Consumer complaint received 2021-10-17
Company: WELLS FARGO & COMPANY
State: AL
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Fee problem

Complaint:
This complaint pertains to the investment account of the XXXX XXXX XXXX XXXX XXXX maintained by Wells Fargo advisors in XXXX, Ga. It involves the FORCED SALE of advisory services for an estate account that had been reduced to no more than a checking account. 

XX/XX/XXXX : per instructions from executors, advisor liquidated all assets in the accounts. Executors distributed the cash to heirs per the will, leaving just over {$18000.00} cash as a reserve to handle taxes and expenses of the estate. At this point, no financial advice was needed and none was provided. SINCE THAT TIME, THERE HAS BEEN NO ADVISOR/CLIENT CONTACT EXCEPT TO DEAL WITH THIS COMPLAINT. 

XX/XX/XXXX : Without notice to client, a {$150.00} a annual fee was posted to the brokerage account. 

XX/XX/XXXX : Client noticed the charge and emailed advisor stating surprise with the charge since this was nothing more than a checking account and no financial advice was needed going forward and none had been provided in months. Client asked that the fee be refunded and offered to immediately close the brokerage account to avoid the fee. 

XX/XX/XXXX : Advisor called and stated that she was sorry but NOBODY IN THE COMPANY HAS THE AUTHORITY TO WAIVE THE FEE. 

XX/XX/XXXX : Emailed advisor stating my intent to pursue complaint further. Asked her to confirm her statement that nobody in the company had the authority to waive the fee or give me contact information for a person who does have that authority. Also asked if she was a fiduciary. ( As of this date, NO RESPONSE TO EITHER QUESTION! ) XX/XX/XXXX : Received email from advisor stating that she had escalated the issue and that the team reviewing the complaint had determined that the fee would not be returned. The same day I emailed the advisor and asked for contact information for the person who disapproved the complaint. ( STILL NO RESPONSE FROM ADVISOR ) XX/XX/XXXX : Received letter from Wells Fargo Advisors, XXXX XXXX, dated XXXX stating that they had received my complaint and denied relief. The letter contained a statement that they had confirmed with the advisor that she had discussed the fee with us earlier in the year. ( THIS STATEMENT IS CONTRADICTED BY BOTH CO-EXECUTORS. ) Complaint was submitted by advisor without my knowledge ) I called the complaint groups number and reached one of the team ( XXXX XXXX ) who handled the complaint. Since I was not aware of the details of the complaint submitted by the advisor, I asked him to forward me a copy of the complaint that they evaluated and their rationale for declining. My request was denied as they do not allow any input from the client and will not share what was sent to them by the advisor. I WAS INSTRUCTED TO CONTACT THE ADVISOR WHO HAS SO FAR REFUSED TO EVEN ANSWER MY EMAILS. ( I have audio tape of my conversation with XXXX XXXX ) So, I have no idea whether my complaint was fairly and completely.presented and I have no idea why a reasonable request was denied. WHAT I DO KNOW IS THAT THIS SECRETIVE COMPLAINT SYSTEM COMPLETELY SHUTS OUT INPUT FROM THE CLIENT AND IS DESIGNED TO FRUSTRATE THE COMPLAINANT. AND IT STARTS WITH THE FALSE STATEMENT THAT Nobody in the company has the authority to waive the fee! 

I escalated my complaint to the Branch Manager who offered to pass along my concerns to the complaint team. A called him a couple of days later and asked if he had received anything back from the complaint team. The answer was yes. WHEN I ASKED FOR A COPY OF WHAT HE SENT AND WHAT HE RECEIVED BACK, HE SAID THAT HE COULDNT SHARE INTERNAL COMPANY COMMUNICATION. ( Audio tape of this conversation is available. ) To summarize the complaint, without knowledge or approval by the client, a fee of {$150.00} was deducted from the cash account of the estate of a loyal customer of more than 30 years. NO SERVICE HAS BEED BEEN RECEIVED FOR THIS FEE AND NONE WILL IN THE FUTURE. THE COMPLAINT PROCESS HAS COMPLETELY SHUT OUT INPUT FROM THE CLIENT. 

When the company reviews this complaint, I would like them to answer this question : HOW DOES THE CLIENT EXPERIENCE DESCRIBED ABOVE LINE UP WITH THE CLIENT FIRST philosophy advertised on the Wells Fargo Advisors website? When I asked the Branch Manager that question, there was a long silence followed by I cant say!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief