Wells Fargo Advisors has raised the asset level at which it waives an account fee.
As of Sept. 1, households will need $500,000 of assets in their accounts to avoid fees that typically are as high as $300 per year. In the past, the level to avoid the charge was $250,000.
“The fee amounts per account will remain the same, however, the threshold amount for clients who receive an automatic waiver has shifted from $250,000 in household AUM, to $500k household AUM. This will impact a small number of clients,” the bank said in a statement.
(The asset levels will be reviewed on June 30 and then charged to accounts in September.)
WFA also says it has other waivers in place, such as a $250,000 Advisory AUM Household Waiver and a $100,000 Net New Asset Household Waiver.