Ever since Wells Fargo announced that they are closing accounts of their overseas clients, people around the world have called my office in search of a solution. When I speak with these people, whose investment accounts may have been with Wells Fargo for decades, I hear many of the same questions. Below are the simple answers you need if you received a letter from Wells Fargo telling you that they are closing your account and you must transfer to another firm.
Why is Wells Fargo closing accounts and kicking out their clients?
In the beginning of 2021 Wells Fargo announced that they want to focus on domestic business and will be closing all international client accounts. We have heard that Wells Fargo is shutting down $40 billion worth of accounts. If people don’t live in the United States, Wells Fargo will not service them.
Can my Wells Fargo broker/advisor help me?
No. The decision to stop serving overseas clients was made at the highest level of the company. Therefore, even if clients have a great relationship with their brokers, they cannot do anything to help. I have spoken with a number of Wells Fargo brokers and they are quite upset. They have a close relationship with their overseas clients and don’t want to end their relationship and lose the business.
Some Wells Fargo brokers really do care about their clients and have taken a step above and beyond by seeking out a brokerage firm that would take on their clients. That’s how I met them. They wanted to interview me, review my business structure, and make sure that their clients would get all the care and security that they had at Wells Fargo. Those thoughtful advisors then recommended that their clients contact my office.
Yes. We have gotten contacted by clients of other major firms, including Morgan Stanley, Merrill Lynch, JP Morgan, and more.
Is it hard to transfer my account to another firm?
No. Once you find a firm that will accept your account, the process should be easy. I can’t speak for other brokerage firms, but I can tell you that our procedure for most clients is pretty straightforward. After an introductory phone call…
• We review your brokerage statements to determine if we can transfer your current holdings (allow two business days).
• You complete an online application form, which includes providing us with ID and proof of address (normally takes about 10 to 15 minutes).
• We prepare all of the required documents for you to e-sign (allow two business days).
• You receive the documents to review and e-sign. It’s very easy to sign documents on the computer, and there is no need to print or fax or mail physical documents in order to get started. (Signing takes just a few minutes.)
• Our back office will contact the Wells Fargo back office and transfer the positions in-kind, which means that you do not need to sell the stocks, bonds, ETFs, etc. There are some mutual funds that cannot be transferred. If you own any funds like that, we will let you know. (Normally this takes just a few days.)
• We review all of your investments with you and work with you to make sure the portfolio is set up to best achieve your financial goals and risk tolerance.
Will you do my taxes?
We are investment professionals. That means that we will help you set up and manage your U.S. investment accounts. We’ll help you to make decisions about which investments to buy and/or sell in your portfolio. However, we are not accountants, so we won’t file your taxes for you. That being said, we are happy to work with your accountants to provide them whatever information we have for them to complete your tax returns. And, we can work with your accountant to determine which are the most tax-beneficial investments to buy/sell.
Where will my money be held?
Portfolio Resources Group, Inc., member FINRA, SIPC, MSRB, FSI, gives clients access to world financial markets. With clients in more than 35 countries, and in the United States as well, the PRG companies provide clients access to leading, secure custodial technology platforms such as Pershing LLC., a BNY Mellon corporation, and Envestnet, one of the largest providers of wealth management services with some $2.4 trillion in client assets. Accounts carried by Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation.
I see you are based in Israel. If I don’t live in Israel, can you help me?
Although my office is in Jerusalem, I am part of Portfolio Resources Group, Inc., which has clients in 35 countries. I work with many clients in Israel, but also help people in Europe, the Far East, and South America.
I have more questions. How can I get more information?
Feel free to browse through my website (See: About Us, What We Do, and For New Clients) .
We work on the phone, Zoom, or Skype. You can email me directly at doug@profile-financial.com
Let’s begin a conversation about your financial future.