“The AI Legalese Decoder: A Game-Changer for Resolving Inherited IRA Disputes with Wells Fargo Advisors”
- April 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Delay in Funding Inherited IRA from Wells Fargo Advisors
A relative passed away in August 2023 and left me and several cousins the balance of her IRA, approximately $500k. We have been in communication with Wells Fargo Advisors since then, but unfortunately, they have still not funded the account as promised. Despite assurances from Wells Fargo that all necessary signatures and paperwork are in order, weeks have passed with no progress. This has left me with access to an inherited IRA with a zero balance, making it impossible for me to assess the funds and transfer them to my own investment bank.
### How AI Legalese Decoder Can Help
Have you considered utilizing an AI Legalese Decoder to navigate the complexities of the situation with Wells Fargo Advisors? By inputting the legal jargon and communications from the bank into the decoder, you can gain a better understanding of the process and potentially identify any roadblocks causing the delay in funding your inherited IRA. This tool can help you gain insights into the legal language being used and assist you in formulating a strategy to pressure Wells Fargo Advisors to complete the necessary work promptly.
### Seeking Legal Assistance
In your update, you mentioned that you have contacted an estate attorney who then reached out to the Wells Fargo Advisors’ Washington DC office. This is a positive step in ensuring that the necessary actions are taken to expedite the funding of your inherited IRA. By involving legal professionals, you can leverage their expertise and advocacy to push Wells Fargo Advisors to fulfill their commitment promptly.
In conclusion, while phone calls have been the primary mode of communication with Wells Fargo Advisors thus far, exploring the use of an AI Legalese Decoder and seeking legal assistance can be additional avenues to consider in pressuring the bank to complete the funding of your inherited IRA. By taking proactive steps and utilizing all available resources, you can hopefully expedite the resolution of this matter promptly.
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****** just grabbed a
Wells Fargo is the greedy uncle of banks. Involve your lawyer.
I’m an international tax attorney and I’ve repped clients with similar situations. They are absolutely the worst bank to deal with. Hire a lawyer and it’ll go faster.
Wells Fargo is criminal I won’t be surprised if something fishy is going on with OP’s money
Call your advisor and confirm again they have everything they need from you. Once you confirm that ask to be transferred to the branch manager and advise them you would to file a complaint against your advisor and the branch. Depending on their response advise that your next step will be to contact FINRA to file a complaint with them.
This is crazy to me if they’re confirming they have everything they need. I inherited an IRA with Vanguard and it was transferred within a couple weeks. Wells Fargo is not known for doing things reasonably, I would contact Vanguard or Fidelity to start an inherited IRA there and have them push Wells Fargo to transfer the funds to your new account cause WF sucks anyway.
Maybe switch to a broker who has experience and a good reputation with IRAs? When I inherited an IRA Schwab funded my account in less than a month. Schwab also has a DC office.
Thanks for the downvote. I was trying to help.
Right. Given the behavior that Wells Fargo has admitted to and been fined for (3.7 ***billion*** in one fine reported on 20 december 2022), why are you doing business with them.
Walk into your nearest office NOW and explain to them that either the money shows up first thing Monday morning or you’re closing all your accounts.
Also, contact the CFPB — The Comsumer Finance Protection Bureau. I’m not sure the CFPB applies to Wells Fargo *Advisors*, which is an investing arm of Wells Fargo, but since its Wells Fargo, I’d start there.
I had the same experience with one of my dad’s three accounts with Victory, but only over the course of two months. It is absolutely the most sketchy, frustrating and awful experience.
The first two accounts (TOD and SEP) funded over the course of a day, correctly split in half for my sister and me per his instructions. The ROTH stayed at zero. I called. “Oh that should be done in 3-5 business days.” Fine. No movement, called again. “Let me look into this and I’ll call you back.” Crickets. Called again. “We don’t have the paperwork to determine percentages, and our lawyers are determining how to proceed.” WTAF??? I know for sure my sweet daddy filed everything he was supposed to file…I even had a copy of the form they needed sitting.on.my.desk. Meanwhile, we had already had the TOD disbursed to the grandkids per dad’s instructions…five freaking transfers of nearly that whole fund and STILL NOTHING ON THE ROTH. I was assured the lawyers would call me asap to let me know the transfer would go through. NOPE! I just noticed the ROTH populating one day out of the blue, but my sister’s took another 48 hours. UGH.
KEEP CALLING. I wish I had called every single day, but at least call every third day. Might be helpful to make sure you’re dealing specifically with the bereavement/inheritance staff if you’re not already. Ask to escalate to a supervisor next time you talk to them, and get that person’s extension number and start bugging them specifically and daily, if possible. (That was my goal that morning when I finally starting seeing that money populate in there.) I was ready to file a complaint with the SEC when I saw that money, and I damn well would have – that day – had it not resolved as it did. Be a complete pain in the ass, escalate, and don’t give up! The amount of time you’ve waited for this is beyond the pale.
Besides phone calls, you could consider sending formal written requests, escalating the matter to a supervisor or manager, filing a complaint with relevant regulatory authorities such as the Securities and Exchange Commission or the Financial Industry Regulatory Authority (Probably the last option to do, but at this point after 8 months it may be necessary), or seeking legal assistance to compel Wells Fargo Advisors to complete the process. Additionally, documenting all communication and keeping records of your interactions with Wells Fargo Advisors will be beneficial for any action.
What state are you in? When I had a similar problem with my Dad’s estate in Maryland, I had to complain to the state, but once I found the correct office to complain to, the problem was resolved in three days.
File a complaint with Finra and the securities and baking administrator for DC. Those are the regulatory bodies that regulate broker dealers/agents/advisors/advisor reps. Finra is at a federal level and the admin is at the state lvl
I had a client do that with Mutual of America after they wouldn’t reissue his rollover check that was lost in the mail for 8 months. He got his check reissued, additional money for his money being out of the market since August, and a nice we are so sorry email from the vice president of operations that he now has framed on his bar at his house.
The regulators will ask for as much details as you can offer, so it’s best to be organized before hand. I hope you are calling into the customer service number since all those phone calls are recorded.
Call the manager of that office.
https://www.usa.gov/bank-credit-complaints
Have you bothered to ask for a deadline?
It took 3 months to fund one inherited account. Technicalities. I put the old account number in the new account space in form. Two week delay. Then another error I made after Wells told me to fill out a form and THEY were wrong. Then I used the same notary twice which they did not approve of .. amazing!
It is a ten minute process to verify you over the phone. I’m withdrawing most of the money next week. There was an advisor that kept me on the phone 3 months ago listing his fees, trade fees etc. They even asked me to give names and social security numbers on the spot for a TOD. I’m changing that. Of course more paperwork to fill out and 7-10 days for confirmation. Horrible experience. A few branches of their banks have closed near me. Good luck getting funded!
Fire Wells Fargo. They are a shit company and have repeatedly been caught stealing from and lying to their own customers.
As soon as this money shows up, get it out of there over to Vanguard, Schwab or Fidelity.
My mom forgot to put beneficiaries on her IRA at a credit union. I swear we were the first to inherit because they did not know how to fill out the paperwork. It took me filling out the paperwork 5 FIVE times doing it like they told me every time. It took about 6 months to get it so then I distributed to the siblings, since none of us were rolling over, it wasn’t enough to worry about.
In my case, there were 2 “banks” I was dealing with, the credit union and the company who administered the IRAs. Could it be something similar?
Send them a letter complaining. Mention the facts and the name of the advisor. They have to react to that.
From the viewpoint of an advisor. Wells Fargo Advisors is one of if not the absolute worst company to deal with.
Could the bank be waiting for the estate to be handled by probate court? Sometimes there is a waiting period after notifying potential creditors. So the bank may not be able to find your account yet.
https://en.wikipedia.org/wiki/Probate
Get in contact with an actual investment company. Fidelity, Vanguard, Merril Lynch. Transfer the IRA into them and meet with an advisor. Remember you have a product they want. If you don’t receive the services you need just walk and take your business elsewhere.
Typically holds on account are 5-10 days. If it’s been weeks, I would start the process now to transfer. If you want to do anything with that account and the reaction speed is 4 weeks you may put yourself in a pickle.