Wells Fargo PMA account

Discussion in 'Retail Brokers' started by bigarrow, Jan 22, 2013.

  1. Wells Fargo PMA account, does anyone have any experience with this from the brokerage side. They give 100 free trades a year with a balance over $25000. Going to study up on this some. I don't know if they handle futures also or just stocks.
  2. WS_MJH


    I have this; this is mostly a banking product. They have a brokerage/investment arm, but I don't think it's like a traders brokerage, but as I said, an investment brokerage.
  3. When I was right out of college I used to work at Wells Fargo in both the banking and investing arms of the company. I used to sell the PMA accounts and actually have one for my personally as well. They are decent accounts for banking purposes b/c you get a lot of things for free (free checks, no minimum balances, no monthly fees, lower loan rates, etc...) however when it comes to the brokerage side and trading its pretty below par. I have my IRA and Roth IRA through Wells's brokerage in the PMA account and the platforms is very basic and they are really only good for buy and hold strategies. I don't trade much with those accounts and when I do I do all charting and research with my other platforms and just execute trades through the Wells's brokerage. If you are planning on doing any form of trading, i would not recommend using them, however if you just want to buy a blue chip stock and collect the dividend for 10 years and hate paying for checks and monthly service fees on bank accounts, then go for it.

    No streaming quotes, delayed balance updates, slow execution and notifications, minimal charts, and the order placement process is way too complicated and slow.
  4. Thanks guys for the information.