Wells Fargo Private Review (is it worth it?)

Private banking and VIP programs from banks are well worth signing up for if you can meet the minimum requirements. They offer a wide range of features unavailable to standard customers, and in exchange, they expect you will be investing your money with them and using their services exclusively.

There isn’t a bank that doesn’t have some kind of VIP program. Most larger banks offer private banking to wealthier customers, so finding the best option for you and which banks minimum requirements you meet will require reviewing them. Some of the larger ones are Chase Private, Bank of America Private Bank, Citi Bank, and Union Bank Private.

Is Wells Fargo Private Worth It?

Wells Fargo Private offers standard investment and other financial services to high wealth customers that are willing to invest at least $1 Million and keep the investment with Wells Fargo long term but offers limited other benefits outside of giving personalized financial advice.

They’re most suitable for anybody looking to invest over $1 Million with a personalized approach but doesn’t need any other specific benefits and perks from a bank and doesn’t require a fully dedicated team.

  • Personalized financial portfolio building
  • No fees on transactions with checking accounts
  • Exclusive savings account rates

They’re not the best option for people that want fully managed and dedicated financial teams that some other institutions offer. While you get a personalized investment portfolio, it’s not guaranteed always to be run by the same people. You don’t get a specific financial manager to work with, making it less personal than other banks.

How Does Wells Fargo Private Work?

Wells Fargo Private offers a full range of banking services through a branded approach, so instead of being a fully independent division, you’re using a specific service from Wells Fargo, which includes the same investment advisors and financial advisors. Your only requirement is that you will invest $1 Million across your accounts.

There aren’t different tiers publicly displayed, though it’s likely your level of service and which advisors you get will be determined by how much money you’re investing yearly. 

How is Wells Fargo Private Different?

Wells Fargo Private is not hugely different from a standard Wells Fargo account or investment services offered through the regular bank. Everything appears to be the same people working with you, whether you’re a Wells Fargo Private customer or just a regular investment customer with the bank.

The difference may boil down to the perks you get as a Wells Fargo Private customer, such as better rates and easier access to personalized portfolio strategies.

You also get access to a Wells Fargo Private Visa card that offers three points for travel, 2 points for dining, and 1 point for all other purchases, which is superior to most other cards, especially for travel.

By default, all checking and savings accounts you have with Wells Fargo Private have no fees, either monthly or transactional fees, and that includes non-Wells Fargo ATMs and internationally.

So from an investment view, it’s the same, but you get added perks with fewer fees, so if you’re investing the minimum anyway, you should sign up for the additional extras.

Wells Fargo Private Pros & Cons

Wells Fargo Private Pros
  • Personalized investment portfolio advice
  • No monthly fees or transaction fees for any accounts
  • Better interest rates on savings and deposit accounts
Wells Fargo Private Cons
  • Same advisors as Wells Fargo standard investing
  • Minimal added perks and benefits
  • High minimum investment

What are the Main Reasons People Sign Up With Wells Fargo Private?

People sign up with Wells Fargo Private because they’re Wells Fargo customers looking to invest over $1 Million for the long term and want to get the added perks and benefits from Wells Fargo Private.

Personalized Service

Customers wanting a more personalized approach to their investment portfolios will get a more thorough review and assessment based on their specific needs when using Wells Fargo Private.

Wells Fargo Private is ideal when guidance and advice are important for newer investors or anybody looking to invest money with minimal effort.

Loans Backed By Real Estate

Customers looking to use real estate to invest but then liquify the money quickly can purchase a property outright. They can then apply for a loan from Wells Fargo Private, which will only require a 10% down payment, superior to most other loans available, and frees up more cash for further investing with Wells Fargo Private.

If you can make large lump sum payments later on, then you can readjust your mortgage terms so that you’re paying more on the principle and less on interest, assuming you can make those lump-sum payments.

Wells Fargo Private vs. Competitors

Wells Fargo PrivateChase Private ClientBank of America PrivateCitigoldUnion Bank Private
Monthly Cost$0$0 – $35$0$0$0
Minimum Investment$1,000,000$150,000$3,000,000$1,000,000$250,000
Fees Waived On Checking Accounts
Dedicated Advisor Team
Day-to-Day Banking and Saving
Loans Backed By Investments
Commission Free Online Trading

How Do I Become A Wells Fargo Private Customer?

Wells Fargo Private requests you discuss your requirements via phone; you can call them directly or request a call back from their website with some basic information.

Your requirements will be assessed along with how much you’re willing to invest, and then your application will be processed; there should be no delay or issues as long as you have the minimum amount.

If you’re denied or don’t have the required investment amount, you have a couple of options. The first is to open or continue to use your Wells Fargo standard account with the investment options available. The advisors will be the same or similar people, and you may just miss out on some of the perks from Wells Fargo Private.

Alternatively, you can open a standard checking account with another bank that offers better service than Wells Fargo.

Other Investing Options

If you still want to work with a private bank for your investing needs or explore more perks, all banks will have options available to you. One such option is the Chase Private Client service which has a much lower minimum of $150,000 and offers good investment options and perks with that lower amount.