Wells Fargo Wealth Management Shop?

Anybody done one? I'm thinking of applying for one, but, as usual, the guidelines have contradictory information. For this shop, you're supposed to make close to half a million/year and have a boatload of money to invest. OK, I can role play that. But further on, the guidelines state to say you have a money-market account with 4 to 6 months of living expenses and an IRA with around $250k in it--and no other investments.

So where is all this money you have to immediately invest? In your savings account? (Ridiculous; nobody keeps millions of dollars in a regular old savings account.) I guess you could say you have CDs maturing now.... But, again, somebody with that much $$ must have some investment products other than a $250k IRA.

And you're also supposed to say you're not familiar with investment products. How on earth would someone amass the amount of $$ you're supposed to have to invest without being familiar with investment products? If you have an investment advisor, of course you don't need to be an expert, but you would have some knowledge of what your money was in--stocks, bonds, mutual funds, etc.

Would love to do this shop, but am concerned about this scenario. If anyone's successfully completed one, feedback is greatly appreciated!

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

Edited 1 time(s). Last edit at 12/18/2021 04:56PM by BirdyC.

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Inheritance or settlement offer or life insurance beneficiary would all be reasons you would have a chunk of money and not be a investor.

@foodluvr wrote:

Inheritance or settlement offer or life insurance beneficiary would all be reasons you would have a chunk of money and not be a investor.

Those are good ideas, but if someone's making $450k/year, it seems to me they would have accumulated much of their wealth through their income stream. Having $10 million to invest could be accounted for in part through those vehicles, but it would seem unrealistic, I think, to say that all of the money you have to invest came from one or more of those sources. If someone's making $450k/year and hasn't any familiarity with investment products and has no investments except an IRA, they're not savvy enough to be a doctor, lawyer, commercial-property owner, etc. LOL.

Oh, I just re-read the guidelines, and you do have to say that you have both deposits and an investment portfolio of $10 mil. But they do also say that you're to say you have no investments other than the IRA. Huh?

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

Have you bought a house lately? My house is worth over 2 million now and is a pretty typical run of the mill house for Los Angeles. The monthly outlay for my house had i recently bought it would eat up a lot of my half million a year salary. I know people who invest most of their money in real estate and the rest in CD's and things like that. Also people who are business owners of some sort can fund their retirement accounts (not IRA) with bunches of money or reinvest in their business. There are lots of places people can park their money that one would not necessarily refer to as investment accounts. A savings acct is also an investment but I do think most people think of stocks and bonds and those types of accounts/products outside of their official retirement accounts as investment products. How many times have you heard of a highly paid sports figure or hollywood figure who is living in the red? Well maybe someone just got a sign on bonus which was huge or an inheritance or decided to get out of real estate at the top of the market. Or you could dress up as Britney Spears and say you had just liquidated everything your father had bought for you and want to start over. .

@sandyf wrote:

Or you could dress up as Britney Spears and say you had just liquidated everything your father had bought for you and want to start over. .

LOLOLOL.

Yes, I've bought a house recently, but I live in a state in which real estate is nowhere near as outrageously expensive.

But the quandary is that they say in one place that you have to have an investment portfolio (which, to me, means stocks, bonds, mutual funds, and so on), but in another they say that you have no investments other than a $200 to $250k IRA. So, which is it? The issue is the conflicting guidelines and the ambiguity of some of the others. Yeah, you can say you have all that $$ in other places, but it has to be liquid enough that you can pretend you have it to invest quickly. So real estate doesn't work unless you say you just did liquidate some holdings. That works. Part of that money could come from an inheritance, life-insurance policy, savings account, and so on, but there's still the conflict between having an investment portfolio and not having investments!

I guess I'll apply for the shop and if I get it, I'll ask the scheduler. She may not know, either, but she may be able to find out. I don't like going into a shop with guidelines that aren't clear, but I like doing these types of phone shops. They're interesting, and sometimes I learn something new.

I learn something new every day, but not everyday!
I've learned to never trust spell-check or my phone's auto-fill feature.

Edited 1 time(s). Last edit at 12/19/2021 12:31AM by BirdyC.

What does this shop pay? $10? :-P

I do many investment shops that require anywhere from $500 to $5,000 to front. I would gladly do a $250K shop and just move the $ out of my Ally IRA or my BofA IRA.

There are many 401K/IRA millionaires now, so it's not that hard. Now it's hard for many to come up with $250K NON-Q money

Many people with IRA's and other retirement type investments only have them investied in funds that are run by their employer or a fund that they picked once a long time ago with little knowledge and they just keep adding every year, Some of these types of funds are not ones that people actively managed themselves. So even if you had a lot invested in them you might not really know much about how to invest.

hbibigdaddy, I have done one or two investment shops and read the specs for several more. None of them required the shopper to use their own money for anything. It was just a discussion with an investment person at a bank. And the pay was a lot higher than $10 for the shop.

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