Wells Fargo Clearing Services, LLC (St. Louis)


Wells Fargo Clearing Services, LLC is a large advisory firm based in St. Louis. It manages $433.2 billion of regulatory assets for 1,434,106 client accounts. It has been registered with the SEC as an adviser since 2016 and has operated in the jurisdictions of Alabama, Alaska, Arizona, and 48 other states.

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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. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. 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



Name Entity Date acquired Ownership Employer ID
Llc Wachovia Securities Financial Holdings Sole member 1 Dec 2003 75% - 100% 72-1560834
John Charles Ii Parker Chief operating officer / board of managers 1 Oct 2007 Other 4474610
Douglas Laird Kelly Chief legal officer / secretary 1 Mar 2008 Other 2428802
Kevin Brady Hurley Chief compliance officer (ia only) 1 Dec 2008 Other 1293748
Beth Ann Hummels Human resources director 1 Jun 2011 Other 5942307
James Edward Hays Head of wealth brokerage services 1 Nov 2012 Other 1569212
Kathleen Ellen Barney Chief financial officer 1 Jul 2013 Other 6168269
Robert William Vorlop Head of wfa products & advice 1 Apr 2014 Other 1146770
Joseph Peter Nadreau Head of wfa innovation & strategy 1 Apr 2014 Other 2382449
Kevin Thomas Kitchin Designated state principal 1 Jul 2014 Other 1841815
James Tiebout Mchale Chief compliance officer 1 Dec 2014 Other 6052977
Mark William Hubbert Chief risk and credit officer 1 Sep 2015 Other 1802805
Brand Frederick Meyer Board of managers 1 Aug 2016 Other 808629
David John Kowach President - chief executive officer / board of managers 1 Aug 2016 Other 2154665
Erik Anthony Karanik Head of operations and branch infrastructure 1 Mar 2017 Other 2260890
Heather Anne Huntruddy Head of client experience and growth 1 Mar 2017 Other 2091956
Charlie Kent Christian Head of independent channel 1 Mar 2017 Other 1465883
John Wade Alexander Head of advisor led business west 1 Mar 2017 Other 2327561
Richard Jay Getzoff Head of advisor led business east 1 Mar 2017 Other 2269931
Heather Huntruddy Head of client experience and growth/ board of managers 1 Mar 2017 Other 2091956
Devon Louise Forster Mcconnell Head of digital 1 Mar 2017 Other 6398189
Eduardo Sampaio Queen Head of digital and automated investing 1 Jun 2017 Other 4934698
Kelly Marie Metz Chief operations officer/back office operations 1 Jun 2018 Other 2251657
Timothy Andrew Froehlich Private securities offerings principal 1 Oct 2018 Other 2850143
David M Williams Chief compliance officer 1 Feb 2019 Other 2027711
Terry Lee Chase Designated state principal 1 Aug 2019 Other 823017
Julie Circio Caperton Head of wealth client solutions 1 Aug 2019 Other 5166947

Indirect Owners

The SEC currently registers 6 indirect owners.

Name Entity Date acquired Ownership Employer ID
Wells Fargo & Company Share holder 1 Sep 1998 75% - 100% 41-0449260
Wells Fargo & Company Share holder 1 Jan 2009 75% - 100% 41-0449260
Wells Fargo & Company Share holder 1 Mar 2010 75% - 100% 41-0449260
Inc. Wells Fargo Investments Group Share holder 1 Mar 2010 Other 41-1975159
Everen Capital Corporation Share holder 1 Aug 2010 75% - 100% 36-4019175
Llc Wfc Holdings Share holder 1 Dec 2017 75% - 100% 41-1921346

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.