WFA is adding online brokerage

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Nov 30, 2010 8:46 pm

It's true - heard it two weeks ago.  The guys from WFA are as puked as the FA's.....but the bank boyz are bigger. 

Dec 1, 2010 12:55 am

Wells Fargo has had an on-line discount brokerage for some time under the name Wells Trade. Wachovia has had an on-line brokerage firm for some time run out of Charlotte, NC.  Wachovia on-line brokerage has been changed to Wells Fargo Advisors already. Since the merger Wells Fargo Advisors is the new name for the Wells Fargo full service brokerage unit. In February or April 2011 the brokers in the bank channel, and Wells Trade will be renamed Wells Fargo Advisors just like the full service offices presently. While dificult for many in the full service brokerage unit (formerly A.G. Edwards and Wachovia) many see this move as no big deal. Those investors who want deep discounts can use that channel, while investors that want full service will use the full service WFA offices. Then there is the independent channel of Wells Fargo Advisors called FiNet.

All of this info is not new,. It has been in the planning stages for sometime. Wells Fargo wants Wells Fargo Advisors, LLC to capture all the securities and investment business they can get either in the bank, brokerage or on-line. WFA FA's will just have to suck up to this when all units are merged as one ......under Wells Fargo Advisors.

Dec 2, 2010 3:56 pm

Old news, very old news.....

Dec 3, 2010 11:11 am

Lots of firms have tried this approach, thinking they're missing out on the day trader action...

So, the firm goes out, spends a ton of money developing this platform, throwing around money like drunk sailors...

All in the hopes that they can be like E Trade, Scottrade, Schwab...

Why they would like to lose money like the three above, yes, that is a mystery for sure...

And what eventually happens is, the firm creates this expensive beheamoth and guess what? Hardly a single customer shows up. No matter how many free trades they're offered, your customer isn't going to all a sudden decide that they're going to spend their days and nights learning how to trade stocks and options.

After our killer bear market of 2008/2009, there are very few professionals, let alone novices, that can successfully trade stocks and options on a short term basis.

Jan 5, 2011 9:30 pm

it's great for FAs of WFA since they can now place trades on that platform for far cheaper than their platform. WFA doesn't allow a large discount for FA's on their own platform for equity trades so they now go online and do it. SAD

Jan 6, 2011 1:15 am

Not sure where you get your info - all employee trades have an automatic 80% discount.