If you have investments, Roth etc…, with Fidelity and you accept a job with Wells Fargo, does WF require you to move all of your investments under the Wells Fargo umbrella?
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This started in Wealth and Investment Management a couple of months ago. It was sold to us as being "for the good of the bank". It wasn't for my good so I quit and mentioned it often in my exit interview.
You have investments? Look at you eating cake and everything lmao….
And depending on the role, your spouse may be required to move theirs.
What is CIB and WIM?
Even if you are an admin?
Yes. If you are in the brokerage side you must have your accounts with your employer firm unless you get an exception under FINRA rule 3210. If exception is granted they employer must be provided statements and record kept. Exceptions are generally not granted unless it is a joint situation with a non industry individual. This is the type for all firms not just weeks. For the bank side I don’t know
For CIB employees yes. You have a list of designated brokers you can select from. Fidelity is one of the designated brokers but there are additional rules you must follow including: having your monthly statements sent to the personal investment policy compliance team, getting pre clearance before making any trades, you must hold positions for 30 days (unless it loses a certain amount of value) among im sure other things.
As others mention the only restrictions are in CIB and WIM or if you hold a finra license.
Depending on your role, WIM because it includes WFA just implemented that more employees under WIM move investments to WFA. You can still keep closed end mf and money market assets with external brokers.
In our division, you have to. It sucks.
Just WIM, CIB has a a list of options that includes most of the major players because they aren’t desperate to manage your money themselves like WIM. Other businesses/functions they don’t care and you can do what you want.
Wholesale requires you move your investments. I was p*ssed, since it wasn't disclosed until I started.
Unless you are in an investment organization, you won’t.
They do if you have your investment license.
Only if you work in WIM. Might be the same for CIB
Depending on your role they will make you move your investments or ensure you only hold mutual funds. No ETFs or stocks allowed
Of course they do not require that.
Not required.