Association with WFAFN
Virginia Wealth Management Group is associated with Wells Fargo Advisors Financial Network, LLC (WFAFN). Investment products and services are offered through Wells Fargo Advisors Financial Network and its affiliates. WFAFN provides many back-office functions including compliance, oversight, and client reporting. As a result, many client documents will contain WFAFN logos and other disclosures.
WFAFN is registered as both a broker-dealer and an investment advisor. WFAFN is registered as a broker-dealer with the Securities and Exchange Commission (“SEC”) and with FINRA, our designated regulatory authority. WFAFN is registered in all 50 states, the District of Columbia and the Commonwealth of Puerto Rico. WFAFN also is registered as an investment adviser with the SEC and is a member in good standing of the National Association of Securities Dealers, Inc. (“NASD”).
Wells Fargo Advisors Financial Network is a member of the Securities Investor Protection Corporation (“SIPC”) which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available upon request or at ww.sipc.org. Above and beyond SIPC coverage, WFAFN maintains, at no cost to clients, protection for any cash and securities in brokerage accounts above the $500,000 SIPC threshold. The additional insurance coverage is provided through London Underwriters (led by Lloyd’s of London Syndicate) (”Lloyd’s”) and other insurance companies rated A or better by A.M Best. For clients who have received the full SIPC payout limit, WFAFN’s policy process additional coverage above the SIPC limits for any missing securities and cash in client brokerage accounts up to affirm aggregate limit of $1 billion (Including up to $1.9 million for cash per client). In other words, the aggregate amount of all client losses covered under this policy are subject to a limit of $1 billion, with each client covered up to $1.9 million for cash. Of course, SIPC and this addition protection from Lloyd’s and other insurance companies do not insure the quality of investments or protect against losses from fluctuating market value. All coverage is subject to the specific policy terms and conditions.
For purposes of our supervision of the activities of our registered representatives or brokers, including licensed associates of Virginia Wealth Management Group, Inc., FINRA and other securities regulators do not recognize any difference between a broker-dealer where the registered representatives are independent contractors with a broker-dealer where the registered representatives are employees. All are held to the same standards for the supervision of our registered representatives, whether classified as employees or independent contractors.