Wells Fargo Clearing Services, LLC (St. Louis)

Wells Fargo Clearing Services provides financial planning services, portfolio management for individuals and small businesses, portfolio management for businesses and institutional clients, pension consulting services, selection of other advisers, and investment consulting services to institutional clients. It prepares financial plans for more than 100 clients. On top of advisory services, the firm also engages as insurance product sales.

Wells Fargo Clearing Services: assets under management

The assets under management (AUM) of Wells Fargo Clearing Services, LLC is $433.2 billion. The firm's AUM has grown by 16% since the beginning of its operation, and $3.77 billion of the total AUM is attributable to clients outside of the United States.

The firm manages $287.25 billion in discretionary accounts and $145.95 billion in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $268.58 thousand each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $400.29 thousand.

Wells Fargo Clearing Services has custody of $465.62 billion in cash and securities for 1,401,244 clients in total and acts as a qualified custodian.

Investments

The firm invests in investment and business development companies the most. They account for 57% of the total AUM. The second-largest asset type is exchange traded securities, which make up 29% of the firm’s portfolio. Investments in cash and cash equivalents form 5% of the total invested assets.

Fees & Commissions

The advisory firm has several streams of revenue. Clients pay Wells Fargo Clearing Services, LLC for their services and products based on a percentage of assets under management, hourly charges, fixed fees, and commissions. Hourly charges are usually charged for consulting work and special projects. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Wells Fargo Clearing Services serves?

The firm provides services to individuals, insurance companies, charitable organizations, high net worth individuals, banking or thrift institutions, corporations or other businesses, pension and profit sharing plans, and state or municipal government entities. The largest group of clients of Wells Fargo Clearing Services is high net worth individuals with 565,031 clients and $273.01 billion of assets under management. Among the 11 most similar advisory firms, Wells Fargo Clearing Services has the highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $430.95 billion for 1,431,951 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 1% of the firm’s clients are foreign persons or businesses.

Wells Fargo Clearing Services doesn't advise any private funds.

Careers at Wells Fargo Clearing Services, LLC

The company employs 26,352 people that are either part- or full-time employees. 44 percent of the employees work as investment advisers or researchers. 20,318 employees are registered as investment adviser representatives with the state securities authorities.

There are 191 people with the role of looking for and bringing in new clients on behalf of the firm. The firm doesn’t compensate employees in addition to the salary for bringing in new clients. Employees receive compensation from other entities for client referrals.

Direct owners and executive officers

Indirect Owners

The SEC currently registers 6 indirect owners.

Based in St. Louis

The principal office where Wells Fargo Clearing Services, LLC performs its advisory services is located at One North Jefferson Avenue, St. Louis, MO 63103 2205, which is also the mailing address of the firm. An additional office of the firm is in Richmond, VA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number 314-875-3000 or by fax 844-879-2154. The normal business hours are 8:00am - 5:00pm on Monday - Friday. You can find more information about the New York firm at wellsfargoclearingservicesllc.com.

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