To add features to your current account, simply download the form or app, print it out and send it via the fax number or postal address listed. True to our mission, we advise you to read the guidelines below and know their impact on you as a customer. WASHINGTON – FINRA announced today that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (Wells Fargo) have agreed to pay more than $1.4 million in addition to refunds to approximately 100 customers and fines totalling $675,000 for failing to monitor recommendations that variable annuities switch to investment company products. Quarterly reports that provide information on WFCS orders can be accessed via: Wells Fargo Clearing Services Access, Quarterly Report LLC. FINRA is a non-profit organization dedicated to investor protection and market integrity. It regulates a critical part of the securities industry – brokerage firms that do business with the public in the United States. FINRA, overseen by the SEC, writes rules, verifies and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer staff and provides training, and informs the investing public. In addition, FINRA provides oversight and other regulatory services for equity and options markets, as well as for investment firms and other sector services companies. FINRA also manages a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, see www.finra.org. Wells Fargo Advisors Warning: MAC N9160-01P POSTFACH 77046 Minneapolis MN 55480-9902 or fax at 1-844-879-1439. If you need help with this form, call 1-800-TRADERS (1-800-872-3377).
As a result, between January 2011 and August 2016, Wells Fargo representatives recommended at least 101 potentially inappropriate switches, which included both significant transfer and sales costs for customers. For example, a former representative recommended that a client liquidate a variable annuity with a transfer value of $126,681 – which led the client to pay a rebate fee of $5,070 – and then use the proceeds of the purchase of Class A investment funds with an advance sale fee of a total of $5,531. In addition to the customer`s incentive to pay US$10,601 in advance delivery and sales costs, the recommended change resulted in the customer earning less annual income than he would have earned if he had not sold the variable annuity. Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC have neither admitted nor disputed the allegations, but have agreed to seize FINRA`s results.