Wells Fargo 401k Review: Should you have it?

By Altay Gursel | February 22, 2021
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Wells Fargo 401k Plan: All what to know about

wells fargo 401k

Wells Fargo sits on the 29th position on Fortune 500 list 2019; that’s 3 steps down from its previous position in 2018, 26. But this doesn’t paint any ill image of the Wells Fargo company; it is still a blooming company and has not slacked in its services.

The Wells Fargo 401k plan has pulled a lot of impressions, and many people are searching for honest Wells Fargo 401k reviews before venturing into the investment.

Company Background

Founded in 1852, Wells Fargo is a multinational financial services company headquartered in San Francisco, California. It is an old American bank that has been operating fine since it was founded in the mid-1800s.

Adapting and blending with contemporary business trends, Wells Fargo has diversified its services to offer banking, insurance, and retirement services to Americans and quite other people living outside the United States.

Actually, the name Wells Fargo was crafted from the names of the founders – Henry Wells and William Fargo. Also, the founders of Wells Fargo were equally the founders of American Express. This company is also incorporated in Delaware.

Also, it is important to say the Wells Fargo has assets worth $1.896 trillion, and it has quite a couple of subsidiaries. Roughly 270,000 employees are working for Wells Fargo.

The company generates as much as $86.40 billion annual revenue. It is the fourth-largest bank in the United States and the 29th top company in the world, according to Fortune 500 (2019 listings).

It was in 2009, after acquiring Wachovia, that Wells Fargo started providing capital markets and investment banking services. This strengthened the Wells Fargo Securities subsidiary.

Thus, Wells Fargo now acts as a middle-man between potential clients and sellers of financial securities.

At the moment, in addition to banking services, Wells Fargo also offers purchase sale, brokerage of securities, and advisory services. The Wells Fargo Securities business is available to everyone that’s interested worldwide.

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Senior Executive Team

The leadership team at Wells Fargo is made up of high-profile personalities and great achievers.

  • Chief Investment Officer/Managing Director – Ravi Radhakrishnan
  • Charles W. Scharf – CEO and President
  • Dee Dee Sklar – Vice Chairman: Subscription Finance
  • Saul Van Beurden – Senior EVP, Head of Technology
  • Julie L. Scammahorn – Senior EVP, Chief Auditor
  • John R. Shrewsberry – Senior  EVP, Chief Financial Officer
  • David C. Galloreese – Senior EVP, Head of Human Resources
  • Muneera S. Carr – EVP, Chief Accounting Officer, and Controller
  • William M. Daley – V. Chairman, Public Affairs
  • Derek A. Flowers – Senior EVP, Head of Strategic Execution and Operations
  • Mary T. Mack – Senior EVP, CEO of Consumer & Small Business Banking
  • Ellen R. Patterson – Senior EVP, General Counsel
  • Perry G. Pelos – Senior EVP, CEO of Commercial Banking
  • Amanda G. Norton – Senior EVP, Chief Risk Officer
  • Scott E. Powell – Senior EVP, Chief Operating Officer
  • Jonathan G. Weiss – Senior EVP, CEO of Corporate & Investment Banking and Interim CEO of Wealth

Wells Fargo 401k Plan Entailment

This Wells Fargo review will be explained in bits for a better understanding of everyone reading this article. However, quickly, the 401k retirement plan offered by Wells Fargo is a flexible plan that anyone can invest in.

There aren’t many differences between the Wells Fargo 401k retirement plan and the 401k retirement plan from other companies. However, it is important to elaborate more on the Wells Fargo 401K plan.

Quick Highlights:

If you want to join Wells Fargo 401k Plan as a brokerage, you need to note these things:

  • This company provides handy recommendations that help you make smart investments.
  • Wells Fargo 401k Plan has high ratings on various platforms, including the 3.6-star rating on Glassdoor and 80/100 on BrightScope.
  • The 401k plan offered by Wells Fargo falls in the top 15% of plans for Account Balances and Total Plan Cost.
  • The company offers 24/7 support for all users; interestingly, instead of talking to a customer representative when faced with challenges, you are connected with a finance expert.
  • You can integrate your Wells Fargo 401k account with Wells Fargo banking services, and that’s more like an all-in-one solution for your financial needs.

Furthermore, the Wells Fargo 401K retirement plan has over 357k active participants in the United States. Also, the LLC has over $39.4 billion in plan assets. With these assets, one can decipher that investing in Wells Fargo 401K plan is sensible and worth doing.

More so, as a company, Wells Fargo is well-known for the following:

  • Stock trading
  • Beginner investors
  • High-Balance customers
  • Seasoned investors

Many employers of labor rely on Wells Fargo integrated services to set up flexible employee benefit plans for their staff. Nevertheless, while Wells Fargo provides a distinct platform for employers to satisfy their employees and guide them to wisely investments, it is also open to brokers and clients in the banking/finance industries.

Apparently, Wells Fargo is one of the highest banks in the United States. Its 401K plan is popular among Americans and promises a wealth of convenient, profitable investment opportunities.

A lot of Wells Fargo 401K users love the fact that they can easily manage their accounts, and they can roll the account into an IRA at any time.

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Wells Fargo 401k Features

1. Usability

Just like other American companies offering a 401K retirement plan, it is very easy to sign up for Wells Fargo 401k plan. Interestingly, Wells Fargo offers supportive rollover services, which implies that it is possible to roll over your plan savings into a new one.

More, once you have an active Wells Fargo 401K plan account, it becomes very easy to set up a WellsTrade account. Though, it may take more time to open your WellsTrade account if you’re opting for options approval or a margin.

Furthermore, the Wells Fargo 401k website is comprehensive and contains a lot of resources, which are easy to access and read from the site menus and navigations. In terms of usability, Wells Fargos’ website is user-friendly but may appear quite too bulky for some people.

2. Supports a wealth of handy Features

Everyone knows Wells Fargo as a top bank in the U.S., offering 401K retirement plans, and other investment services are more of the company’s subsidiary businesses.

When you have a 401K plan with Wells Fargo, you can as well combine your 401k plan with Wells Fargo banking business to effectively and efficiently manage your business resources on the Wells Fargo comprehensive platforms.

More so, it is possible to integrate Wells Fargo payroll processing service into your plan to create an all-in-one system to handle and manage your finances and investments. Thanks to the wide range of proprietary investment options offered by Wells Fargo, it is a convenient financial institution for all your financial investments.

This company works with experts in financial services and investments; thus, even the insignificant questions you have to ask the team will be answered with clear elaborations.

3. 24/7 Support

Wells Fargo’s support team consists of financial experts who are readily available at all times to answer any questions or request that you have to ask.

Alternatively, you can visit any branch of the company to talk to a live financial expert if you are not so satisfied with what you get via the online contact options. Wells Fargo support representatives can help in any aspect regarding accounts set up, investment advice, and answering business questions.

For Wells Fargo retirement plan users, the phone support contact is 1-800-728-3123, Monday – Friday, 7:00 am – 11:00 pm Eastern Time. If you’re living outside the United States, you can check out the contact numbers to use and connect with Wells Fargo experts from here.

4. Portfolio Strategies

Wells Fargo provides its users with portfolio analytics and market intelligence tools to keep investors abreast of making investment decisions. If you have a 401K plan with the Fargo Company, you can, as well, invest in ETFs using the company’s provided platforms or other affiliated LLCs.

There are many mutual funds to invest in, and Wells Fargo allows its 401k users to run such investments. Additionally, 401K plan users can invest in domestic and international stocks, target-date funds, and bonds.

5. Access to WellsTrade

Wells Fargo also owns WellsTrade; it is a place where investors can buy stocks, mutual funds, single-leg options, and ETFs. This brokerage by Wells Fargo is easily accessible when you have a 401k plan with Wells Fargo.

Arguably, WellsTrade brokerage is best suited for investors who use the Wells Fargo platforms and services for their banking and wealth management needs. Users of WellsTrade are allowed to use standard order types instead of placing advance orders. However, it is essential to say that WellsTrade doesn’t support crypto, forex, futures, or futures options trading.

Plan fees, costs, and expenses

Actually, the fees and commissions may vary by account and investments. However, Wells Fargo’s 401k plan may include an annual administration fee of 0.25 – 2%, as well as an annual fund fee of 0 – 1.25%.

Furthermore, it may include an annual custodian fee of 0.1 – 0.5%. There are quite other fees and expense charges for the Wells Fargo 401k plan. More about Wells Fargo 401k plan fees, costs, and expenses can be read here.