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Wells Fargo Advisors restricting investments for retirement accounts

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With the Department of Labor's fiduciary rule to take effect on June 9, Wells Fargo Advisors is putting new limits on mutual fund share classes and types of securities advisers can sell or recommend in a client's retirement account.

Starting next month, Wells Fargo Advisors "will require all new [mutual fund] purchases in brokerage retirement accounts to be executed in Class T shares," according to a memo sent to Wells Fargo advisers on Friday.