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Wells Fargo Voluntarily Releases Trumps Records as Advisors Flee with Over $29.5 Billion

wells Maxy

It was just reported that Wells Fargo has passed over thousands of records willingly to Maxine Waters and the House Finance Committee, related to President Trump. Radio host Mark Levin has now called for an all-out boycott of the bank, urging listeners to close their accounts with the shameful institution.

If you’re an account holder or an investor with Wells now is the time to seriously reconsider your next move!

Most investors hold shares of mutual funds. It’s one asset class among others that’s often part of an investor’s diversification strategy.

But aside from market risks, mutual funds carry several risks that are not as transparent–from transaction costs, management fees, taxable events, and a revolving door of fund managers. Most investors hold shares of mutual funds. It’s one asset class among others that’s often part of an investor’s diversification strategy.

Let’s talk about this last point, as many investors are simply not aware of this common practice.

Fund history–how a mutual fund has performed over time–is a crucial deciding factor for many investors.

And when it comes to the performance of an actively managed fund, the fund manager occupies a critical position.

But funds often change hands. Fund management is a revolving door. Managers step out as new ones step in.

Some managers or advisors rebalance portfolios actively, causing you to pay a higher expense ratio in fees and distributions, while others may not be as capable as their peers in managing a given fund.

Either way, you have no choice. And when a mutual fund ceases to perform well, it’s not just the markets to blame, it can also be the fund manager, and the cost you pay for that manager’s services–whether the fund makes or loses money.

But how often do changes occur? How often are assets under management (AUM) just handed off to another incoming manager?

Wells Fargo has been quite active recently with regard to manager outflows.

In 2019, so many of Wells Fargo’s fund managers have jumped ship, leaving over $29.5 billion of customer funds in the hands of…who knows who?

Exiting in Droves

The information we present below, taken straight from investmentnews.com, is publicly accessible, though many investors may not be aware of it since it’s a trade publication.  The AUM figures we present are from their Advisers On the Move page. When an adviser’s AUM is unknown, it is presented as a blank.

Here are the biggest departures year to date:

Twenty one advisers managing $6.4 billion have left Wells Fargo for Raymond James Financial Services, Inc.

Eighteen advisers managing $5.8 billion have left Wells Fargo for Ameriprise Financial Services, Inc.

Twelve advisers managing $4.6 billion have left Wells Fargo for Robert W. Baird & Co. Incorporated.

Eight advisers managing $4.2 billion have left Wells Fargo for Janney Montgomery Scott LLC.

Nine advisers managing $2.3 billion have left Wells Fargo for LPL Financial LLC.

Five advisers managing $1.3 billion have left Wells Fargo for Stifel, Nicolaus & Company, Incorporated.

In total, 141 advisers managing over $29.5 billion have left Wells Fargo since January 1, 2019.

Here’s the data (source: investmentnews.com)

Adviser(s)

Firm joining

Firm leaving

AUM ($M)

Date

Jason Dean Sands

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$150

03-15-2019

Cheryl Ann Rambler-Goveia

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

03-01-2019

James Patrick Foley

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$25

03-01-2019

Joseph Ronald Padula

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

03-01-2019

James Edward Johnson

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

02-22-2019

Justin Michael Bostic

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

02-15-2019

Michael Jude Wincek

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$100

02-15-2019

Paul Andrew Staples

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

02-14-2019

Russell A Doyle

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$25

04-12-2019

Edward Joseph Matosziuk Jr.

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$150

03-29-2019

Paul David Marasciullo

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

03-29-2019

Stephen Dennis Bickley

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$250

03-29-2019

Christopher Bartley Lundmark

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$50

02-01-2019

Grant Walter Ostapeck

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

01-18-2019

P Lawrence Murphy

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

01-18-2019

Benjamin Riley Bryan

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

01-16-2019

Paul Joseph Muehlnickel

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

01-11-2019

Richard Evelyn Wace

Ameriprise Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$50

01-04-2019

Diane Marie Coffman

BancWest Investment Services, Inc.

Wells Fargo Clearing Services, LLC

$1

02-25-2019

David Daniel Cohen

Cambridge Investment Research, Inc.

Wells Fargo Clearing Services, LLC

$25

03-15-2019

Terrence Jude Heil

Cetera Advisor Networks LLC

Wells Fargo Clearing Services, LLC

$50

03-07-2019

Richard Warren Flecca

Cetera Advisors LLC

Wells Fargo Clearing Services, LLC

02-01-2019

Lloyd Thomas Layton

Coastal Equities, Inc.

Wells Fargo Clearing Services, LLC

$50

01-15-2019

Stephen John Wood

Commonwealth Financial Network

Wells Fargo Clearing Services, LLC

$150

02-15-2019

Samundra Timilsina

Csuite Investment LLC

Wells Fargo Clearing Services, LLC

01-03-2019

Nathaniel D. Stoddard

Desert Rose Capital Management Inc.

Wells Fargo Clearing Services, LLC

04-12-2019

Brent Marshall Naylor

Edward Jones

Wells Fargo Clearing Services, LLC

$25

03-22-2019

Cody Michael Calabrese

Edward Jones

Wells Fargo Clearing Services, LLC

03-01-2019

Andres Ernesto Jimenez

Edward Jones

Wells Fargo Clearing Services, LLC

02-04-2019

Nora Lentz Mickelson

Edward Jones

Wells Fargo Clearing Services, LLC

02-01-2019

Kimberly Noemi Gastelum

Edward Jones

Wells Fargo Clearing Services, LLC

01-18-2019

Thomas Casey Mein

Edward Jones

Wells Fargo Clearing Services, LLC

$50

01-18-2019

Robert Paul Niklaus Keller

Edward Jones

Wells Fargo Clearing Services, LLC

01-07-2019

Michael Wayne Feinman

Empire Asset Management Company

Wells Fargo Clearing Services, LLC

$47

04-15-2019

Jeanne Marie Grill

Fifth Third Securities, Inc.

Wells Fargo Clearing Services, LLC

$10

02-08-2019

David Paul Schulman

First Republic Securities Company, LLC

Wells Fargo Clearing Services, LLC

$25

02-15-2019

George Philip Fuchs Jr.

First Republic Securities Company, LLC

Wells Fargo Clearing Services, LLC

$10

02-15-2019

Peter Tsutae Morimoto

First Republic Securities Company, LLC

Wells Fargo Clearing Services, LLC

$100

01-11-2019

Roy Morgan Elliott Jr.

First Republic Securities Company, LLC

Wells Fargo Clearing Services, LLC

$100

01-11-2019

Carl Alan Schultz

Forefront Wealth Management

Wells Fargo Clearing Services, LLC

01-12-2019

Natalie R Turman

Frost Brokerage Services, Inc.

Wells Fargo Clearing Services, LLC

02-11-2019

Justin T Hoyt

Hayden Royal

Wells Fargo Clearing Services, LLC

02-14-2019

David Henry Hohimer

Hohimer Wealth Management, LLC

Wells Fargo Clearing Services, LLC

04-25-2019

Dana Gale Elston II

Independent Advisor Alliance, LLC

Wells Fargo Clearing Services, LLC

04-03-2019

Mark Robert Merten

InVest Capital Partners

Wells Fargo Clearing Services, LLC

02-15-2019

Mahesh Roopnarine

J.P. Morgan Securities LLC

Wells Fargo Clearing Services, LLC

04-09-2019

Michael Cong Truong

J.P. Morgan Securities LLC

Wells Fargo Clearing Services, LLC

04-04-2019

Douglas James Walk

J.P. Morgan Securities LLC

Wells Fargo Clearing Services, LLC

04-02-2019

Brian Joseph Mcdonald

J.P. Morgan Securities LLC

Wells Fargo Clearing Services, LLC

01-23-2019

Donna Lorraine Judge

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$25

03-27-2019

Scott Andrew Trevethan

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$1

03-27-2019

Karl Alvin Ernst Jr.

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$200

03-05-2019

Roberto Rosa

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$1,000

03-05-2019

Frederick Charles Leonard

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$1,000

03-01-2019

Wayne Adger Howle

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$25

01-18-2019

Anthony W Jessuck Jr.

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$1,000

01-16-2019

Montgomery Chase Bradley

Janney Montgomery Scott LLC

Wells Fargo Clearing Services, LLC

$1,000

01-16-2019

Mark Francis Scribner

Kestra Investment Services, LLC

Wells Fargo Clearing Services, LLC

01-11-2019

Nicholas Darwin Rodkin

Lincoln Investment

Wells Fargo Clearing Services, LLC

$50

01-16-2019

Courtney Michelle Kaplan

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$1

03-11-2019

Hoover Thomas Lau

LPL Financial LLC

Wells Fargo Clearing Services, LLC

02-28-2019

Jacob Michael Hudson

LPL Financial LLC

Wells Fargo Clearing Services, LLC

02-27-2019

Kevin Joseph Carroll

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$100

02-15-2019

Pamela Joy Pouncy

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$100

03-29-2019

John Edward Meegan

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$1,000

01-25-2019

Steven Ronald Ross

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$1,000

01-22-2019

Michael Charles Mondello

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$50

01-14-2019

Jim S Karas Jr.

LPL Financial LLC

Wells Fargo Clearing Services, LLC

$50

01-02-2019

Kevin Fredrick Williams

Lucia Securities, LLC

Wells Fargo Clearing Services, LLC

$100

04-03-2019

Perry Joseph Mattern

Mattern Capital Management, LLC

Wells Fargo Clearing Services, LLC

02-11-2019

Nicholas Andrew Willenbring

MD Wendell Wealth Partners

Wells Fargo Clearing Services, LLC

02-25-2019

Jason Robert Mcclanahan

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Wells Fargo Clearing Services, LLC

03-01-2019

John Pierre Thibault

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Wells Fargo Clearing Services, LLC

$50

02-13-2019

Brian James Schreiber

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Wells Fargo Clearing Services, LLC

01-14-2019

Carolyn Olene Haan

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Wells Fargo Clearing Services, LLC

$100

01-03-2019

Eric Paul Lovas

MML Investors Services, LLC

Wells Fargo Clearing Services, LLC

$50

01-03-2019

Paul Lawrence Fowler Jr.

Moors & Cabot, Inc.

Wells Fargo Clearing Services, LLC

04-17-2019

Mari Elaine Bryan

Morgan Stanley

Wells Fargo Clearing Services, LLC

$1

03-01-2019

Stephanie M Meeks

Morgan Stanley

Wells Fargo Clearing Services, LLC

$50

03-01-2019

Charles Robert Wilmoth

Morgan Stanley

Wells Fargo Clearing Services, LLC

$50

01-25-2019

Sean David Mcvey

Naples Wealth Planning

Wells Fargo Clearing Services, LLC

01-30-2019

Ronan David Cox

National Securities Corporation

Wells Fargo Clearing Services, LLC

$50

02-22-2019

Peter Elliot Marshall

National Securities Corporation

Wells Fargo Clearing Services, LLC

$150

02-01-2019

Stephen Gironta

Oppenheimer & Co. Inc.

Wells Fargo Clearing Services, LLC

$1,000

02-06-2019

Herbert Spencer Thornton

Oppenheimer & Co. Inc.

Wells Fargo Clearing Services, LLC

$150

01-25-2019

Frederick Morgan Glasser Jr.

Optas, LLC

Wells Fargo Clearing Services, LLC

05-07-2019

Meghan Michelle Railey

Optas, LLC

Wells Fargo Clearing Services, LLC

05-07-2019

Frederick Arvey Savel

PNC Investments

Wells Fargo Clearing Services, LLC

04-12-2019

Ashley Rena Myers

PNC Investments

Wells Fargo Clearing Services, LLC

02-06-2019

Scott S Gregory

Private Client Services, LLC

Wells Fargo Clearing Services, LLC

$1,000

01-02-2019

Brent J Ramsey

ProEquities, Inc.

Wells Fargo Clearing Services, LLC

$1

02-20-2019

Marc Damon Hallick

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$25

04-02-2019

William Romain Spell III

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

04-02-2019

Jennifer Lynne Raimondi

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$25

02-13-2019

John Kenneth Aspell

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

02-13-2019

Mark Andrew Reifschneider

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$1,000

02-13-2019

Paul Bradley Waterman

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$1,000

02-13-2019

Elana Feldstein Milianta

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$50

02-08-2019

W Michael Macfarlane

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$143

01-22-2019

Barry Michael Kolano

Raymond James & Associates, Inc.

Wells Fargo Clearing Services, LLC

$1,000

01-11-2019

Mark Edward Schafer

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1

03-25-2019

Justin Gregory Davis

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

03-18-2019

Dennis Arthur Reynolds

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1

02-21-2019

Carolyn Marie Parenti-Pearson

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$50

01-18-2019

Frederick Alan Bush

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$50

01-18-2019

Adam Dunbar

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

01-17-2019

Bruce Paulus Hoffman

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$50

01-17-2019

Jacqueline Doris Gervais

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

01-17-2019

James Andrew Nylund

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1

01-17-2019

Matt Peter Paul

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1

01-17-2019

Michelle Bradshaw Orcutt

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$1,000

01-17-2019

Ralph Coleman Good III

Raymond James Financial Services, Inc.

Wells Fargo Clearing Services, LLC

$100

01-17-2019

James Brian Lucas Sugay

RBC Capital Markets, LLC

Wells Fargo Clearing Services, LLC

$50

02-20-2019

Steven Carl Runnion

RBC Capital Markets, LLC

Wells Fargo Clearing Services, LLC

$50

02-13-2019

Brian James White

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1,000

03-25-2019

David Michael Porath

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$65

03-25-2019

Sam E. Howard

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$100

03-25-2019

Justin Wade Nichols

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$100

03-08-2019

John C Wedell

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1

03-01-2019

Robert Lee Schrieber

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1,000

03-01-2019

Terence Allan Foster

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$150

03-01-2019

David Lee Comer

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1,000

02-08-2019

Joan Crawford

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$150

01-25-2019

Melissa Elizabeth Kinnard

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1,000

01-25-2019

Deenna Schunk-Peru

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$1

01-17-2019

Elizabeth Mildred Mccabe

Robert W. Baird & Co. Incorporated

Wells Fargo Clearing Services, LLC

$49

01-17-2019

Todd Michael Miranda

Royal Alliance Associates, Inc.

Wells Fargo Clearing Services, LLC

$100

02-01-2019

Samuel Johnathan Bennett

SagePoint Financial, Inc.

Wells Fargo Clearing Services, LLC

$25

01-16-2019

Robert Craig Henry

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Clearing Services, LLC

$1,000

03-21-2019

Mark Phillip Melillo

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Clearing Services, LLC

$50

03-07-2019

Craig Michael Bentley

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Clearing Services, LLC

$100

04-04-2019

Raymond Dean Martin

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Clearing Services, LLC

$107

04-04-2019

Clifford Adams Bartlett III

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Clearing Services, LLC

$50

01-03-2019

Christopher Michael Wilkinson

Triad Advisors LLC

Wells Fargo Clearing Services, LLC

$1

03-22-2019

Ted Gordon Hanson

U.S. Bancorp Investments, Inc.

Wells Fargo Clearing Services, LLC

02-21-2019

Ralph Bartlett Osgood III

UBS Financial Services Inc.

Wells Fargo Clearing Services, LLC

02-15-2019

Lilia Rubalcava Vaca

UBS Financial Services Inc.

Wells Fargo Clearing Services, LLC

$1

04-03-2019

Ronald Eugene Lohbeck

UBS Financial Services Inc.

Wells Fargo Clearing Services, LLC

$1,000

04-03-2019

Hardeep Singh

Wedbush Securities Inc.

Wells Fargo Clearing Services, LLC

03-18-2019

Marvin Egorin

Wedbush Securities Inc.

Wells Fargo Clearing Services, LLC

01-18-2019

Donald Lee Bagley

Wedbush Securities Inc.

Wells Fargo Clearing Services, LLC

$100

01-14-2019

On a separate front, albeit one that may be hard to dissociate from this mass exodus, Wells Fargo faces yet another lawsuit, this one for $98 Million for deceitful practices.

According to the allegations, Wells Fargo violated contractual obligations when the bank solicited buyers for the prestigious Downtown Los Angeles Garland Center in an attempt to oust and “destroy” Garland Connect, the Center’s MMR Operator.

According to the complaint:

  • Wells Fargo back-channeled $2,000,000.00 to its co-conspirators, Rising Realty and HRRP, the company formed to purchase the Garland Center, for costs incurred in HRRP’s efforts to terminate Garland Connect’s Operating Agreement.”
  • HRRP attempted to terminate the Operating Agreement through an arbitration proceeding based on false allegations that Garland Connect was charging above market rates.”
  • “Garland Connect prevailed in the proceeding and the arbitrator found that the companies had resolved to terminate the Operating Agreement and replace Garland Connect with a new MMR operator even before the purchase of the building was completed.”

This is yet another lawsuit that further magnifies the endemic problems facing Wells Fargo since it was forced to pay more than $4 Billion in settlements and fines in 2016.

Main Point: No matter how often banking institutions give us a reason to mistrust them, we can’t avoid them altogether. But this doesn’t mean we have to trust them with 100% of our money. You can hedge your wealth against the various rent-seeking manipulations that banks practice simply by stashing some of your money away in private storage. And if you want to protect your money from the dollar’s declining value, then convert a portion of it to gold and silver, as both comprise the ultimate sound money hedge.

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