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March 27, 2020 at 10:16 AM
A Wells Fargo branch in New York (Photo: Bloomberg)
Several weeks after it moved to raise the client asset level at which an account fee was waived, Wells Fargo Advisors has put the decision on hold.
The wirehouse told its roughly 13,500 employee advisors last month that — starting Sept. 1 — client households would need assets of $500,000 in their accounts to avoid fees that typically are as high as $300 per year; earlier, the asset level to avoid the charge was $250,000.
But Thursday, the bank said it had suspended the move due to “the current environment and to ensure we are able to best serve our clients.”
The news comes as Wells Fargo is taking a number of steps to address client concerns during the coronavirus pandemic.
