Wells Fargo Has Announced Plans to Stop Servicing Clients Residing Primarily Outside the U.S.
Last week, Wells Fargo Advisors a/k/a Wells Fargo Clearing announced that it intends to exit its international business and stop servicing clients residing primarily outside of the United States over the next nine months. According to insiders, the bank is trying to mitigate risk by exiting the international wealth advising business.
Levin Law, P.A. has been contacted by Wells Fargo international advisors and is offering transition help to Wells Fargo international advisors affected by this decision. Levin Law managing partner Brian Levin can assist private bankers, financial advisors, and brokers with the transition of employment, defense of promissory notes, and unpaid bonus claims. Contact Levin Law at (855) 862-2306 or co*****@le********.com to discuss how we can help.
Wells Fargo Ending International Wealth and Investment Advisement
Wells Fargo’s decision to end its international wealth and investment advisory business will impact many advisors who regularly provide financial advisory and banking services to clients residing primarily outside of the United States. As reported by WealthManagement.com, the information was released in a memo to advisors indicating it was being done in an effort to “simplify the business.”
As of January 19, Wells Fargo advisors will no longer be able to open “new brokerage, Wells Fargo Private Bank or Abbot Downing accounts” for non-U.S., international clients. The company will also begin a nine-month exit process for existing international accounts. However, the move does not affect those on active duty for the United States military or U.S. government employees stationed abroad.
Unique Considerations for Transition of Employment in the Securities Industry
Registered advisors and brokers in the securities industry have unique considerations when engaging in a transition of employment from one broker-dealer or bank to another. Levin Law can help individuals navigate the often murky waters involved in employment transitions, including contract negotiations, defense of promissory notes, unpaid bonus claims, and other litigation and arbitration matters.
Contact Levin Law for a Free Consultation
If you are an international wealth and investment advisor or broker with Wells Fargo affected by the recent announcement, contact Levin Law, P.A. for a free consultation. Attorney Brian Levin can help you understand your rights and responsibilities. Call (855) 862-2306 or email Mr. Levin directly at br***@le********.com.
