WellsTrade at a glance
Feature you'll love
Wells Fargo One Stop: Wells Fargo One Stop is a tool that aggregates your accounts at the bank and broker as well as at hundreds of other financial institutions. The goal is to give you the most complete picture of your financial life. You’ll also be able to break down the holdings in your portfolio by asset type, with useful charts and tables, and assess where you might have gaps in your holdings.
Where WellsTrade rocks
Discounted commission: Like most of the industry, WellsTrade has now moved to $0 commissions for stock and exchange-traded fund (ETF) trades. That’s a substantial savings over the broker's former commission of $5.95 for customers and even the former discounted commission of $2.95 for customers who linked their Wells Fargo bank accounts. But now that discount only brings Wells in line with virtually every other online broker.
Clients should note that WellsTrade's discount is only available for stock and ETF trades, and does not apply to options trades (more below).
Integration with Wells Fargo: One of the biggest reasons to select WellsTrade is its integration with Wells Fargo's banking operations, so you’ll be able to see your whole financial life at one company. There’s a real benefit to this kind of consolidation, and companies such as Wells do a good job offering small perks that encourage this kind of consolidation. Wells tries to make this obvious and natural with Wells Fargo One Stop, an account aggregation tool.
Another advantage of aggregating your accounts is quick money delivery from a bank account to a brokerage account, or vice versa. The process is usually completed by the next day. That's substantially faster than a typical transfer from a bank to a separate broker, or vice versa.
Account minimum: WellsTrade requires no account minimum, a very investor-friendly move from a brokerage that doesn’t always have the most investor-friendly policies (more below). But no account minimum is the standard for the industry now, so while it’s nice, it doesn’t do much to differentiate the broker from its rivals.
WellsTrade is a brokerage best-suited for buy-and-hold investors and current Wells Fargo customers:
- The $0 commission structure encourages clients to broaden their relationship with the company.
- A basic trade interface will not prove attractive to frequent traders, but will be acceptable to long-term investors.
- However, account fees and the lack of research and education may dissuade newer investors.
Investors looking to expand their relationship with a bank should consider Bank of America’s Merrill Edge, which offers a better experience all-around and free trades, too. Those who need a pro-level trading interface should look at Merrill as well as E*Trade and Interactive Brokers. Investors looking to avoid fees will find a friend in Fidelity Investments.
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