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May 11, 2009 8:31 pm

burtonfinancial1

Joined: 2008-09-30Offline

This is one for anyone here from FiNet who can speak to potential conflict and competition between Wells Fargo and FiNet.

Although I’ve heard it’s not true, some FiNet folks I know told me they are POSITIVE that a teller, banker, even an FA within the legacy Wells Fargo banking channel can see or view client information on accounts with FiNet advisors.  Any truth to this? 

Nov 7, 2015 6:53 am

Hyeflight

Joined: 2015-11-07Offline

I just stumbled across this question, so here goes…

WBS FAs (Wells Fargo FAs in bank branches and Private Bank Hubs) can see if a relationship exists between a particular client and FiNet, but it’s limited info. The account value and account positions are blocked, so they can’t tell if it’s a $10k account or a million+ account. Same is true with PCG clients (PCG is Wells Fargo’s “wirehouse side”), WBS FAs cannot see those clients brokerage account balances either. WBS FAs are instructed to not solicit the relationships of PCG and FiNet clients.