Wells Fargo Clearing Services, LLC

CRD#19616
Investment Advisor Firm

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Learn more about Wells Fargo Clearing Services, LLC

  • Overview
  • By the Numbers
  • Products and Services
  • Fee Structure
  • Types of Clients
  • Disclosures
  • State Registrations
  • Office Locations
  • Firm Advisors

    • Overview

    Wells Fargo Clearing Services, LLC is an advisory firm headquartered in Saint Louis, Missouri. The firm has $647.8 billion in total assets throughout 1.5 million customer accounts, placing it among the largest financial advisory firms in the United States by assets under management (AUM). The firm has a very large team, including 8,509 financial advisors. Wells Fargo Clearing Services, LLC does not act as a registered broker-dealer, signifying that the firm cannot buy and sell securities for its accounts and those of its clients and instead is required to go through a broker-dealer company to do so. Securities are tradable financial assets such as stocks, options and bonds.

    Wells Fargo Clearing Services, LLC manages most of the company's accounts on a discretionary basis. Discretionary management is a structure in which transaction judgments are made by a portfolio manager without requiring client approval. Wells Fargo Clearing Services, LLC also oversees 352,420 non-discretionary accounts with a total of $196.0 billion in assets under management. The firm's average account size is $438,531. The typical financial advisor at Wells Fargo Clearing Services, LLC manages around 174 client accounts.

    The company's headquarters is located at One North Jefferson Avenue, Saint Louis, Missouri 63103-2205. The company is legally registered to provide services to clients across 50 U.S. states and territories.

    Assets Under Management

    $647.8 billion

    Number of Advisors

    8,509

    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

    $647.8 billion

    National Average: $9.0 billion
    Total Number of Employees

    21,510

    National Average: 71,771
    Total Number of Accounts

    1,477,661

    National Average: 4,329
    Average Account Size

    $438.4 thousand

    National Average: $2.1 million

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    Products and Services

    Wells Fargo Clearing Services, LLC offers a variety of services, which can consist of 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 fiscal year, the company provided financial planning services to 101-250 of its clients. It is involved in selling products or offering services different than investment advice to its customers. The company also has a number of financial industry affiliations, including with a broker-dealer or securities dealer, banking or thrift institution, trust company, insurance company or agency, pension consultant, real estate broker or dealer and commodity pool advisor.

    Core Advisor Services

    • Offered by 31% 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 47% of firms

      Portfolio Management

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

    • Find a firm that offers this service

      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 21% 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.

    • Find a firm that offers this service

      Educational Seminars/Workshops

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

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    Fee Structure

    Fees charged by financial advisors largely vary depending on which service is offered. However, fees billed by Wells Fargo Clearing Services, LLC likely include the following fee structures: asset-based, hourly, fixed or commission-based. The company does participate in a wrap fee program, in which the firm offers a service bundle for a single fee.

    Available

    • Offered by 70% 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 21% 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 1% 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 33% 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 26% 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.

    • Find one of the 0% of firms that offer this fee type

      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 10% 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 firm works with a number of different customers. The company provides services to retail investors, high net worth investors, banking institutions, investment companies, pension plans, charitable organizations, state or municipal government entities, insurance companies, corporations and other. Out of its 1,477,661 clients, Wells Fargo Clearing Services, LLC's biggest client group by number of accounts is retail investors, but it also serves 645,176 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 at least $1.50 million or who counts as a "qualified purchaser" (a standard met by having at least $5 million in investments). Just 1% of the firm's clients are from outside of the U.S.

    • High-Net-Worth Individuals* - 43.66%
    • Other Individuals - 54.03%
    • Corporations - 1.83%
    • Charitable Organizations - 0.47%

    * 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

    Amanda Jezik
    Tulsa, OK
    Brandon Blanchard
    Irvine, CA
    Nichole Rabon
    Miramar Beach, FL
    Ashley Turner
    Edmond, OK
    Palani Lopez
    Los Angeles, CA
    Basil Barouki
    Tarpon Springs, FL
    Mary Gravelle
    Charlotte, NC
    Paulo Quintana
    Boca Raton, FL
    Franklin Yeep
    New York, NY

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    The content in this profile was updated by SmartAsset on 04/01/2022 using publicly available data compiled from the SEC and FINRA. To report any data inconsistencies or errors, please contact profile-compliance@smartasset.com.

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