Author Topic: Wells Fargo 401(k) Fees  (Read 2020 times)

Cromacster

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Wells Fargo 401(k) Fees
« on: October 24, 2017, 11:02:14 AM »
Work announced WF would be changing the way they charge their fees.  Going from "hidden fees" to a flat 0.12%.  Now, as far as I can tell, the "hidden fees" they are referring to are covered in the expense ratio of a given fund.  I asked if the new 0.12 would be on top of any expense ratios, but he couldn't answer that.  According to plan documents any current fees that are charged should be listed in the account history, currently I have not been charged any fees directly.

I feel like they are disguising this as a transition from "hidden fees" to a flat fee, when in reality it's an extra 0.12% they will be charging me.  Overall it's a very small amount, but the way WF sold it just seemed shady.

Am I way off base or does anyone have experience with plan administration?





Splashncash

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Re: Wells Fargo 401(k) Fees
« Reply #1 on: October 27, 2017, 05:32:09 PM »
Work announced WF would be changing the way they charge their fees.  Going from "hidden fees" to a flat 0.12%.
 ...
Am I way off base or does anyone have experience with plan administration?

I don't have experience with plan administration but it sounds like WF is telling you about a fee you will be paying on top of the fund expense ratios.  Regardless of the funds you choose, you will be paying 0.12% of your total to 'plan administration'.

It won't be a 'very small amount' after you get some $$ in your 401K.

Ocinfo

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Re: Wells Fargo 401(k) Fees
« Reply #2 on: October 27, 2017, 08:59:48 PM »
In my experience, Wells Fargo will do everything they can to screw you. I had a student loan and a car loan that they constantly made “mistakes” across many aspects. I paid both off in a fraction of the time just to not deal with them. My wife also had a 401k with them that she just rolled over. She was lucky to have Vanguard investment options but WF constantly charged random fees that did show up with cryptic names in the account history.


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COEE

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Re: Wells Fargo 401(k) Fees
« Reply #3 on: October 28, 2017, 05:09:03 PM »
In my experience, Wells Fargo will do everything they can to screw you.

Yep.  I'd actually consider leaving a company with WF as their 401k provider.  You'll probably find yourself with a better job and a better 401k provider!

I shake my head when someone says WF.  Ugh.  Left them long ago and never looked back.