Wells Fargo is pivoting to support fee-only registered investment advisors.
San Francisco-based Wells Fargo Advisors announced on Tuesday that it is partnering with Florida-based custodian TradePMR to provide custody and platform services for fee-only independent advisors.
RIAs will be able to work with Wells Fargo subsidiary First Clearing, which to this point has worked with unaffiliated broker-dealers.
“As we’ve watched the needs and expectations of our clients shift, we’re also keenly aware of the shifting needs of financial advisors,” said John Peluso, head of First Clearing, in released comments. “We are excited to add this as an option for advisors to evolve and own their businesses. This model provides financial advisors the flexibility they desire as an independent business owner and their clients the ability to work with a locally owned firm.”
TradePMR will launch a dedicated service team to aid Wells Fargo advisors making the transition to a fee-only service model. Advisors in the program will be able to access both Wells Fargo and TradePMR advisor technology.
With the new service offering, Wells Fargo’s advisors will now have the opportunity to work as full-service employee advisors in the company’s advisory and bank branches, as independent advisors affiliated with Wells Fargo Advisors Financial Network, as independent, unaffiliated broker-dealers working with First Clearing, or as fee-only RIAs working with First Clearing and TradePMR.