Wells Fargo Private Client Services, a division of
Wells Fargo Bank, has signed a contract with
First Data Investor Services Group Inc., to provide full service wrap processing for the Portfolio Advisor mutual fund asset allocation program.
"We are serving as a mini-supermarket," Jim Nolan, vice president and division manager at First Data, said. When a broker/dealer, administrator or bank wants to purchase a variety of Wells Fargo funds their order will be executed by First Data who will allocate the funds and report them in a concise statement.
First Data will provide mutual fund clearing and call center support to the Wells Fargo Portfolio Advisor clients. Wells Fargo's Portfolio Advisor provides investors with specific asset allocation software and ongoing account management using a multi-fund family approach.
Wells Fargo was previously offering these services in-house using First Data's software. First Data has the capabilities to offer the same services through the Internet but the company is not offering online services yet.
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