If I were to hire on to WF, would they require me to move all investments that I have, under the management of Wells Fargo? Example: Move all JPM mutual funds that I own, transfer under WF investment management.
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It depends on the job. For tech in CL and Mortgages we did not have to move accounts. For wealth management, brokerages you have to disclose, and if customer-facing move your accounts (other than IRAs) to Wells.
BTW the system scans for tos and online brokerages so don't think you can trade on a Wells machine while working.
Brokerage accounts outside of Wells Fargo Advisors need to be pre-approved. Not sure if it's the same if you work on the bank side though.
Pretty sure the rebalancing the match is no longer applicable, it was announced going forward that when match is deposited now it will automatically mirror how the rest of your 401k is currently invested, proportionally.
That's not the case in WIM. My boss absolutely reviews my account and I do NOT need pre approval to buy or sell. He also has to review a coworker's spouse account and he's a day trader.
Also, to be flagged as a day trader, you need to make a certain amount of trades per day/week. Doesn't mean you have to buy and hold something for a certain amount of time. You can be in and out of a position same day
They used to but no longer
@jpn+1tzQsK7u WIM is the only business where historically they have forced you to move to WFA. Its super shady, the other impacted businesses have a list of 8 or so options (and usually you get advised not to go with WFA)
your manager will not review your statements, there is a separate group that handles that. even if your brokerage is not in the approved list, if it's a managed account you will be OK. regardless, even if wells account, you must get pre approval for any trades and must hold onto any purchased investments for a minimum amount of time so no day trading. This isnt just. Wells things, most financial institutions for certain roles.
Yes for certain roles as stated below. If you are covered employee, you can seek exemption and yes your manager will have to review your statements monthly to check your investments. If you bring in-house that check doesn’t apply as WF will just monitor your account. This will be for standard brokerage/roth ira/trad ira accounts where you do not have someone else managing the account.
You must disclose all accounts held by you and anyone in your household (spouse + dependents).
This is standard practice at other firms as well, just WF is starting to add more roles to the umbrella to be more in line to the others.
In WIM, you'll be asked to but you can seek an exception. I would assume the same for CIB, CB and other groups exposed to MNPI.
Managers actually have to review your brokerage statements too. I don't think that changes if your accounts are at Wells or not. However, does include spouses as well. So don't think you can just move stuff I to your spouses name and be clear.
Like Jujuj said, totally depends on your role. I do not believe Chase is one of the authorized brokerages but even if it isn't, you don't have to move your money to WF but you will need to move it to one of the 5 or 6 allowable brokerages. Again, totally depends on your role.
Also RE MNPI, this mostly just applies to trading individual securities, not mutual funds.
It depends on your role and access to material non-public information. You may have to move to certain approved brokerage houses. Wells Fargo is not the only option.
No. You are allowed to bank and retain financial services wherever you wish, even as a WF employee. I closed my WF Team Member checking and savings accounts years ago and switched to a credit union.
WF cannot force you to use their products as an employee, even to get your pay. You don’t need a WF account to receive your pay, at least here in the US.
Additionally, there’s no way in the US they could influence your investments or brokerage accounts. I’d be willing to bet most of our senior management has investment or brokerage accounts with other financial companies outside of WF.
While we are on the topic of this, remember to rebalance your 401k investments after WF releases the 401k match to your account. They always credit the match as WF stock. I go in at the earliest opportunity and rebalance it to investments I know will pay off instead investing in our failing bank.
I would suggest you scroll down the list of threads here before you decide to do that.
No. It may be you need a WF account where they can deposit your pay. But investments,etc. no requirement to be WF.
No