Against advice of mutual friends I invested my entire IRA,about 260K, with a Wells Fargo adviser. I know very little about finance so I trusted this guy as a friend.
I wanted to be conservative but I wanted to make some money. I was with Fidelity prior to this (should have left it there) and picked my own investments. I did ok.
Since I have been with W F (1 1/2 years). I peaked at just under 270K.
that was about 6 months ago. Since then I have been on a steady decline. I contact him and we change the investments , again trusted his judgement, and I am down to 253K now. I just keep losing with them.
He drives a Jag, 750k home, 6 weeks in Boca every year in a top hotel and my investments keep going down. I told him I am pulling out and have started looking for another financial institution. I have less now then when I first started and a year and a half wasted. Just keep getting double talk, terms, comparison to the 2008 crash.
That was 7 years ago. If i didn't check every day I would not know how bad I was doing.
*** Wells Fargo!!!!!!!!!!! and their poor investment counselors.
Product or Service Mentioned: Wells Fargo Account.
Reason of review: poor investments.