A guide to choosing a financial professionalWhat you should know before you invest

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Because you are a valued client, we believe it is important for you to understand the financial professional relationships

available to you when obtaining investments and services from Wells Fargo Advisors Financial Network. Furthermore, it

is important that you understand the exact nature and potential advantages of each relationship, so that you can select

the professional you think is best-suited to help you meet your short- and long-term investment goals and objectives.

This guide will help you better understand the different types of financial professionals and assist you in determining

which type of relationship is the most appropriate for your needs.

If you have any questions about the financial professional relationships available to you, please contact your

Financial Advisor or your local Wells Fargo Advisors Financial Network office.

Wells Fargo Advisors Financial Network offers its services through several types of financial professionals, and each type has different responsibilities. The firm’s financial professionals can also hold more than two dozen professional designations and certifications, each representing a set of skills designed to address specific financial issues and opportunities. In addition to these industry-wide designations, Wells Fargo Advisors Financial Network offers designations specific to the firm that enable some of our financial professionals to provide specific programs and advisory services to our clients.

Our goal is for you to get full value from your relationship with us. To that end, we have provided the following information to help you understand the full range of professionals (and the range of skills evidenced by the various credentials) that are available to you, as well as how they are compensated.

Why invest with a financial professional?The financial professional you choose is a key component in shaping your financial future. You need to entrust this person with your most personal information, dreams and goals. Consequently, the advisor you choose needs to be not only someone you can rely on, but someone you can talk with openly about your long-term plans.

In today’s fast-paced financial world, it’s difficult for casual investors to monitor the markets and stay on top of emerging investment opportunities. Whether you have recently received a large sum of money, retired or experienced some other type of major life change, a financial professional can assist you in your financial matters by offering professional experience and knowledge that do-it-yourself investors (or even well-meaning friends) may not possess.

Types of financial professionalsIn the past, financial professionals were limited in scope in terms of what they could provide and offer to their clients. As the financial industry has grown in size and complexity, so have the roles and responsibilities of financial professionals. In general, depending upon their relationship with their clients and their qualifications, financial professionals commonly are characterized as either Securities Brokers or Investment Adviser Representatives.

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Securities BrokersSecurities Brokers are commonly referred to as “stock brokers” or “registered representatives.” They execute a transaction to purchase or sell a security at the request of a client. To qualify as a securities broker, an individual must first pass an exam that tests his or her knowledge of securities laws and investment products, and he or she must then become registered by the state in which he or she works as well as those states in which he or she conducts business with clients. The type of exam that the individual passes determines the types of securities that he or she may transact for his or her clients.

The most basic exam available to perform the duties of a limited securities broker is the Series 6 exam. To earn this registration, an individual must successfully complete a training course and the Series 6 exam, which is administered by the Financial Industry Regulatory Authority (FINRA). Upon successful completion of this exam, an individual will have earned the Series 6 registration and demonstrated that she or he has the required knowledge and qualifications to sell mutual funds, variable annuities and variable life insurance products.1

At Wells Fargo Advisors Financial Network, we do not affiliate representatives that have only obtained a Series 6 license. Rather, we require our registered representatives to go one step further and earn the Series 7 registration by taking the course work and successfully completing the Series 7 exam, which is also administered by FINRA. An individual who has earned the Series 7 registration can solicit different types of securities such as stocks and bonds, in addition to those permitted by a Series 6 registration. To sell managed futures pools, commodities, futures, and insurance products like annuities, an individual must earn additional registrations and licenses.

Investment AdvisersAn Investment Adviser is a person (either an individual or an entity) that provides advice about securities for a fee and must be registered with the U.S. Securities Exchange Commission (SEC) or the state securities commission, depending on the amount of money or number of clients that he or she manages. An Investment Adviser Representative is a person who works for an Investment Adviser. Investment Advisers can provide these services on a discretionary basis (the Investment Adviser makes the investment decisions for you based on your investment objectives and risk tolerance) or on a nondiscretionary basis (the Investment Adviser provides investment advice and

recommendations to you, but you make the investment decisions). For additional information about an Investment Adviser or Investment Adviser Representative, please refer to the “Investment Advisory and Brokerage Services: A Guide to What You Should Know Before Investing with Us” brochure, available online at wellsfargoadvisors.com.

Financial professionals at Wells Fargo Advisors Financial NetworkWells Fargo Advisors has a long and distinguished history of offering quality advice and service. Today, the firm employs more than 35,000 associates, 18,811 of whom are registered representatives.2 In addition, there are more than 1,500 financial professionals who are affiliated with Wells Fargo through Wells Fargo Advisors Financial Network.

Your advisor not only provides access to a complete selection of industry products and services, but he or she can also work with your accountant, attorney and other professional advisors, as needed, to help you attain your short- or long-term objectives.

A Financial Advisor is a registered representative that has successfully earned his or her Series 7 registration and can execute trades for stocks, bonds, mutual funds and similar products. Some Financial Advisors may earn other specialized registrations that allow them to execute transactions in more complex financial products, which is described in more detail below.

Some Financial Advisors also function as Investment Adviser Representatives. A Financial Advisor must be properly licensed and registered before providing investment advisory services.

Professional and industry designationsFinancial services industry professionals have access to a variety of professional educational opportunities. These opportunities provide specialized designations in fields such as retirement, investment management, planning or mutual funds. Prerequisites and education requirements vary widely for each industry designation. Specialized designations may include, for example, Certified Financial Planner™ (CFP®), Certified Investment Management AnalystSM (CIMA®) and Chartered Financial Analyst® (CFA®).

2 Data as of 12/31/11. Data is a combination of Wells Fargo Advisors, LLC, Wells Fargo Investments, LLC, Wells Fargo Financial Network, LLC, and First Clearing LLC.

1 Note: State insurance licensing is also required to solicit and sell variable annuity or life insurance policies.

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Simply holding a professional designation does not, by itself, imply that the Financial Advisor is providing you with financial planning or investment advisory services with respect to any specific account. Furthermore, holding a CFP® certificate does not mean that a registered representative is acting in an advisory capacity.

Industry designations vary broadly, from the prerequisites required to apply for or work toward the designations, to the ethics and background check requirements, to the education and examination requirements, and the continuing education or recertification requirements. To ensure that our financial professionals receive the proper education and training, we review each designation thoroughly before allowing our advisors to obtain and utilize it while working at Wells Fargo Advisors Financial Network.

When we review each professional designation, we ask the following questions:

• Whatisthehistoryandreputationoftheissuingorganization?

• Whatarethequalifications,includingexperience,necessaryto earn the designation?

• Howmucheducationisrequired,andwhatisthecontent of the course work?

• Whattypes of exams are required?

• Isthesubjectmatterofthedesignationrelevant?

• Aretherecontinuingeducationrequirementstomaintainthe designation?

• Whatarethe ethical standards or code of ethics associated with the designation?

The following are some common industry-wide professional designations held by financial professionals and a brief description of each. (In the list below, please note that “organization” is the name of the organization that issues and maintains the designation. “Continuing education” refers to the number of continuing education (CE) credit hours that the individual must earn to maintain the designation; CE credits are typically earned by taking courses, attending seminars and similar activities specified and/or approved by the organization to meet CE requirements.)3

AAMS® – Accredited Asset Management Specialist℠Prerequisites: None requiredOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: 12 modules, totaling 96 to 144 hoursExams: Final exam for certificationContinuing education: 16 hours every two yearsDescription: The curriculum for this designation is designed to educate financial advisors in a variety of investment disciplines including, but not limited to, asset allocation, investment selection, insurance, investment tax considerations and small-business owner considerations; regulatory and ethical considerations also are emphasized. The AAMS designation is designed for financial advisors who take a long-term approach with their clients.

APMASM – Accredited Portfolio Management AdvisorSM

Prerequisites: Organization: College for Financial PlanningWeb site: cffp.eduEducation requirements: 12-week self-study and online class program.Exams: Final exam after completion of required course material. Continuing Education: 16 hours every two yearsDescription: The APMASM covers topics including client assessment and suitability, risk/return, investment objectives, bond and equity portfolios, modern portfolio theory and investor psychology. The course features investment policy statement work, portfolio building and asset allocation decision making. The curriculum is based on a client-centered problem-solving approach.

3 This list is as of 7/10/12 and is subject to change. This list may not be all-inclusive; consult your Financial Advisor regarding the designations and certifications he or she holds.

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AWMA® – Accredited Wealth Management AdvisorSM

Prerequisites: NoneOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: Online self-study program generally takes six to eight weeks to completeExams: Final exam after completion of required self-study material.Continuing education: 16 hours every two yearsDescription: The AWMA® program covers wealth strategies, equity-based compensation plans, tax reduction alternatives, and asset protection alternatives. The coursework is designed to provide advanced knowledge of asset management, allocation and selection; investment performance and strategies; and taxation issues pertaining to investments for a broad range of investors including small businesses and deferred compensation plans.

CAIA – Chartered Alternative Investment AnalystPrerequisites: U.S. bachelor's degree or the equivalent, and have more than one year of professional experience, or alternatively have at least four years of qualifying professional experienceOrganization: CAIA AssociationWebsite: caia.orgEducation requirements: Generally requires one year of study to complete Level I and Level II examsExams: Successful completion of Level I and Level II examinationsContinuing Education: Self-evaluation assessment must be completed every three yearsDescription: The CAIA program is a self-directed, self-study program designed to provide a comprehensive curriculum on risk-return attributes of institutional-quality alternative assets. The program focuses on core competencies related to creating, managing and monitoring institutional-quality portfolios consisting of both traditional and alternative investments.

CEBS – Certified Employee Benefits SpecialistPrerequisites: NoneOrganization: Cosponsored by the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton School of the University of PennsylvaniaWebsite: ifebp.org/CEBSDesignation/Overview/Education requirements: Eight courses (six required and two electives)Exams: Eight exams — one exam after the completion of each courseContinuing education: None requiredDescription: The CEBS curriculum is designed to help individuals develop a comprehensive understanding of employee benefit principles and concepts, including compensation management, group benefits and retirement plans. Individuals who have earned the CEBS designation have also agreed to abide by a code of ethics for business and professional conduct.

CFA® – Chartered Financial Analyst®Prerequisites: Undergraduate degree (or in the final year of an undergraduate degree program), four years of qualified work experience, or a combination of work and college experience totaling at least four yearsOrganization: CFA InstituteWebsite: cfainstitute.orgEducation requirements: Three levels (250 hours of study to complete each level)Exams: Three exams — one exam after the completion of each levelContinuing education: None requiredDescription: The CFA is a graduate-level self-study program that develops and reinforces a fundamental knowledge of investment principles, such as ethical and professional standards, economics, quantitative methods, corporate finance, portfolio management and wealth planning. The three levels of examination verify a candidate’s ability to apply these principles across all areas of the investment decision-making process. The program’s professional conduct requirements demand that both CFA candidates and charterholders adhere to the highest standards of ethical responsibility.

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CFP® – Certified Financial Planner™Prerequisites: Bachelor’s degree and three years of professional experience that can be categorized into one of the six primary elements of the personal financial-planning processOrganization: Certified Financial Planner Board of StandardsWebsite: cfp.netEducation requirements: CFP Board-registered program, self-study or a CPA license, Ph.D. in business or economics, an attorney’s license, or a CFA, ChFC® or CLU professional designationExams: 10-hour CFP® Certification ExamContinuing education: 30 hours every two yearsDescription: The CFP® certification is a comprehensive financial-planning certification. Financial Advisors must complete a rigorous study and series of exams covering topics such as insurance and estate planning, employee benefit and tax planning, as well as investment and retirement planning to earn the certification. CFP® practitioners are also subject to strict adherence to the CFP Board’s Financial Planning Practice Standards and Professional Code of Ethics and Responsibility.

CFS® – Certified Fund Specialist®

Prerequisites: NoneOrganization: Institute of Business & Finance (IBF)Website: icfs.comEducation requirements: Six modules designed to be completed within 15 weeksExams: Three exams and one case study; each exam covers two modules Continuing education: 30 hours every two yearsDescription: The CFS designation provides an in-depth education about all facets of mutual funds, including industry trends, mutual fund research, analysis and evaluation, as well as Modern Portfolio Theory.

ChFC® – Charted Financial Consultant®Prerequisites: Three years of full-time personal finance or insurance experienceOrganization: The American CollegeWebsite: theamericancollege.eduEducation requirements: Seven required courses and two elective coursesExams: Nine exams — one exam after the completion of each courseContinuing education: 30 hours every two yearsDescription: The ChFC designation delivers fundamental instruction on the concepts of financial planning, including investment, retirement, estate, insurance and tax planning. Individuals who have earned this designation must adhere to The American College Code of Ethics and Procedures.

CIMA® – Certified Investment Management Analyst℠

Prerequisites: Three years of professional consulting experience and a clean regulatory/criminal record, or be able to satisfactorily justify any marks on records; also must pass an online qualification examinationOrganization: Investment Management Consultants Association (IMCA),offeredinconjunctionwiththeHassSchoolofBusinessof University of California-Berkley and the Wharton School of the University of PennsylvaniaWebsite: imca.orgEducation requirements: Four- to six-month study program followed by a one-week, onsite courseExams: Final certification examContinuing education: 40 hours every two yearsDescription: Advisors who pursue the CIMA designation study investment management concepts for both fixed income and equity securities. These concepts include beta coefficients, market return analysis, fixed income duration and convexity, and asset allocation.

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CIMC® – Certified Investment Management Consultant(This designation was replaced by the CIMA designation after December 2003.)

Prerequisites: (see CIMA)Organization: Investment Management Consultants Association (IMCA)Website: imca.orgEducation requirements: (see CIMA)Exams: (see CIMA)Continuing education: (see CIMA)Description: (see CIMA)

CIPM – Certification in Investment Performance MeasurementPrerequisites: Two years of qualifying performance-related work experience or four years of investment industry professional experience.Organization: CFA InstituteWebsite: cfainstitute.orgEducation requirements: Self-study curriculum in preparation for two final certification exams.Exams: Successful completion of two exams required for certification completionContinuing Education: 45 hours every three yearsDescription: The CIPM credential is dedicated to investment performance analysis and presentation. It is designed for financial professionals seeking to increase their mastery of performance measurement principles. The CIPM program applies best practices in investment analysis techniques through a self-directed curriculum and tests proficiency in professional ethics, performance evaluation, and investment reporting.

C(k)P™ – Certified 401(k) ProfessionalPrerequisites: Completion of The Retirement Advisor University C(k)PTM Certificate program or substantial retirement plan management experienceOrganization: The Retirement Advisor University in collaboration with UCLA Anderson School of Management Executive Education (TRAU)Website: trauniv.comEducation requirements: Generally one year to completeExams: Final exam and real-world case studyContinuing Education: 12 hours annuallyDescription: The C(k)P™ designation covers plan design, industry mechanics, fiduciary consideration, industry trends, due diligence and a host of other basic and advanced concepts pertinent to retirement plan professionals.

CLU® – Chartered Life UnderwriterPrerequisites: Three years of full-time personal finance or insurance experience (within the previous five years). An undergraduate or graduate degree from an accredited school qualifiesasoneyearofexperience.TheChFC®,RHU®,REB® and CLF® certification processes also satisfy the business experience requirements.Organization: The American CollegeWebsite: theamericancollege.eduEducation requirements: Five required courses and three elective coursesExams: Eight exams — one exam after the completion of each courseContinuing education: 30 hours every two years

Description: The CLU program focuses on the fundamentals of insurance, estate planning, legal issues surrounding insurance and the effective use of insurance with small business owners, such as group and nonqualified deferred compensation. Individuals who have earned this designation must adhere to The American College Code of Ethics and Procedures.

CMFC® – Chartered Mutual Fund Counselor℠Prerequisites: NoneOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: Nine modules, totaling 72 to 90 hoursExams: Final certification examContinuing education: 16 hours every two yearsDescription: The CMFC program is an industry-recognized mutual fund designation. It is the result of collaboration between the College for Financial Planning and the Investment Company Institute (ICI), the primary trade association for the mutual fund industry. This program provides the advisor with a thorough knowledge of mutual funds and their various uses as investment vehicles. CMFC designees must also comply with the CFP Board’s Code of Ethics and Professional Responsibility.

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CMT® – Chartered Market TechnicianPrerequisites: Must be a member or affiliate of the Market Technicians Association (MTA), which requires three to five years of professional experience. (Only full MTA members are awarded may use the designation.)Organization: Market Technicians Association (MTA)Website: mta.orgEducation requirements: Three levels/modules, totaling approximately 400 hoursExams: Three exams — one exam after the completion of each level (two multiple choice exams and one essay exam)Continuing education: None required

Description: Achieving this designation requires an in-depth knowledge and competency in the multiple facets of technical analysis of the financial markets (including terminology, charting methods and the application of concepts such as “Dow Theory”) and the ability to provide detailed opinions regarding the analysis. A strong emphasis on ethics is embedded in the course work throughout the CMT® program. On achieving the designation, the advisor must adhere to the MTA Code of Ethics. This certification qualifies as a Series 86 exemption.

CPM® - Certified Portfolio ManagerPrerequisites: Five years minimum experience, Series 7 securities registration, manage at least $10MM in a discretionary asset management program, and certification by a supervising compliance officer that the candidate has an acceptable compliance record Organization: Academy of Certified Portfolio Managers (ACPM®), offered in conjunction with Columbia University in New YorkWebsite: academyofcpm.org Education requirements: Web-based, self-study program designed to be completed within eight months, followed by a five-day onsite course at Columbia University in New York Exams: Knowledge checks after the completion of each of the seven self-study modules; final exam at the completion of the Columbia University onsite courseContinuing education: 20 hours each yearDescription: The CPM® certification program is designed for financial professionals with portfolio management experience. The program provides a deeper understanding of key portfolio management concepts such as quantitative methods, financial statement analysis, corporate finance, fixed income analysis, derivatives and portfolio management.

CPWA® – Certified Private Wealth Advisor℠Prerequisites: Bachelor’s degree from an accredited college or university or one of the following designations or licenses: CIMA®, CIMC®, CFA®, ChFC® or CPA or is working as a CFP® practitioner. Acceptable regulatory history, as evidenced by FINRA’s form U-4 or other regulatory requirements. Must have five years of professional client-centered experience in financial services or a related industry and two letters of reference from an Investment Management Consultants Association (IMCA) member, professional supervisor or currently licensed professional in financial services or a related industryOrganization: Investment Management Consultants Association (IMCA), offered in conjunction with the University of Chicago Booth School of BusinessWebsite: imca.orgEducation requirements: Six-month study program followed by a one-week on-site courseExams: Final certification examContinuing education: 40 hours every two yearsDescription: This program focuses on advanced wealth management topics, including: behavioral finance, charitable planning, estate planning, planning for closely held businesses, planning for executives, portfolio management, retirement planning, risk management and tax planning.

CRC® – Certified Retirement Counselor®Prerequisites: Bachelor’s degree from an accredited college or university and a minimum of two years of related professional experience within the past five years, or have a high school diploma (or equivalent) and five years of related professional experience within the last seven yearsOrganization: International Foundation for Retirement Education (InFRE)Website: infre.org/CRCCandidates.shtmlEducation requirements: Self-study program with optional InFre Internet resourcesExams: One final, comprehensive examContinuing education: 15 hours annuallyDescription: The CRC program focuses on four major areas: (1) retirement planning, (2) basics of investing, (3) retirement plan design and (4) counseling, communication and ethics. The CRC places a heavy emphasis on education and ethics; both topics are included in the course work, exams and continuing education requirements. In addition, the candidate must agree to abide by the InFRE’s Code of Ethics.

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CRPC® – Chartered Retirement Planning Counselor℠Prerequisites: NoneOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: 12 modules, totaling 96 to 118 hoursExams: Final certification examContinuing education: 16 hours every two yearsDescription: The CRPC program focuses on the pre- and post-retirement needs of individuals, including courses on estate planning and asset management. CRPC designees must sign a code of ethics commitment.

CRPS® – Chartered Retirement Plans Specialist℠Prerequisites: NoneOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: 11 modules, totaling 88 to 110 hoursExams: Final certification examContinuing education: 16 hours every two yearsDescription: The CRPS designation focuses on the design, installation and administration of qualified retirement plans for businesses. The program covers defined-contribution and defined-benefit plans and IRAs, as well as the complex issues surrounding these retirement plans. Candidates must sign a code of ethics commitment.

CWS® - Certified Wealth StrategistPrerequisites: Three-plus years experience in the financial services industry; must have significant experience in a client-facing role or a four-year degree from an accredited schoolOrganization: Cannon Financial InstituteWebsite: cannonfinancial.comEducation requirements: Self-study program focused on 13 wealth management issues, two instructor-led classes, and a final capstone project to be completed within six monthsExams: 10 mastery exams – one exam after the completion of each module; capstone business plan and case study project to complete courseContinuing education: 33 hours every two yearsDescription: The CWS® program is designed to provide financial services professionals with the technical knowledge to manage the complex financial issues facing high net worth investors. The program focuses on key wealth management topics, which include: investments, liabilities, insurance, executive compensation, protection strategies, qualified retirement plans/IRA distributions, business succession planning, charitable gifting, and wealth distribution issues.

LUTCF – Life Underwriter Training Council FellowPrerequisites: Membership in a local association of National Association of Insurance and Financial Advisors (NAIFA)Organization: The American CollegeWebsite: theamericancollege.eduEducation requirements: Five core courses and one ethics course (specified)Exams: Six exams — one exam after the completion of each courseContinuing education: None requiredDescription: The LUTCF curriculum focuses on insurance, annuities and other planning issues. To obtain the LUTCF designation, the candidate must complete five 8- to 12-week courses and a final exam at the conclusion of each course, as well as an ethics course of equal length and a final ethics exam.

QPFC – Qualified Plan Financial ConsultantPrerequisites:Organization: American Society of Pension Professionals & ActuariesWebsite: asppa.orgEducation requirements: Must have a Series 6, 7 or 65 securities license and two letters of reference noting retirement plan related experience; or, state life or annuity insurance license and two years of relevant experience; or, Investment Advisor Representative or Registered Investment Advisor credential and two letter of reference demonstrating two years of relevant retirement plan related experience; or, two letters of reference demonstrating at least three years of retirement plan related experience.Exams: Successful completion of Plan Financial Consulting Part 1 and Part 2 examsContinuing Education: 40 hours (two of these hours must be Ethics) in a two-year cycle Description: The QPFC is designed for professional who sell, advise, market or support qualified retirement plans. The program provides a detailed understanding of general retirement planning concepts, terminology, distinctive features of qualified plans and the role of retirement plan professional. The program requires candidates demonstrate proficiency in plan administration, compliance, investment, fiduciary and ethics issues.

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RP® – Registered Paraplanner℠Prerequisites: Foundations in Financial Planning℠ Professional Education ProgramOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: 10 modules, totaling 80 to 120 hours, and a three-month internshipExams: Final certification examContinuing education: 16 hours every two yearsDescription: This program was created for front-line employees in the financial services industry. RP candidates study the basic, practical knowledge of all aspects of the financial services industry. This designation is awarded to students who complete the program, pass the final examination, sign a code of ethics commitment, and complete a three-month internship.

Firm-sponsored designationsIn addition to industry designations, our financial professionals may obtain Wells Fargo Advisors firm-sponsored designations after meeting specific criteria established by the firm to ensure the individual’s competency to administer specific firm programs and/or specified investment services. These criteria and requirements vary depending on the type of program and/or responsibilities that the financial professionals wish to undertake. The following list provides details about these types of credentials:3

Accredited Domestic Partnership Advisor℠Prerequisites: HoldstheAAMSorCRPCcertification, or experience as a CFP® professionalOrganization: College for Financial PlanningWebsite: cffp.eduEducation requirements: Four modules (self-study program), approximately 10 hours eachExams: Final exam for certificationContinuing education: 16 hours every two yearsDescription: This program introduces students to the planning needs of couples who are considered to be unmarried by state or federal law, or both. The curriculum covers the unique planning needs of lesbian, gay, bisexual, and transgender (LGBT) individuals, as well as heterosexual couples who have chosen not to marry. Specifically, topics that are covered include factors and situations that cause financial planning for domestic partners to be different from legally married spouses, including wealth transfer, taxation, retirement planning and estate planning issues. Topics also include alternative planning solutions for these situations.

Fundamental Choice Portfolio ManagerPrerequisites: Two years as a Financial Advisor or equivalent industry experience, holds the FINRA series 65 or 66 registrations (which qualify the Financial Advisor to act as both an investment advisor representative and a securities agent, enabling him or her to provide investment advice to clients), and is registered as an Investment Adviser Representative in his or her home stateDescription: Fundamental Choice is a Wells Fargo Advisors discretionary portfolio management program based on the fundamental research ratings for various investment products made by Wells Fargo Advisors’ correspondent research sources. (For the definition of “discretionary,” see the “Investment Advisers” section above.) Financial Advisors manage client portfolios based on correspondent research firms’ recommendations and market strategies, as well as the Fundamental Choice guidelines, and can hold equities, select exchange-traded funds (ETFs), select eligible mutual funds and cash.

Quantitative Choice Portfolio ManagerPrerequisites: Two years as a Financial Advisor or equivalent industry experience, holds the FINRA series 65 or 66 registration, and is registered as an Investment Adviser Representative in his or her home stateDescription: Quantitative Choice (QC) is a guided Financial Advisor-directed discretionary program within Wells Fargo Advisors. This is an equity - and cash-only program. Financial Advisors manage equity and cash in client portfolios based on three available styles: Growth, Core and Value, as well as the QC portfolio guidelines. QC is a highly disciplined, objective approach to portfolio management in which stock selections are based on analysis of historical data and anticipated future trends.

Advisory programs are not designed for excessively traded or inactive accounts and are not suitable for all investors.

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PIM (Private Investment Management) – Portfolio ManagerPrerequisites: Minimum of two years as a portfolio manager, five years as a registered representative, holds the FINRA series 65 and 66 registrations, is registered as an Investment Adviser Representative in his or her home state, has a minimum of $50 million in assets under management, $500,000 in annual production for the last three years and has Branch Manager approval.Description: PIM is a discretionary program where the Financial Advisor also acts as the Portfolio Manager and makes all the investment decisions; it is an open-architecture program in which virtually all security types may be used. Financial Advisors manage portfolios based on their Investment Philosophy Statement and the PIM portfolio guidelines. The criteria required to obtain the PIM designation are more stringent than our other programs such as Quantitative Choice and Fundamental Choice.

In addition to the designations covered above, you may come in contact with financial professionals who hold the following designations:

CDFA – Certified Divorce Financial Analyst: Institute for Divorce Financial Analysts

CES – Certified Estate and Trust Specialist: Institute of Business Finance

CTFA – Certified Trust and Financial Advisor: American Bankers Association Institute of Certified Bankers

CIS – Certified Investment Strategist: Investment Management Consultants Association

PFS – Personal Financial Specialist: American Institute of CPAs

PRP – Plansponsor Retirement Professional: Plansponsor Institute

Costs of working with a financial professional at Wells Fargo Advisors Financial NetworkYou can choose any of a number of ways to establish a relationship with a financial professional. The process begins with a decision about whether to enter into either a brokerage or an advisory relationship with your Financial Advisor. (For more information on the difference between brokerage and investment advisory relationships please refer to the guide “Investment Advisory and Brokerage Services,” available at wellsfargoadvisors.com/guides.) Some of the differences are related to the different types of programs and associated fees associated with the various relationships, which are described below.

Brokerage accountThe fees in a general brokerage account are typically based on a transaction charge for each trade made within the account (often called the “commission”). In transaction-based pricing, you pay a commission or sales charge on each transaction. Other costs and charges may also apply to the account, and you pay separately for any other services you request.

Investment advisory accountThe fees associated with this kind of account are typically an agreed-upon percentage of the assets held in the account. The following list describes the different pricing methods that are offered:

Asset-based fee – This fee is an agreed-upon percentage of the assets in the account. It covers both investment advice to you and your trading costs (note: other nonprogram costs are not included). An asset-based fee is expressed as an annual percentage (e.g., 2.5%), but is charged to your account on a quarterly basis (e.g., 0.625% each quarter); it is typically subject to a minimum dollar amount.

Fee plus commission – With this type of arrangement, you can pay an asset-based fee equal to an agreed-upon percentage of the assets in the account, plus commissions on each trade outside of the portion designated for the asset-based fee.

One-time fee – For a freestanding financial plan, we charge a one-time fee, which covers the financial plan only. This one-time fee does not cover any additional fees or costs for having us or another financial institution implement the plan. We also provide investment consulting services to institutional clients for a one-time fee or a combination of one-time and asset-based fees.

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How the financial professionals at Wells Fargo Advisors Financial Network are compensatedYour financial professional’s compensation may be based on a combination of commissions and fees generated from the products sold to you. Your Financial Advisor is authorized to sell products and services issued by Wells Fargo Advisors, its affiliated companies and other companies that have relationships with Wells Fargo & Company (“business partners”). The products may be traded, distributed or placed through Wells Fargo Advisors Financial Network, its affiliated companies or business partners. Also, in certain instances, our financial professionals may earn a bonus or incentive based upon past production levels.

Listed below is a general description of each form of compensation that may be earned by financial professionals at Wells Fargo Advisors Financial Network.

Fees and commissions – Financial Advisors at Wells Fargo Advisors Financial Network are paid via commissions and fees for facilitating transactions within their clients’ accounts. Your Financial Advisor is paid an amount that is based on the payout rate associated with the type of transaction, product or service that is provided to you.

Recurring revenue – Some of our Financial Advisors also receive recurring revenue. Recurring revenue includes fees and commissions generated from fee-based advisory business, mutual fund trails, annuity trails, managed futures trails, hedge fund trails, and exchange fund trails that are generally paid on a consistent (recurring) basis, which generally occurs annually.

Additional compensation received by Wells Fargo financial professionals: Bonuses and incentivesFrom time to time, Wells Fargo Advisors Financial Network initiates incentive programs for our associates, including Financial Advisors. These programs include, but are not limited to, the following: programs that compensate associates for attracting new assets and clients to the firm or for referring business to its affiliates (such as referrals for trusts or insurance services); programs that reward associates for promoting investment advisory services and maintaining a percentage of household assets in advisory programs, preparing Envision® investment plans, participating in advanced training, opening specific account types and improving client service; and programs that reward Financial Advisors who meet total production criteria.

Financial Advisors who participate in these incentive programs may be rewarded with cash and/or noncash compensation, such as deferred compensation, bonuses, training symposiums and recognition trips.

Portions of these programs may be subsidized by external vendors and Wells Fargo Advisors Financial Network affiliates, such as mutual fund companies, insurance carriers or money managers. Consequently, Financial Advisors and other associates have a financial incentive to recommend the programs and services included in these incentive programs over other available products and services offered by Wells Fargo Advisors Financial Network.

Incentive programs generally have specific requirements for a Financial Advisor to maintain good standing in the program. Such requirements include, but are not limited to, annual curriculum requirements, business planning requirements and satisfactory survey results. Wells Fargo Advisors Financial Network maintains oversight of such programs, specifically monitoring for conflicts of interest and sales practices. In addition, advisors are provided educational materials regarding the recommendation of incentive-related products and services, and how those recommendations relate to client suitability.

Financial Advisors who join Wells Fargo Advisors Financial Network may be eligible to receive incentives, one-time or ongoing bonuses and/or other compensation if they reach certain production levels or other targets. It is a common practice in the brokerage industry for firms to pay bonuses to encourage financial advisors to join a new firm. This may provide your financial advisor with an incentive to recommend the transfer of your account to the new firm.

In addition, Wells Fargo Advisors Financial Network also has programs whereby a retired or terminated Financial Advisor may receive compensation for an agreed-upon time frame for production generated by the new Financial Advisor servicing your accounts, even though the retired or terminated Financial Advisor may not provide further services to you. Also, certain programs or services may provide differing compensation to your Financial Advisor, which may create an incentive to recommend one service over another to achieve or maintain certain production levels or other targets.

Please review your options, including portability of assets and termination charges. Also, think carefully about the fees, rates and product offerings at the new firm to ensure that they are consistent with your investment objectives and needs. (All of these issues are discussed in greater detail below.)

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What to consider if your current financial professional has recently affiliated with Wells Fargo Advisors Financial NetworkIt is common for financial professionals to change firms during their career. When this happens, it creates a scenario where you are faced with bringing your business to the new firm or leaving your accounts in the hands of a different financial professional at the original firm. Before making this very important decision, it is essential that you consider a number of various factors that result from the change.

Questions you should askThe following list includes some questions that you should ask your current financial professional:

• WhatproductsandservicesareavailableatWellsFargoAdvisors Financial Network? Are all of the products and services that I use available?

• ArethefeesandcommissionsdifferentwithWellsFargoAdvisors Financial Network?

• Arethereelementsofthebroker’stransitionbonuspackage that relate to commissions or fees as related to my account(s)?

Fees and chargesIt is important to know if there are any fees that are required to change firms along with your broker. There may be termination fees associated with your current account, as well as transfer fees assessed to move your account to Wells Fargo Advisors Financial Network. Furthermore, it is essential that you ask about any differences in commission rates and margin rates if your investment strategy employs margin.

Conflicts of interestYour Financial Advisor may have received a financial bonus to join Wells Fargo Advisors Financial Network. This bonus is generally contingent upon attaining commission and fee production goals at Wells Fargo Advisors Financial Network. In addition, your broker may be eligible for a deferred financial bonus based upon his or her ability to achieve his or her prior commission and fee production levels at the past firm.

This financial bonus may also be based on a broker’s ability to bring in client assets from his or her previous firm. As a result, your broker may have an incentive to recommend certain services to you or to bring your assets to Wells Fargo Advisors Financial Network. You should keep this in mind when deciding on future account transactions and services if you decide to follow your broker to his or her new practice.

PortabilityCertain investment products may not be transferable (or “portable”) to a new firm. If you choose to liquidate these products, you may incur additional fees or tax consequences. In these scenarios, it may be prudent to leave these types of securities at your broker’s previous firm.

It is important to remember that you are not required to sell such securities when your broker becomes newly affiliated. You can open an account at his or her new practice and transfer only the securities that you wish to move. It is not required that you move everything in your previous account or liquidate investment products that are not transferable.

Products and servicesYou broker’s new practice may offer new products previously unavailable to you or, on the other hand, may lack a number of products that you may have purchased in the past. Many firms offer proprietary products or services that are available only at a particular firm.

Some firms also conduct investment banking business that may provide access to initial public offerings, which is important when weighing potential conflicts of interest. It is important that you fully educate yourself with regard to the offerings available at your broker’s new practice to determine if it will fully meet your investment needs.

How can I check the background of my financial professional?The Financial Industry Regulatory Authority (FINRA) offers a free service to investors on their public website where you can research the background of any currently registered securities broker. If you are interested in checking the background of your financial professional, visit finra.org or call FINRA directly at 800-289-9999.

Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. ©2012, 2013 Wells Fargo Advisors, LLC. All rights reserved.

Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

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For more informationIf you are interested in learning more about Wells Fargo Advisors Financial Network, contact your Financial Advisor or visit wellsfargo.com or wellsfargoadvisors.com.

To learn more about financial professionals, visit the following websites:

Financial Industry Regulatory Authority (FINRA)finra.org

U.S. Securities and Exchange Commission (SEC)sec.gov

Securities Industry and Financial Markets Association (SIFMA)sifma.org