Home Finance Wells Fargo: Best overall 401(k) provider

Wells Fargo: Best overall 401(k) provider

by Ritvik
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Wells Fargo is hailed as our best 401(k) supplier because of its good reputation, diverse service list and competitive fee structure. As the plan administrator, Wells Fargo is responsible for the record keeping of the 401(k). It also provides banking services, multiple types of investments and transactions, and provides cash management. In addition, customers can seek business loans and merchant services through Wells Fargo, putting everything under one roof.

Investment options

Wells Fargo provides a large number of internal and independent investment options for 401(k) customers, including:

Mutual funds: Wells Fargo recommends choosing a series of mutual funds as investment options within 401(k). The company provides its own mutual funds and provides funds from other providers to 401(k) participants.

ETF: 401(k) customers can also invest in Wells Fargo or third-party ETFs. These ETFs are a basket of securities, such as mutual funds, which are traded like stocks.

Stocks: You can actively trade domestic and international stocks with Wells Fargo Bank.
Bonds: Wells Fargo also allows participants to buy and sell personal debt.

Target date funds: Wells Fargo has a series of target-date funds that are designed to automatically adjust the underlying investment portfolio based on the target retirement date.
Setup and plan management

Wells Fargo has many business units that can handle the entire process of 401(k) from establishment to implementation, to long-term investment strategy. In the 401(k) plan, Wells Fargo can provide the following assistance:

  • Plan management
  • Cash management
  • Payroll
  • Trading platform
  • Investment Advice
  • Exclusive investment options
  • Wells Fargo 401(k) cost
  • The cost of a Wells Fargo 401(k) varies greatly depending on the size of the plan and the number of participants, the investment options available, and the specific role Wells Fargo plays in setup and management.
Type of FeeFee
Plan Administration Fee0.25% to 2.0% annually
Annual Fund Fee0% to 1.25% annually
Custodial Fee0.10 to 0.50% annually

Customer service

Wells Fargo provides services to customers in a variety of ways. It has a comprehensive online platform and retail bank branches across the country where customers can seek help. In addition, Wells Fargo also signs contracts with independent financial advisers across the country. Although these advisers are not named after Wells Fargo’s trademark, they can help customers browse the company’s various products, obtain answers to questions, and formulate or execute plans.

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