What you need to know about Wells Fargo’s new financial adviser program
Wells Fargo is adding a financial adviser to its financial products and services, a move that could significantly reduce the number of people using the credit bureau’s platform to manage their finances.
The move, first reported by CNBC, comes as banks continue to fight against mounting evidence of fraud in the financial system.
The Wells Fargo adviser program is a key step in addressing the growing number of consumers who are using credit cards for personal financial planning, and a move Wells Fargo says is designed to increase the number and diversity of financial advisers on its platform.
“This is not just a new program,” Wells Fargo senior vice president of financial advising and consumer insights Andrew Cawthon said in a statement.
“The Wells brand is built on the notion that people should be able to make decisions for themselves, not on the advice of someone who is not only their financial adviser, but also someone who will do a good job of helping them achieve their goals.”
The company also said that it will offer “the most extensive and comprehensive portfolio of financial products on the market,” including credit scores, mortgages, auto loans, credit card offers and consumer advice, for customers using its banking services.
It will offer its products in a variety of currencies, including the U.S. dollar, the British pound, Euro, Australian dollar, Canadian dollar and Japanese yen, the company said.
The new financial advisor program is available to all Wells Fargo customers.
It will be available starting June 30.
Wells Fargo, which has more than 200,000 retail locations in 37 states, said that by the end of 2017, it expects to have a combined total of 3.3 million financial advisers in the U: 3,500 in retail locations, 700 in non-retail locations and 1,500 more in a global network of over 40,000.
Wells Fargo has been one of the most prominent lenders to push for better oversight of the financial industry since the financial crisis.
It helped broker hundreds of billions of dollars in new credit in the last two years and has pledged to invest $300 billion in the banking sector over the next five years to reduce the burden of fraud and abuse.