Wells Fargo Adds New Tools to its Web Site for Online Investors to Better Manage Their Portfolios and Make Tax-Savvy Investment Decisions
Taxpayers can look forward to fewer headaches at tax time
Taxpayers can look forward to fewer headaches at tax time
San Francisco — April 26, 2001
Wells Fargo & Company (NYSE: WFC) launched two new real-time tools for its Online Brokerage site today aimed at helping its self-directed online investing customers manage their capital gains tax liability and reduce the amount of time spent preparing tax forms. Wells Fargo is now the first major financial services company to integrate these kinds of portfolio and tax management tools directly into its online brokerage Web site. The new Portfolio Tracker and Tax Tracker tools will make it easier for Wells Fargo Online Brokerage customers to manage their portfolios based on tax considerations and their personal preferences, allowing them to more effectively manage their ongoing capital gains tax liability throughout the year.
"The average time spent to complete a Schedule D has nearly doubled in the last decade, from about three and a half hours in 1990 to nearly seven in 2000," said Shelley Freeman, executive vice president and head of Wells Fargo's Investment Internet Services, referring to recent data from CCH Inc. "Our strategic alliance with SellSignal.com enabled us to provide a customized version of Tax Tracker, a valuable new tool for serious investors and active traders who can benefit at tax time from streamlined capital gain/loss tax reporting. It is part of Wells Fargo's goal to offer Online Brokerage customers the Next Stage in online financial services."
Portfolio Tracker enables customers to monitor their investments and receive alerts based on their personal gain/loss percentage targets, their tax rates, realized and unrealized gains/losses for their accounts, and potential upcoming tax-related events. These alerts may help customers defer or reduce capital gains tax liability on investments they sell. Using intuitive, easy-to-understand graphics, Portfolio Tracker can alert customers with:
- Signals that provide information to consider before making an investment decision - Visual signals that update throughout the trading day alert customers when their personal gain/loss preferences are met and identify potential tax implications that should be considered before they trade.
- Short- to long-term time alerts - A white clock icon alerts the customer when an investment or specific tax lot is about to convert to a long-term holding.
- Potential wash sale time alerts - A yellow clock icon indicates when a potential wash sale period may exist from investments purchased in the previous 31 days. Rolling the cursor over a clock alert icon will display specific information about the alert, including the number of days until the potential wash sale period expires.
- Automatic investment tracking and average costing of multiple tax lots - As customers transact in their Wells Fargo Online Brokerage accounts, the Portfolio Tracker automatically updates to reflect their current holdings and unrealized gains/losses for stocks and mutual funds. It also provides customers with their overall average purchase price when they own multiple tax lots of a single investment.
Tax Tracker is the tax management tool that will help customers:
- Manage ongoing capital gains tax liability throughout the year - not just at tax time.
- Track realized gains and losses on a running Schedule D Worksheet - updated with every sale.
- Complete the IRS Schedule D.
Portfolio Tracker and Tax Tracker will be available to all new, and most of the existing, self-directed Wells Fargo Online Brokerage customers. The tools are expected to roll out to all remaining self-directed customers later this year. Customers can visit www.wellsfargo.com to open a Wells Fargo Online Brokerage account and take advantage of these new tools.
"What's so unique about the Wells Fargo service is that it's completely integrated so the customer never has to re-enter data after a trade; the tools automatically reflect the customer's latest trades in their portfolio,& said Rich Finkelman, chief executive officer of SellSignal.com. &The Portfolio Tracker and Tax Tracker will help Wells Fargo Online Brokerage customers proactively manage the tax consequences of trading. These tools go well beyond the kinds of customer resources available at other online brokerage sites."
Wells Fargo was the first major financial services company in the U.S. to launch Internet banking services for its customers in 1995 (www.wellsfargo.com ), and has been online since 1989. The company has since blazed the trail for interactive tools and features with a wide range of easy-to-use online customer services. Wells Fargo currently has more than 2.9 million Internet banking customers.
About Wells Fargo Online Brokerage
Wells Fargo Online Brokerage is provided by Wells Fargo Investments, LLC (WFI). Customers can trade stocks, options, and more than 7,000 mutual funds online, and get access to news, research, free unlimited real time quotes, alerts, and watchlists, with 24/7 customer support. For investors seeking assistance from a full service broker, WFI and Wells Fargo Securities have over 1,500 financial consultants nationwide.
About Wells Fargo
Wells Fargo and Company (NYSE: WFC) is a $272 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 6,000 stores, its Internet site (www.wellsfargo.com ) and other distribution channels across North America as well as internationally.
SellSignal.com, Inc. is based in Costa Mesa, Calif. and provides software products and tools to online brokers and other financial service companies. SellSignal products provide individual investors with the ability to track their investments using smart portfolio management tools. Brokers and other financial service companies can visit www.sellsignal.com to learn more about SellSignal's products. SellSignal is a trademark of SellSignal.com, Inc.