  • High-Net-Worth Individuals* - 39.42%
  • Other Individuals - 57.98%
  • Corporations - 2.19%
  • Charitable Organizations - 0.41%

* The U.S. Securities and Exchange Commission (SEC) defines a high-net-worth individual as someone who has at least $750,000 under management.

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Disclosures

Wells Fargo Clearing Services, LLC does not have any disclosures.

Please visit its Form ADV for more details.

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Financial Advisors at Wells Fargo Clearing Services, LLC

Joshua Nowasell
San Francisco, CA
Lucas Widoff
Eugene, OR
Paul Milnes
Wayne, PA
Charles Kitts
Austin, TX
Ashley Watumull
San Francisco, CA
Stephen Harper
Washington, DC
Randall Skaggs
Saint Louis, MO
Alannah Chalmers
Weatherford, TX

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This content was compiled from the SEC and FINRA