The Private Investment Management Program

As a “discretionary” account, your investment account through the PIM program is structured to let your Portfolio Manager make investment decisions on your behalf based on your risk tolerance and financial objectives. When selecting the securities for your portfolio, your Portfolio Manager conducts a detailed analysis of companies, industries and overall economic conditions. In managing the account, your Portfolio Manager constructs a suitable asset allocation strategy based on his or her personal investment style. The construction process attempts to help enhance returns while reducing risk to the overall portfolio.

Your Portfolio Manager is backed by an array of research analysts who have the skills and tools to help you meet your financial goals. When constructing your portfolio, your Portfolio Manager draws upon Wells Fargo Advisors’ internal research capabilities as well as those of external equity research firms whose services Wells Fargo Advisors subscribes to.

By appointing experienced investment professionals to provide you with sound investment advice, manage your portfolio and rebalance your investment mix when necessary, you free yourself from the time-consuming task of choosing and actively monitoring your investments. After allocating your investments, your Portfolio Manager continually manages your portfolio, keeps up with the markets and manages performance. As part of this process, your Portfolio Manager ensures that your portfolio remains invested in financial instruments most suited to your current needs and objectives.

The PIM program gives you the added benefit of your Portfolio Manager’s personalized service. By having your Financial Advisor act as your Portfolio Manager, you have the advantage of working with someone who is intimately acquainted with your financial goals and concerns and with whom you have already established a one-on-one working relationship. In short, you are dealing with someone you know and trust. There is no need to spend your valuable time bringing a portfolio manager “up to speed” on your financial goals.

The criteria for entry into the PIM program are more stringent than most other programs Wells Fargo Advisors offers. The full process to obtain the PIM designation can take 60 days to complete and includes a three-step process. The first step is meeting basic eligibility requirements, which include a minimum of two years experience as a portfolio manager, five years of industry experience, successful completion of various securities exams, and approval of branch and regional superiors. Only then can a Financial Advisor complete an application, which includes questions covering investment style, strategy, philosophy and research methods. Once approved, the Financial Advisor must complete advanced training, including an ethics exam, proxy exam and an advanced 40-hour portfolio management training course. Only five percent of the firm’s Financial Advisors have met the criteria to act as PIM Portfolio Managers.

• Ability to hold a wide range of asset types within one portfolio, eliminating the need for multiple accounts
• Top-quality portfolio management expertise and personal services that were once available only to high-net-worth clients
• Access to Wells Fargo Advisors’ qualified and experienced Financial Advisors to act as your Portfolio Manager
• One fee based on the size of your account rather than traditional trade-based commission charges

_{Fees for the PIM program include advisory services, performance measurement, transaction costs, custody services and trading. Fees are based on the assets in the account and are assessed quarterly. There is a minimum fee per calendar quarter to maintain this type of account. Advisory accounts are not designed for excessively traded or inactive accounts and may not be suitable for all investors. During periods of lower trading activity, your costs might be lower if our compensation was based on commissions. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services, including fees and expenses. The minimum account size for this program is $50,000.}