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Wells Fargo Robo-Advisor Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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Founded in 1852, Wells Fargo is a multinational financial services company based in San Francisco, California. One of the world's largest banks, Wells Fargo operates through 8,200 locations, 13,000 ATMs, and Internet and mobile banking in the US, as well as offices in 42 countries and territories. Its products include retail banking services, financial planning, investment management, and much more.
 
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How is Wells Fargo rated?

Breakdown

4.0/5
Features
4.0/5
Pricing and fees
4.0/5
Reputation

Overall Rating: 4 / 5 (Very good)

Wells Fargo's robo-advisor, the Intuitive Investor account, is a powerful alternative to average robo-advisor service. Because the Intuitive Investor account mixes powerful digital investing through proved algorithms, and help from financial advisors, customers won't feel lost if their investments take a wrong turn. Integration with various accounts, no fees other than an annual advisory, and very strong financial ratings also help Wells Frago get better marks with us. Although the bank as a whole has received mostly negative feedback from consumers in recent years, we can still recommend its robo-advisor for anyone who has $10,000 to start investing, as its variety of features are likely to satisfy customer regardless.

Wells Fargo Account Features

Features - 4 / 5

Wells Fargo's Intuitive Investor is a digital investment platform that brings together the best of both worlds: efficient algorithms and real, human financial advice. The robo-advisor runs on its own, monitoring and making adjustments to the ETFs it has chosen to invest in on a day-to-day basis. But it's the financial advisors behind the machine that can help customers determine what kind of portfolio is best suited for them according to their needs. This mixed approach to investing, however, comes at a cost: in order to open an Intuitive Investor account, consumers must make a minimal investment of $10,000. Intuitive Investor accounts are designed for both general and retirement investing. They may be opened as brokerage accounts—individual or joint—traditional IRAs, Roth IRAs, and SEP IRAs. Consumers can roll-over their retirement accounts, 401(k)s, or brokerage account balances when opening the Intuitive Investor account. Although Wells Fargo's robo-advisor does not provide direct indexing, it is still able to take advantage of tax-loss harvesting opportunities.
Robo-advisor Type
Fully Automated
Human Assisted
Account Minimum
$10,000
Goals
Save for Retirement
General Investing
Integration with Other Accounts
IRA
401(k)
Checking Account
Other Brokerage Accounts
Types of Assets
ETF Portfolios
Access to Financial Advisors
Yes
Automatic Portfolio Rebalancing
Yes
Tax Loss Harvesting
Yes
Direct Indexing
No

Wells Fargo Fees & Commission

Pricing and fees - 4 / 5

Instead of paying commission, transaction, and trading fees, Wells Fargo charges customers an annual advisory fee. The fee is equal to 0.50% on their account balance, divided into a fee that is charged quarterly. This fee is lowered to 0.40% for customers who also belong to Wells Fargo's Bank Portfolio Program.
Billing Frequency
Quarterly
Commission
None
Discounts
When linked to a Wells Fargo Bank Portfolio Program, the bank's Intuitive Investor robo-advisor account gets a reduced annual fee of 0.40%.
Fees
Annual

Financial Advisor Charge(s)

Wells Fargo's financial advisors are available by phone Mondays through Fridays, from 8:00 am to 8:00 pm Eastern Time. Access to Wells Fargo's financial advisors is included with the Intuitive Investor account at no extra charge.

Wells Fargo Reputation & Customer Service

Reputation - 4 / 5

Despite recent controversy, Wells Fargo remains one of the largest banks in the world. This shows in its excellent financial ratings, including an A+ with Standard and Poor's and an Aa1 with Moody's. On the other hand, the bank has no rating on its BBB page as the business is in the process of responding to previously closed complaints. The company also has a subpar 1.5 score on Trustpilot and has received numerous complaints on the CFPB. The bank is, however, a SIPC member, meaning customers investing with Wells Fargo have a considerable amount of their funds insured. Users can also download the company's mobile app to manage their finances on the go, as well as contact customer service representatives for help with their account(s) 24/7.
Year Founded
1852
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
Aa1
Consumer Financial Protection Board (CFPB) Complaints
67,068
SIPC Membership
Yes
BBB Rating
NR
Trust Pilot Rating
1.5 out of 10
Contact Methods
Phone
Mobile App
Yes
Date Collected
2018-11-09

Company Profile

Full Name
Wells Fargo Robo-Advisor
Company Website
https://www.wellsfargo.com
Headquarters
1 Montgomery St 2nd Fl, San Francisco, CA, 94104

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Customer Comments & Reviews

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jrclark01
12/17/2021
Make sure this is what you want to do. I made the mistake of opening an Intuitive Investor IRA account when I should have chosen an alternative due to the Roth IRA my employer offers. My bad for not doing my homework. The reason I am grading my experience with Wells Fargo as terrible, I have been trying to get the $7K I put into the account back. It's been over two weeks and my money appears to have vanished. I can't seem to get a straight answer as to what happened. The process for getting your money out is very convoluted. Since I don't know when or if I'll ever see my $7K, I would never recommend this service to anyone.

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