Backing away from a move it announced at the end of last month, Wells Fargo Advisors has said it will suspend plans to impose a maximum $300 account fee on more clients.
Currently, Wells Fargo Advisors households can avoid the fee if they have $250,000 or more in retail brokerage assets. Wells Fargo Advisors intended to raise the minimum and charge the account fee to households with $500,000 and less in retail brokerage assets.
Expanding the households that could be charged the extra fee was unpopular with some of the firm’s reps and advisers.
“We have suspended the household waiver threshold, effective immediately,” company spokesperson Kim Yurkovich wrote in an email. "It’s the result of the current environment and the desire to best serve our clients."
The firm allows its 13,512 reps and financial advisers limited discretion on whether or not to charge the fee.
There is a maximum account fee of $300 per household, and most households have multiple accounts, company sources said. On certain account types, fees are waived, including advisory and college savings plans.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
