Comments on: How does Wells Trade measure up? http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/ Personal finance and investing in mutual funds and ETFs Wed, 31 Aug 2011 13:13:14 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Brian http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-23396 Brian Sun, 29 Mar 2009 11:52:36 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-23396 I sold multiple tax lots with WellsTrade and they bungled the trade, mixing them all up. They sold the wrong ones. They're putting the onus on me to re-create the trade. They say they are incapable of doing it. They won't allow communication with their back office either. In addition, I see several trades that are months old that shows the cost basis as PEND. The Brokerage side is not a first class operation, although the customer service people are always nice, courteous, speak English and do try their best to help you. You get 100 Free trades with a 'PMA' account and sometimes you get what you pay for. I sold multiple tax lots with WellsTrade and they bungled the trade, mixing them all up. They sold the wrong ones. They’re putting the onus on me to re-create the trade. They say they are incapable of doing it. They won’t allow communication with their back office either.
In addition, I see several trades that are months old that shows the cost basis as PEND.
The Brokerage side is not a first class operation, although the customer service people are always nice, courteous, speak English and do try their best to help you. You get 100 Free trades with a ‘PMA’ account and sometimes you get what you pay for.

]]> By: indexfundfan @ indextown » Blog Archive » Wells Fargo adds tax-lot trading to online system http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-23260 indexfundfan @ indextown » Blog Archive » Wells Fargo adds tax-lot trading to online system Mon, 15 Dec 2008 10:10:33 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-23260 [...] to reader Buddy Hall’s feedback, I now know that Wells Fargo has just added tax-lot trading to their online system.  Now, there is [...] [...] to reader Buddy Hall’s feedback, I now know that Wells Fargo has just added tax-lot trading to their online system.  Now, there is [...]

]]> By: indexfundfan http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-23259 indexfundfan Mon, 15 Dec 2008 09:14:26 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-23259 Good news! Thanks for the feedback. Good news! Thanks for the feedback.

]]> By: Buddy Hall http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-23258 Buddy Hall Mon, 15 Dec 2008 08:03:53 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-23258 I've been waiting for this... no more calling into a broker after sale to identify your tax lot sold. Wells Fargo offers new web interface to specify shares from tax lots to be sold: https://invmnt.wellsfargo.com/whatsnew_wellstrade.html I’ve been waiting for this… no more calling into a broker after sale to identify your tax lot sold. Wells Fargo offers new web interface to specify shares from tax lots to be sold:

https://invmnt.wellsfargo.com/whatsnew_wellstrade.html

]]> By: Wells Fargo Slow Placing Trades http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-23246 Wells Fargo Slow Placing Trades Wed, 03 Dec 2008 16:49:43 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-23246 YES WELLS FARGO JUST LOST ME 400.00 ON A DIP THAT I PLACED FOR A QUICK DAY TRADE. It took them almost 10 mins to execute by then it was on it's way up. Wells sucks for a trading platform. YES WELLS FARGO JUST LOST ME 400.00 ON A DIP THAT I PLACED FOR A QUICK DAY TRADE.

It took them almost 10 mins to execute by then it was on it’s way up. Wells sucks for a trading platform.

]]> By: indexfundfan http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-15262 indexfundfan Thu, 03 May 2007 04:41:35 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-15262 Yeah, I read some of the comments from FWF. Personally I do not find the speed of the website to be of concern when it comes to stock/ETF trades. True, it takes like 2 to 3 seconds when the website is switched between bank and brokerage. But once you are on the brokerage site, there is no more switching time. But you do have to go through a "confirm" page before placing an order. I know some brokerages allow you to bypass the "confirm" page. This feature is probably more important for daytraders. As for a limit order halfway between the bid and ask, it really depends on how active the ETF is. Personally, for thinly traded ETFs, there is no reason to expect the order to fill. Certainly price improvements are possible sometimes, but I haven't seen it at Wells Trade. Yeah, I read some of the comments from FWF.

Personally I do not find the speed of the website to be of concern when it comes to stock/ETF trades. True, it takes like 2 to 3 seconds when the website is switched between bank and brokerage. But once you are on the brokerage site, there is no more switching time.

But you do have to go through a “confirm” page before placing an order. I know some brokerages allow you to bypass the “confirm” page. This feature is probably more important for daytraders.

As for a limit order halfway between the bid and ask, it really depends on how active the ETF is. Personally, for thinly traded ETFs, there is no reason to expect the order to fill. Certainly price improvements are possible sometimes, but I haven’t seen it at Wells Trade.

]]> By: Dave http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-15258 Dave Wed, 02 May 2007 23:48:51 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-15258 Several people have mentioned that the website is very slow in submitting and executing trades. Has this been your experience? Also, some people have also mentioned that even if they set a limit order halfway between the bid and ask price, the order never executes. Any comments? Several people have mentioned that the website is very slow in submitting and executing trades. Has this been your experience? Also, some people have also mentioned that even if they set a limit order halfway between the bid and ask price, the order never executes. Any comments?

]]> By: indexfundfan http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-14585 indexfundfan Sat, 28 Apr 2007 23:12:15 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-14585 MossySF, thanks for your feedback. It appears from your comment that Wells Trade can automatically reinvest stocks / ETFs (in addition to mutual funds). This is something new to me. MossySF, thanks for your feedback. It appears from your comment that Wells Trade can automatically reinvest stocks / ETFs (in addition to mutual funds). This is something new to me.

]]> By: MossySF http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-14582 MossySF Sat, 28 Apr 2007 22:50:48 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-14582 I emailed Wells Fargo customer support about dividend reinvestment and they replied to me that the default configuration is all holdings auto reinvest dividends and distributions. From my experience, it seems to be the case except for closed-end funds. None of my closed-end international bond funds auto reinvested but my stocks/etfs/mutual funds did. I emailed Wells Fargo customer support about dividend reinvestment and they replied to me that the default configuration is all holdings auto reinvest dividends and distributions. From my experience, it seems to be the case except for closed-end funds. None of my closed-end international bond funds auto reinvested but my stocks/etfs/mutual funds did.

]]> By: indexfundfan http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-13723 indexfundfan Thu, 26 Apr 2007 22:17:07 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-13723 Mike, I edited the post to show the fee for IRA transfer out and termination. Mike, I edited the post to show the fee for IRA transfer out and termination.

]]> By: Mike http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/comment-page-1/#comment-13686 Mike Thu, 26 Apr 2007 20:58:09 +0000 http://www.indextown.com/archives/2007/04/26/how-does-wells-trade-measure-up/#comment-13686 Do you know the total transfer out fee for an IRA? Do you know the total transfer out fee for an IRA?

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