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Wells Fargo Advisors / Unsuitable investment/dsip

1 Florham Park, NJ, United States
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Moved my IRA to Wells Fargo Advisors believing that they were a fiduciary sensitive company and that my best interests would be served through prudent investment planning. After a 45 minute discussion $200, 000 of my life savings were allocated the Diversified Stock income Plan (DSIP) and invested during August 2015 when the stock market was in severe decline. I am risk averse and the Advisor knew I was risk averse, yet he put my funds in jeopardy and they immediately decreased by 10%. I went to Wells Fargo looking for a stable fixed income portfolio and was handed DSIP as a solution to, my problems. I was 81 years old at the time, maybe slowing up a bit, and the shock of the sudden loss plus a very questionable investment strategy caused me to leave Wells Fargo but not before trying their "Complaint Resolution Program" which fed me the party line as a solution. These guys are very clever sharks who legally cover themselves from A to Z. Be very careful!!!

Nov 4, 2016

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