WELLS FARGO BECOMES ONE OF FIRST BANKS TO PROVIDE CONSULTANT WRAP FEE ACCOUNTS, PROVIDING ACCESS TO TOP MONEY MANAGERS
SAN FRANCISCO — April 9, 1998
Wells Fargo Securities Inc., a wholly owned subsidiary of Wells Fargo Bank, today announced a new program that will provide selected clients with access to more than 30 of the nation's top money managers, making it one of the first bank-affiliated brokerage firms to offer a consultant wrap fee account. A consultant wrap fee account allows the client to pay an all-inclusive fee for an investment account, and to receive comprehensive consulting services.
"With the introduction of WellsSelect, Wells Fargo becomes the leader in providing fully integrated banking and brokerage services to its clients," said Christopher Davis, Executive Director of the Money Management Institute, a Washington D.C.-based association of firms offering investment consultant services to institutional and individual clients.
"We can be better than a bank and better than a brokerage," said Dennis Mooradian, Executive Vice President of Wells Fargo Private Client Services, a division of Wells Fargo Bank. "WellsSelect is perfect for the investor who wants individualized attention and professional management expertise, but doesn't have the millions of dollars typically required to access top money managers."
WellsSelect gives clients with at least $100,000 to invest access to independent money managers that typically require clients to have at least $1 million to invest. After completing an investment questionnaire, the client works with a Wells Fargo Securities Inc. financial consultant* to select investment adviser candidates that best serve the client's investment objectives, risk tolerance and other investment preferences.
WellsSelect allows the client to work with his or her financial consultant to select one or more outside advisers. Clients can establish equity, fixed income, balanced (including municipal and global balanced), international and global accounts. The financial consultant meets with the client regularly to discuss the advisers' performance results.
According to Cerulli Associates, an independent research and management consulting firm for the financial services industry:
- As of year end 1996, the consultant wrap fee market was $103 billion in assets, up from $62 billion in 1993.
- Consultant wraps accounted for three quarters of the total wrap marketplace in 1996.
In providing WellsSelect to its clients, Wells Fargo is building on its 145 years of experience in investment management, trust and private banking in the West. WellsSelect complements Wells Fargo's existing investment management services, which include customized portfolio management.
"We are providing our clients with the complete range of investment products and services typically available only through a full-service brokerage firm," said Dennis Mooradian. "Combined with our investment management, trust, brokerage and private banking capabilities, WellsSelect positions us to meet the full spectrum of our clients' financial needs."
Wells Fargo Private Client Services provides a full-line of brokerage, investment management, trust and private banking services all under one roof. Private Client Services has offices throughout the Western states in cities such as Beverly Hills, San Diego, Denver, San Francisco, Sacramento, Los Angeles, San Diego, Las Vegas, Houston, Scottsdale, Seattle, Palo Alto and Portland.
Wells Fargo actively manages more than $64 billion in assets, $30 billion of which is managed for high net worth investors.
*Private Client Managers and Financial Consultants are registered representatives of Wells Fargo Securities, Inc.(which is a member of NASD/SIPC) and employees of Wells Fargo Bank. Wells Fargo Securities is a wholly owned subsidiary of Wells Fargo Bank.