|Day's Range||52.80 - 53.61|
|52 Week Range||43.55 - 59.99|
|PE Ratio (TTM)||13.27|
|Dividend & Yield||1.52 (2.85%)|
|1y Target Est||N/A|
Wells Fargo Advisors will launch a new share class of mutual funds next month as part of its plan to comply with the new U.S. Labor Department regulation that seeks to put the interests of retirement clients first, the bank confirmed Wednesday. Starting June 9, the same day the DOL's fiduciary rule takes effect, advisers who want to buy mutual fund class shares for retired clients will be required to buy T shares, which pay advisers a 2.5 percent commission upfront and a 0.25 percent going forward.
Wells Fargo Advisors will restrict new mutual fund purchases in brokerage retirement accounts to T shares starting in June, writes InvestmentNews. InvestmentNews cites an internal Wells Fargo memo. The T shares will feature a 2.5% commission or front-end load and a 25 basis point trail, according to InvestmentNews.
It’s not as simple as you might think.