The Wells Fargo bank is one of the leading institutions in America. Today, it has over 5,200 branches across the US, and it has some of the most reputable and effective services for anyone who wants to manage checking or savings accounts.
Overall, the Wells Fargo bank offers different solutions for individuals, businesses, and corporates. Among those solutions is the Individual Retirement Account (IRA) through “Wells Fargo Advisors.”
However, does the “Wells Fargo Advisors” program offer an option for precious metals IRAs? That’s what we’re going to find out today!
Here, you will discover everything you should know about the Wells Fargo bank, including its services and whether you can trust it as an Individual Retirement Account manager.
“Wells Fargo Bank,” in essence, is one of the biggest banking institutions in the United States. Even though it offers everything a regular user would need to manage their money, it doesn’t offer much more, making it a company that mainly focuses on mainstream financial products.
Believe it or not, Wells Fargo was founded back in 1852; that’s right, over 170 years ago. However, the Wells Fargo bank has adapted to modern trends and financial needs, making it a reliable option for those who need it.
Generally speaking, Wells Fargo is great for those looking for high-quality banking services and local branch access, as the institution has over 5,200 branches across the country.
Some of the most popular services that the Wells Bargo bank offers its clients include:
Money Market Accounts
Individual Retirement Accounts Like Traditional and Roth IRAs
Distributions for a 401(k), 403(b), 457(b), or a Employer-Sponsored Retirement Plan,
Most users will go for Savings/Checking accounts for their average banking needs. However, if you want to go the extra mile and start working on your retirement, you can also opt for Wells Fargo’s IRAs.
The Wells Fargo Bank itself isn’t currently accepting Destination IRAs. However, you can still work with Wells Fargo Advisors to find an option that fits your needs.
In essence, Wells Fargo Advisors is a firm that allows people to invest in IRAs with the help of a financial advisor. It’s a trade name, which is commonly managed by “Wells Fargo Clearing Services, LLC,” as well as other groups related to the bank like separate registered broker-dealers.
Here, you can invest in three different options:
This option allows you to have an online brokerage account where you can invest in:
No-load mutual funds
A great thing about this IRA option is that you don’t have to pay anything for the minimum deposit, although you may have to pay 30$ in other account fees.
Intuitive Investor IRA
Overall, this option allows people to get a professionally designed portfolio and other extra features like automated investing technology and help from a financial advisor.
This IRA allows you to have frequent phone access to a time of professional advisors, and you can monitor and rebalance your account any time you want.
The minimum opening deposit for this IRA is $500, and you will have to pay the annual advisory fee stated by the bank.
As with the previous option, you can invest in assets like mutual funds or stocks. You can also get advice on how you can trade on markets like the New York Stock Exchange.
Full Service Brokerage IRA
Here, you will work with an expert advisor to create an investment strategy based on your needs or goals, whether you want to invest in mutual funds or something else.
The primary benefit here is that you will get in-person access to a dedicated advisor, which is something that the other options don’t offer.
Moreover, you don’t have to pay anything as your minimum deposit. As for the account fees, you will have to pay from $125 to $300 per household.
Something important to point out is that IRAs offered by Wells Fargo are protected by insurance. The maximum coverage it offers is $250,000, and it applies to any of the following:
Traditional and Roth IRA Accounts
Simplified Employee Pension Accounts
Section 457 Deferred Compensation Plan Accounts
Self-directed Keogh Plan Accounts
Self-directed Defined Contributions Plan Accounts
Yes! Retirement accounts in Wells Fargo allow you to invest in mutual funds, ETFs, stocks, and other assets. However, we suggest you talk to a financial advisor to evaluate which option (Traditional IRA, Roth IRA, etc.) works the best for you.
It’s important to note that this institution will only provide you with financial advice. The company doesn’t provide tax or legal advice to investors.
Unfortunately, Wells Fargo doesn’t offer precious metals IRAs you can use to buy gold or silver. There are many IRA options, including traditional and Roth IRAs, you can consider, but if you’re looking to invest in precious metals, you should consider other companies.
Thankfully, there are many options you can consider for your retirement planning schedule. Wells Fargo Destination IRAs are certainly a good option if you want to invest in other assets, but they won’t be enough to ensure your financial future to the fullest.
Assets like gold, silver, and other precious metals, are known for withstanding market volatility most of the time, so if you want to learn more about how you can invest in precious metals, keep reading!
If you want to buy gold or silver through a self-directed IRA, you’re in the right place! Here, we’ll tell you everything you need to know to get started. However, if you want to know the specifics of your investment case, we suggest you seek personal tax and legal advisors too.
In simple words, a gold IRA is a type of self-directed IRA account, which allows you to invest in non-conventional assets. These include:
Conventional IRAs like the ones offered by Wells Fargo don’t offer investors the option to buy or sell precious metals, so if you want to enhance your investment portfolio, you may have to go for this route instead.
A self-directed IRA allows people to manage their investments in a more efficient way. Even though these accounts are administered by a custodian/trustee, you will still be able to manage them directly.
Depending on the type of self-directed IRA you get, you may be able to get tax-free withdrawals when you reach the required age.
Start your retirement planning project by opening a gold IRA! The best thing you can do, in these cases, is to hire financial advisors to guide you through the entire process.
Considering Wells Fargo doesn’t cover gold IRAs, you will have to go to another company. However, we created a general guide to opening a gold IRA that may be useful to you.
One – Open Your IRA
If you already have a traditional IRA or 401(k), you can roll over your funds once you open the self-directed account.
Once you choose a reputable company to work with, you can talk to its IRA specialists so that they can walk you through the entire process.
In essence, the process will involve filing some paperwork and answering some questions. Once you open the account, you will have the option to invest in precious metals or any other asset you consider appropriate.
Two – Add Funds to Your IRA
Now that you’ve opened your IRA, you can start the rollover process from any of the following accounts:
Thrift Savings Plan
Remember that, even though your account will get managed by a custodian, you will still get full access to the account management dashboard. Custodians can’t perform any tasks with your account unless you give them your approval.
The rollover process for your self-directed IRA isn’t as hard as it seems, but we still recommend you go for a reputable company that works with financial advisors.
Three – Purchase Approved Precious Metals
Finally, you’re free to purchase any precious metals you consider appropriate for your account. Remember that, if you truly want to diversify your portfolio, you must try your best not to replace all your investments with precious metals.
The goal here is to leave some of your current investments and allocate some of your funds for gold/silver. This way, you won’t have all your eggs in one nest, ensuring you don’t lose all your retirement money if you go through financial turmoil or uncertainty.
Another important thing to note is that you should only purchase precious metals that are IRA-approved. Otherwise, you won’t get the tax benefits that often come with these accounts.
Feel free to talk to financial advisors so that they can give you a list of all the IRA-approved precious metals you can get.
If you’ve never invested in a gold IRA, you may be a bit scared to choose any company. After all, precious metals aren’t necessarily cheap.
Thankfully, there are many tips you can consider so that you can choose the right company. If you work with a financial advisor, you may also be able to choose a reliable company much faster.
Here’s a list of factors you should consider before choosing any gold IRA custodian.
Experience Is Better Than Time
Logic will tell you to go for the company that has been working for the longest time, which is the case with Wells Fargo, for example.
However, when it comes to precious metal IRAs, you must consider performance and experience over time. An experienced team will be able to give you all the information you need to make the best investment decisions you can.
A company that has been around for years won’t do you any good if it doesn’t have a considerable volume of sales or positive reviews. The more clients your potential custodian has, the more likely it is to be a trusted entity for your account.
Accessibility and Security
Some companies make the process to invest in precious metals way too hard for their clients. While you should work with a company with strict safety measures, you should also go for a team that doesn’t make it impossible for you to manage your account.
In essence, make sure to look for a custodian that can provide you with easy and quick access to your account while ensuring a safe storage space for all your assets while you wait to withdraw them.
You should never invest with a company that doesn’t have the right certifications. The custodian you choose must be certified to operate and manage your account. If the company can’t provide you with the certification you’re asking for, then it may not be such a good option for your precious metal investments.
Feel free to talk to a financial advisor or check review sites to determine if your custodian has the right certifications to operate your gold or silver IRA.
Fees are one of the most important factors to consider before choosing a custodian. Every company charges different fees for its services, including Wells Fargo.
In essence, you should go for a company that offers reasonable fees and doesn’t overcharge you. Most companies will charge you an account setup fee, yearly maintenance fees, and others.
Pay close attention to the “Minimum Investment Fees,” as those will determine if you have the financial capability to work with any company.
You should work with a company that can provide you with fast management solutions. In other words, find a company that can guarantee quick turnover rates and authorization periods.
Taking too long to manage your IRA can cause you some problems in the future, and it can also be stressful. On the contrary, a company that offers quicker management will help you save some costs in the long run.
Whether you’re a beginner or a seasoned investor, you should always have access to a reliable support team. Most IRA custodians on the market offer top-of-the-line customer support to their clients, which is essential if you want to ensure the safety of all your investments until you make the withdrawal.
A good support team will help you before, during, and after setting up your account and initial payments. The best teams will even help you find the best investment options according to your current portfolio, needs, and goals.
Excellent teams will not leave you to manage everything yourself, which can be rather stressful. In that sense, if you want to ensure the safety and profitability of your assets, make sure to find a custodian with an excellent customer support team behind them.
Investing in regular assets through Wells Fargo is stressful enough for most people, so it may be stressful to even consider investing in physical gold with other companies.
Thankfully, gold and silver investments have proven to be great for anyone who wants to diversify their portfolio the right way. Even though Wells Fargo currently doesn’t offer precious metal investments, you can still find some other great options online.
Here’s a list of all the benefits you can get from investing in gold, silver, or other precious metals:
This is the most important advantage you will get from investing in precious metals. While there’s nothing wrong with investing in conventional assets like stocks, gold and silver will provide you with a better approach to diversification.
Considering most precious metals can help you during times of economic instability, you will be fine even if a stock market crash damages all your other investments.
Still, remember that it’s not good to place all your funds into gold, so as long as you have a balance, you will be good for retirement.
Hedge Against Inflation and Other Economic Uncertainties
Assets like gold and silver tend to keep their value even during times of financial turmoil, unlike stocks, mutual funds, or bonds.
This doesn’t mean that investing in precious metals will give you a 100% guarantee of not losing money, but it can certainly reduce the chances.
If you check the price of gold or silver decades ago, you will notice that the price doesn’t change that much. In some cases, the price of gold can even go up during a financial crisis, which can help you at the time of withdrawal.
Storage of Value
Generally speaking, the price of gold has gone up steadily over the past years. According to many financial experts, its price will likely keep going up.
As mentioned before, this doesn’t mean that the price of those metals won’ ever dip. Even though it isn’t common, it can happen. Still, if the price were to go down, the chances are that it will go up again.
An important thing to note about precious metals vs. regular investments is that stocks or bonds typically depend on how the financial industry is doing. If there’s an event that affects the industry, then the value of your stocks or bonds may get affected too.
On the other hand, gold isn’t that dependent on the performance of the financial industry, which will give you peace of mind for the future.
Is Wells Fargo a good option for investors? Yes, for the most part. Wells Fargo and its solutions are more than enough for the average customer who wants a safe place to manage their money or open conventional IRAs.
In essence, Wells Fargo is good for those who want a more “traditional” approach to their banking. However, if you want to diversify your portfolio through a gold IRA, then Wells Fargo isn’t an option to consider.
Don’t worry, as there are several reputable companies that do allow you to invest in precious metals without any problems. Those companies include Goldco, Augusta Precious Metals, and more.
We hope this page has helped you understand more about Wells Fargo and its offering, as well as what your options are for investing in a gold IRA.