Wachovia Securities Name Change

Hey Matt,

I remember when the Norwest/Wells Fargo merger took place and I remember they completed the merger state by state until it was all finalized. Are they going to do the same thing with Wachovia? If so, when is Texas going to be completely merged?

~Joey~

Thank you for keeping us updated.

The world (of Wachovia COSI home/real estate borrowers) is anxiously awaiting word when Wells Fargo will be assuming control of these Wachovia loans, and what Wells is going to do about the Wachovia COSI (Cost of Savings Index, which is used to determine the actual monthly rate of interest charged on variable rate loans.)

Any information you can put out as to when these decisions will be made (and what they are if already made) will greatly alleviate the stress being felt by these home/real estate owners. Thank you.

Hey Joey, I can't speak for Wachovia Securities but, as a Service Manager for Wells Fargo Bank, I can tell you that it has been Wells Fargo's plan to "slow roast" our acquisition. Rather than rush into things, we've decided to slowly integrate lines of business to our, now combined, 99 lines total. As a Texas team member, I anxiously await the day that the "Wellschovia" merger is finalized. We have been told time and again that Texas will most likely be converted by Q4 2009. Could be sooner, could be later but that is the target date that we're shooting for! MODERATOR'S NOTE: The views expressed herein are those of the blogger alone and do not constitute an official position taken by Wells Fargo or Wachovia. Please see About This Blog for more information.

As 35 year veteran of the brokerage industry I'm dismayed by the "business as usual approach" by the Wachovia/Wells Fargo securities arm.

The senior executives and planners need to realize the model has been broken and a new model needs to be developed

This new model needs to include
1) a commitment to help clients make profitable investments; this means eliminating "service" buzzwords and a fee structure that drives clients to Schwab etc. Keep in mind the compliance and legal departments didn't save anyone in this mess

2)The marginal buyer (IE the individual investor, small business and their pension plans) has disappeared or gone into hiding. They need to be wooed back. Costly nuisance fees and insulated detached analysts will keep them away. This is particularly egregious at Wachovia Securities where even the brokers are not allowed to talk to analysts. The ivory tower of research needs to be dismantled.

This is just a starter. I will have more suggestions on how to develop the new model.

@ Joey, Thanks for your question. As you can imagine this is going to be a pretty sizable conversion. I do know that it will occur in phases as you suggested, but the final schedule for when which state will convert has not been determined. Since Texas is a big overlap state (everything's bigger in Texas, right?) we need to make sure all the system and product decisions are made before we move forward with conversion. Stay tuned...

Hey Matt!

Questions: I opened an IRA CD at one of your fine Wachovia branches and I can view it online at wachovia.com. My questions are as follow: is my IRA CD a part of Wachovia Bank, N.A. or Wachovia Securities? And if it is with Wachovia Securities, will it drop off online with wachovia.com whenever Wachovia Securities changes it names to Wells Fargo Advisors in May? And if it does drop off online at that point, is that when I have to begin signing up for an online username with wellsfargo.com? Or does wellsfargo.com offer such internet access to view both Wells Fargo Advisors IRA CDs and Wells Fargo, N.A. DDA accounts online? Sorry for the lengthy questions. Please let me know!

Thanks!

~Joey~

Since you are viewing the CD at Wachovia.com and not Wachoviasecurities.com then you must have gone into the bank. Wachovia Securities is a full-service brokerage service that can offer you a universe of investment products. The financial advisors in the banks are limited to a very small range of products. Though bank FAs like to believe they are the real thing they DO NOT come close to the private client services of the brokerage side. MODERATOR'S NOTE: The views expressed herein are those of the blogger alone and do not constitute an official position taken by Wells Fargo or Wachovia. Please see About This Blog for more information.

I bought two CDs on line from Wachovia Bank before the merger. Will I be able to redeem these CDs at maturity at any Well Fargo branch?

What will the new name be for Wachovia Securities? Is is Wells Fargo Advisors or something else? I totally dislike the current (new in March 2009) format of the Wachovia Securities monthly statements and the confirmation statements. I hope you will make them easier to read like they were prior to this change.

I want to second the comment by Jonathan. When is Wells Fargo going to explain what it will do with the Wachovia COSI loans? Since Wachovia (and World Savings befor) are no more, what indx willWells Fargo use to replace the COSI index, which I regret we got talked into taking.

@Ardner - Thanks for your comment. In response to your question on April 4, if your Wachovia CDs mature after your market converts, you'll be able to redeem them at a Wells Fargo store. If yuohave any more questions, please let us know.

@Jeff - Thanks for your comment. To confirm your inquiry, the new name of Wachovia Securities will be Wells Fargo Advisors.

This looks like a good news for people looking forward to switching their brokerage accounts to Wells Fargo-Wachoiva. However, I couldn't get answers for the following down to earth practical questions. If you could, point some directions.

Questions:
1. Since my spouse works for Wachovia, our brokerage account will have to stay with Wachovia. Where can we find the regulation for Wells-Fargo employees about their personal bank, investment, and brokerage accounts?
2. It is probably a good assumption that we will have to keep all our financial accounts with Wells-Fargo. If that is the case, can we open a brokerage account in WellsTrade? When can we do this transfer to WellsTrade? Any guidelines?

I agree with Jonathan and BNHANCOCK. The COSI index is a major problem for we borrowers, as it appears resistant to the declining interest rate environment, and it's now clear if new CD's being issued by Wachovia are included in the COSI basket -- which would keep the COSI artificially high.

Please help! Any visibility on what is planned for W-COSI would be greatly appreciated.

Greg

I've got full service brokerage with Wachovia and would like to switch to a Wells Tade account where I'll make my own decisions. Would it be better to wait for the complete merger to take place or should I do it now?

@ Tony, thanks for the comment. I have forwarded your comment to a team in our Securities group and will let you know what they say.

To reiterate what Jonathan, Greg, and I have said before, Wells Fargo owes us an explanation as to 1) why the Wachovia COSI index has remained FLAT for the last 4 months; and 2) what WF intends to do with this index.

Your failure to even acknowledge our comments is insulting. You may not have an answer, but you should at least show enough respect for your customers to acknowledge this issue, and TRY to get an answer.

I assume, since you are posting on a Wells Fargo page, that you are authorized to speak on their behalf and are an employee.

The blogosphere is filled with comments by unhappy former World Savings/Wachovia customers who are trying to get SOME information on this issue. You owe it to your customers to provide a response -- even if that response is "we are working on the issue, and hope to have a plan by _________."

Do the right thing and respond to these comments.

bnhancock -I think we should have a government agency look into the COSI and why it is flat.

Where should we send others when they want more information? Which agency? SEC? Obama?

I would like to know exactly how Wells Fargo determines the current CD rates. I can find CD's that are paying over 3% yield. Please provide us proof by listing all of the CD's Wells pays out to its customers, that are used to determine their COSI. World Savings COSI would generally lag by a couple of months but would always follow the Fed interest rate. Four years ago I was paying 4% interest now I am paying 6.390. Wells has certainly designed this loan to take advantage of their customers.

Matt, do you happen to know if the Wachovia bank branches on the east coast will actually change their names and physical signs to Wells Fargo? Another words will the presence of Wells Fargo take over the current Wachovia banks eventually? Thanks, Brian

MODERATOR'S NOTE: This comment was originally submitted 2009-06-04 11:52:12

@Brian - Thanks for stopping by! Yes, at some point in the future, there will no longer be any Wachovia branches, they will all be branded Wells Fargo.

MODERATOR'S NOTE: This comment was originally submitted 2009-06-04 13:02:07

Dear Moderator-
Why are you responding to all of the comments except those concerning the Wachovia COSI? I have been trying to find out why the Wachovia COSI is the one index that has remained flat. What is Wachovia/ Wells Fargo doing? Your silence just makes it seem fishier.
Thank you

how may i find out what has happened to Wachovia stock I own. I have the certificates.