This past Friday, we told you that Wachovia Securities had officially become Wells Fargo Advisors. As promised, here's the press release announcing that name change.
WACHOVIA SECURITIES NOW WELLS FARGO ADVISORS
St. Louis, May 4, 2009 — Starting this month, Wachovia Securities will begin using the Wells Fargo Advisors name, officially rebranding its business under its new parent, Wells Fargo & Company (NYSE:WFC).
"Today, as Wells Fargo Advisors, we begin a new chapter in our storied brokerage history," said Danny Ludeman, president and CEO of the brokerage firm. "Adopting the Wells Fargo brand is a unifying step and one that leverages one of the most widely recognized and respected brands in the world. We chose 'Advisors' because the term illustrates the role we play in guiding customers and helping them meet their life goals."
The Wells Fargo Advisors name was selected following research that included financial advisor input, customer surveys and competitive analysis. The new name will be seen on marketing materials, business cards and other promotional pieces beginning this month, and will be introduced on other material throughout the year. New Wells Fargo Advisors signs on brokerage offices will begin appearing in the fall and continue into early 2010.
With more than $900 billion in client assets as of March 31, 2009, Wells Fargo's brokerage businesses have nearly 16,000 full-service financial advisors and 6,000 licensed financial specialists. This vast network of advisors, one of the nation's largest, serves clients through offices in all 50 states, the District of Columbia and in Latin America. Wells Fargo Advisors is the trade name used by three separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, and Wells Fargo Investments, LLC (members SIPC). Statistics include First Clearing, LLC, an affiliate broker-dealer of Wells Fargo & Company.
Wells Fargo & Company completed its merger with Wachovia Corporation December 31, 2008.
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How pathetic that Wells Fargo presents itself as financially sound to take over Wachovia but now is about to get a bad rating from the feds on the stress test.And ever since taking over Wachovia has screwed up every account I have with Wachovia.
o.k. The check/credit card rewards program through WF stinks! $12 annual fee and you only earn 1 point for every $4 spent. With Wachovia there is NO annual fee and you earn 1 point for ever $1 spent! WF better wake up or they will be loosing good Wachovia customers!
Wells Fargo Advisors have alot of problems. Trying to close out ira accounts. My broker quit. Sent to some barely speaking english broker that when told I want to close my accounts because I need money responded, "I don't how to do this but we will get thru it together". Well I am still trying to get thru it. I was told no fee would apply to $40. I then started the process and was told $75. Now I find out the wrong paperwork was done and I only had $35 left in one account and I was going to have to billed $40 to cover fee and fill out different paper work to get my other money. I got fed up and went to manager who then could at hand answer the right fee question. He called me back to say the fee would be $95. I am still in the middle of this but I am considering writing the NASD and higher up people in Wells. Once this is done I will never do business with them in anyway again. I believe I have a wachovia credit card that gets cut up today.